out the fed message will be you're seeing a lot coming back. window dressing after last quarter. cautiously optimistic. you're right i feel bottom is in for 2022 amp a surprising test. >> there's a call for you. bottom is in for 2022. from kkm financial, thanks, and for more, write up the markets and go to cnbc.com/pro. that does it for us on "power lunch." >> thanks for watching >> "closing bell" starts now stocks going resilient today gaining ground throughout the session with dow raising a 430 point drop the make or break hour for your money. from the "closing bell" i'm melissa lee in for rebecca eisen. flat interesting day, though. taking directions and a move in treasury yields. dow up by 0.1% and s&p up 0.01% and nasdaq worse of the three

down by 2.01%. and opec cutting production by 2 million barrels per day. more news on that straight ahead. also ahead, bull case for bitcoin that lost half its value. saying bitcoin is a valuable asset likely to see success. talk to the strategist behind that report. we begin with the markets. major averages trading well off lows of the session. mike santelli has his market dashboard. mike >> yeah. mentioned resilience, melissa. down 1.6%, 1.7% lows on s&p 500. even that only one-third of gained prior two days. not even surprising or alarming, a degree of pullback never threatened the old -- used to talk about, will they break broke last week, but didn't spend a lot of time in that area i think a lot of bulls and bears were right basically saying, a strong reflex bounce. the rest is very strong. probably still a few percent, though, from proving whether

this is anything more than a reflex rally probably it's something that is a threshold many people are looking at high burden of proof seasonal circuits working in the market's favor a little bit. set up with deeply depressed sentiment going into end of third quarter. all at least a helpful backdrop. in terms of speculative energy in the market, here's a look at margin debt. very long-term chart from davis research total market debt not as interesting. always curves lower when the market turns over. the rate of change over 15 months essentially, percentage change in borrowing brokage accounts and stocks, you see just about at the level kind of suggested oversold readings in the past. it's a contrarian signal when did it get below that right there's in the multiyear deep bear markets, in 2000 into 2002 and 2007 into 2009.

not to say we're at a floor, but definitely shows how much of the speculative energy has been kind of deflated, removed from the system. >> mike, looking at my screen. lots of things turning green heading into the last hour of trading including big tech, technology apple turning around half percent. semiconductors up by more than 1% >> a little more space when it comes to technology and cyclical. >> i agree except say actually it's been derisked, as they like to say. and trading as a discount to the market now all that stuff is beaten down. dollar index peaked late morning and come down from there that's basically where the stock's got to it be. >> thanks. mike santelli. focusing on energy the top s&p sector the world's largest oil producer cutting by 2 million per day about 2% of oil production despite the white house to convince them to do otherwise.

ex-ston, halliburton and pioneer. joining us, cio of pickering energy great to have you with us. >> hi, melissa. >> so surprise, surprise the white house has absolutely no say in terms of setting global oil production. i mean, really underscored by today's move by opec plus. >> sure is i think essentially no one's listening to the white house as relates to the energy market opec's not cutting production when the white house wants more production you've got u.s. producers that aren't drilling more flat since the summer and markets taking prices up when the president is telling us we want price down. so i think that the reality is that the recession or lack thereof is the driver, and opec is the second driver. >> we're seeing a move in wti and a move in particular in brent today. i wonder do you think that 2 million barrels cut is reflected so far

there's doubt that that cut will actually happen. >> yeah. i think we look, we're up 10% on price of brent and pi in the last few days. that's filing in take somewhere between half a million and a million barrels off the market 2 million barrel cut some of that allocation won't be picked up by opec producers. call it a million a day. maybe a little less. still a meaningful number and the same amount the ussbr takes into the market every day. essentially neglecting the sbr from now until end of november. >> how does this translate, dan into your view of geopolitics of the energy picture in that, you know, saudi is basically ignoring the united states at this point europe, the iea head said great europe has a lot of nat gat

st storage for the winter testing developed countries in terms of this war in ukraine, and be the ability to actually stick together against russia. >> it sure is. we got the desire to inflict pain on bad actors as one driver, but also got desire in the to inflict pain on consumers on the other hand. so the going to be very interesting. not playing out over the next week or two or month or two. it's going to be playing out over the next three, four, five years. europe's in real trouble their winter's going to be tough. they'll make it through but the next couple winters we worry about. my expectation is squeeze russia out of the market over the next call it three-plus years but not going to do it by pushing oil prices to 150 or 200 taking them out too quickly. it's going to be a tightrope walk if we make it through, but inflation on the energy side,

thickened. >> what happens for the u.s. consumer, dan? a lot of people want to know how much paying at the pump because of this cut? >> yeah. $5 a gallon was a serious pain point. we've come back down towards $3, $3.20. low 80s. low to mid-80s tax on 10 cents to 15 cents a gallon and under $3.50 a gallon manageable for the u.s the real challenge is over the next couple years. oil probably is going to try to make its way back up into the triple digit level when you're talking $4 a gallon for consumers and a little more pain i don't think it will cause a recession or help either. >> the fundamentals for the oil companies, great that's exxon/mobil signaled third quarter. results even after a record-breaking second quarter and saying it's nat gas that improved in terms of price month on month

it increased on average for nat gas. dan, wondering, that's great for oil companies. that's a real push, but the polls, maybe vice versa is that this puts another political target on backs of the oil companies. more pain, actually going to midterm elections, and posting record third quarter results wonder how you factor that in in terms of great fundamentals for the sector but the political pain might be there? >> yeah. so there's no question that in the next three months we're going to see great results in the company at a time when we see administration that really wants lower prices at the pump so windfall profits in europe, that's been bandied about here in the u.s.'si don pu.s. i don't think that's going to happen before the midterm election the reality is, these companies are making a lot, returning a lot to shareholders putting a bit of a target on their back. energy security.

how do you punish companies supposed to provide energy security end of the day, there's going to be a lot of complaining not necessarily a lot of repercussions for the company. >> showing your picks. devon schlumberger and which is it diamondback. dan, thanks for joining us appreciate it. >> thanks very much. doubling down on bitcoin making the cryptocurrency after a big downturn we'll talk to a strategist why he see as great fudger for bitcoin. you're watching "closing llhe ocn. nurse mariyam sabo knows a moment this pure demands a lotion this pure.

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new data shows criminals are getting create everybody with crypto fraud using the block chain in a use of funds. kate rooney has the story. hey, kate. >> melissa, right. prim nalls moved beyond bitcoin increasingly taking advantage of newer crypto technologies and thousands of other cryptocurrencies are out there research firm eliptdic estimates since start of 2020 roughly $40 billion in illicit crypto transfers. most coming from three key technologies first is decentralized exchanges, which broadly fall under something called decentralized finance. some call that defi designed to work without intermediaries and then coinslot. letting users transfer crypto without opening an account eleptic put it, caters almost

exclusively to a criminal audience and finally bridges the name suggests, those go to the bridge for training assets across different blockchains that aren't always compatible. crypto transactions are mostly traceable although anonymous this has helped law enforcement calling the pipeline the big one but a lot harder to track the money moving across different block chains calling that chain hopping. the treasury department pointed to this site, chain hopping, a key risk in its report on financial stability out just last week. melissa, back to you. >> thanks kate rooney. and out with a note titled "the case for bitcoin a valuable asset likely to continue its success. analyst behind that note joins us now great to see you. >> great to see you, melissa >> so -- as a monetary, as money, you say 1% chance we're going to put that aside for now. value what you think its current

main application is. has it really been a great core value? seems correlated to the nasdaq >> well, absolutely. it has been over the last 12 years. obviously, there was a very high correlation during the hyperliquidity area. measured it about 27.5 r squired during the nasdaq, hyperliquidity from the fed. even the last two, three months you can see the correlation go back down. down to .6 it was even before the hyperliquidity era, the fundamental drivers of bitcoin have a lot to do with adoption, adoption of bitcoin and crypto as opposed to fundamental drivers of the economy inherently, fundamentalwise, should be. >> trading second most important application. what does that xbmean just trading back and forth of bitcoin? >> that's right. >> for what purpose?

just gains >> that's right. you can gam belble on everythinn bet on everything including stocks, bonds, real estate, sports, et cetera. bitcoin has deepest liquidity. 24/7 trading, digital, connect sophisticated training pools and a lot of people made money in it a lot of things attracting more adoption as people want to trade it and make money trading it it continues to be one of the top applications of bitcoin. >> that seems to be counter intuitive to the most useful, a trading vehicle. saying, by the way, hitting session highs for the dow as well as nasdaq. >> and can be both things and in stock bitcoin is a lot of things to a lot of people you talked about it as a store value, as a hedge against

inflation. we also talk about the fact it could be all of money for some people it could be a payment network. it's a cultural phenomena for people that have a deep -- for government and corporate it can be a lot of things to a lot of people and, in fact, it is. >> when you look, though, what's going on around the world, and sort of what's going on in the stock market, would you think this lays the groundwork for bitcoin to reach, i wouldn't say new highs, but to be doing very well better that it has been doing. wonder if there's sort of a -- how come it hasn't done better in this environment exactly when there are questions about the credibility of institutions liked central bank questions about political stability around the world there's questions about stability of assets in the stock market you would think that all of these things lay the perfect groundwork for a good case for bitcoin? >> well i would argue that the

anticipation of institutions failing and the fact that institutions have been failing to some extent, since the financial -- bitcoin from 0 to 20,000 and as institutions fail and more people believe these that institutions will fail it's happening in places around the world. that will cause the next wave of adoption at least in terms of retail and consumer adoption for people that are failing and don't believe that institutions are failing and believe they'll fail more in the future >> let's talk about the stock picks. you know, associated with this note one is coinbase. do you think this company has done enough to weather the storm? >> yes this is a company that made a tremendous amount of profit last year during the bull market. access to the capital market doing what all the large technology companies are doing right now which is lean up to

get through the winter, get through the tough times. coinbase has a very diversified business across crypto it's been well managed, weathered storms in the past and is positioning itself to do well when we get to the other side of crypto winter. >> great to speak with you, thank you. >> thank you. gil loria of c.a. david son. session highs. look at that s&p as well as nasdaq. dow up by 0.4 of a percent, so is s&p and nasdaq eking out a quarter percent gain. and appetizing addition to your portfolio revealing the name next. and later, elon musk's ambition to turn twitter into the app of everything and why super apps haven't gained here in the u.s and adheing to break, top tickers on cnbc. tesla, twitter, s&p and two-year yields "closing bell" will be right back

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check out today's stock mover. investors liking this stock a lot today after the earnings this morning, the company reported large increases in net sales and income fiscal first quarter on track to deliver higher end of target no small potatoes. and two-week high in the session up by 4.6% now. after the break, is this week's market jump a fair market bounce or start of a sustainable comeback we debate that, when "closing bell" comes right back.

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stocks taking an impressive comeback today with the dow climbing back from a 430 point loss in the s&p and nasdaq moving into positive territory adding to a rally. strongest two-day gain since 2020 is this a classic bear market bounce or start of a broader comeback joining us good to have you both adam, you actually think there could be more gains ahead. why? >> i think there could be. i think you're seeing important shifts in underlying economic d data trends moving in the direction the fed want to see. evidence of this throughout the

economy on a variety of different fronts and the report from yesterday i think contains encouraging news for the fed it's not going to shift on a dime, but i think you are seeing the overall economic landscape move in a way that it's going to allow the fed to take its foot off of the tightening gap, and relieve outside pressure on yields and key for the market, stabilization. get another 100 points out of the s&p or so before you start to run into more multiple resistance. >> i assume, adam, you have to believe the outlook given during the conference calls will be decent, or do you think the market pullback factors in lowered expectations for earnings >> i think obviously a number of preannouncements and predispre predisa predisappointing, carmax aggressive and others.

earnings times multiple. multiple will factor in, i think, to the market more than earnings there is, i think, a lot of, i think, applications that are subdued in the upcoming season if you see companies take down their outlook, if you see yield, multiples make up for that yield multiple action, i think, the determining factor for the market over earnings. >> yeah. i'm sure that a lot of people in the equity markets are paying much, much, much more attention to yields these days so key to this whole thing, yields will remain tame, but volatility will be more muted going forward in order for the market to go higher. where do you think we stand on where yields are >> yeah. absolutely historically yields have had an interesting relationship with the fed funds rate they tend to peak actually a couple months ahead of the final or terminal funds rate

if we think december, maybe freb, the yield picture starts to stabilize, perhaps peak, in the week ahead good news is, probably getting closer to that point where we could call maybe the start of a new bull rally or start of positive returns on a more sustainable basis, but i think we still have to see that, you know, all encompassing inflation figure talked about all year start to come down in a more consistent way start to see the fed talk about pausing or at least taking a pause to assess what's happening in the economy the good news is, the data we got this week does show that the prices paid index, services and manufacturing, inflation is heading downward i think overall what we're seeing is the backdrop is setting up nicely for more sustainable rebounds, but we likely need to see one or more data points to kind of confirm that trend. >> yeah. cpi could come to the rescue, or dash everybody's hopes next

week the word, "peach," a funny word. bandied about this, peak inflation, we've learned for one thing inflation did not peak and even if you hit a peak does it come down or remain elevated when you say "peak" yields, does that assume there is a coming down of yields on the other side of it or yields remain elevated? does that matter in terms of the backdrop for equities? >> a great point inflation picture, the fed needs to see inflation head towards their 2% target and what we have seen historically, when inflation starts to roll over it rolls over pretty consistently takes anywhere between 12 and 16 months to get back to trough levels, but once we start to see that trend in motion, hopefully it will stay there what we are seeing, headlined, of course. seeing oil and energy, commodity prices start to come down. we'll see what happens after the opec news, but on the core side

it's still been sticky we need the core side to level off and roll over as well. we know the underlying fundamentals in housing, even potentially the labor market are softens. at some point perhaps a lag we'll see that reflected in the cpi as well. to your point, i think yields, we saw the 4% on the ten year. we would start to need, start to see, no eeed to see that stabil and come back down towards the 3%, 3.5% level in fact saw it in june and august, to 2.5 and we saw a nice rally. a strong correlation now and peak in yields critical, but so will inflation rolling over both on the headline and core. >> 100 points in the up side, adam, on the s&p 500 when does that happen with seasonality or throughout earnings season? have we been through enough in terms of the warnings that have come out to say, you know what expectations are so low that we're poised to beat

expectations at this point and that's the catalyst for that 100-point upside >> i think that's going to help to a certain sense it's seasonal, and the exact as well i think the more powerful upside driver will be economic data continuing to move in the direction. again, pointing to a softening unemployment market. 22 higher ratio rate on friday i think the participation rate probably the most critical of the friday report cpi and inflationary trends. and given disinflation evidence throughout hearing about it supply chains more like they were before and levels elevated throughout the retail economy. and auto market, such a driver of inflation, new and used auto, starting to stall as well, at carmax last week, they suggested. that all of those trends will make

their way into the central government data eventually, and that's going to give the fed some comfort to, again, not piv t pivot aggressively but release that feeling sooner than people thought just two weeks ago. >> adam and mona, thanks so much great to see you. >> thank you. a check once more where the market stands. in terms of the comeback throughout the session we're up by just about one-third percent on the dow s&p 500 up by a quarter percent. nasdaq try to stay positive. mega cap trying to not provide clues about the market mike santelli returns with his analysis that's next. throughout hispanic heritage month celebrating teenagers. here we have a senior research analyst. >> i grew up being bilingual learned english in school and

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the audi e-tron family. progress that moves you. welcome back to tech sector. stocks turning positive today and tracking for big gains on the week mike san ttelli is back lookingt stocks relative to peers mike >> melissa, whole stocks down, most down a lot. the largest stocks have not provided shelters. if anything the average stock outperformed the biggest mega

cap. different from what happens last year look at tesla. consumer sector heavy between amazon and tesla 46% of market cap weighted consumer discretionary sector equal weight, year to date, nasdaq peak in november of last year five percentage spread between tesla and held up well you can see in parts of this year. and alphabet remains below its june low, i think, and buckled compared to the equal-weighted nasdaq 100 less dramatic spread still underperformance by best in breed by the overall stock. still a strong advantage on a year to date basis it's the excesses in biggest stocks where a lot of dead weight is coming from. could be a little bright side story as the average stock outperforms. >> mike, thanks. mike santelli. jerramy stevens back on the

record with a new warninfog r the fed saying disturbed by one particular aspect of the federal reserve. why gm is stalling, also we take you inside "the market zone." years ago the greatest fear of crypto that the government would try to shut us down. recently janet yellen gave a speech comparing crypto to groundbreakingnovationinnovatioy different tone, and that's one thing to know about crypto.

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with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity welcome back top we are now in "closing bell" "market zone." here to break down crucial moments of the trading day and a "fast money" trader, by wait and phil lebeau on auto traders. first, stock as major comeback all three major indexes major

garins approaching the close stocks had every reason to rise off and not. what do you make of it >> remarkable after the two consecutive gains we saw monday and tuesday after what was, really, a horrible close on friday a new 52-week low for the s&p 500. look where we are now. 2% off this morning's lows and doing it in the face of the ten-year u.s. treasury yield up, dollar is up, crude oil up new month, turn the page, and people want to buy after one of the worst months seen in many years. >> the interesting not like no news in a vacuum jobs, bank earnings friday, dan, every reason to not be long in the market and yet people are getting in the question, have we derisked enough in terms of, you know, factoring in maybe earnings won't be so great? we've lowered the bar enough

yeah i think all that makes sense so bad into end of last month, into end of last quarter also when you think about the fact that those that you mentioned coming in a very short period of time it's that job numbers. cooler than expected if next week's cpi number is a little cooler than expected. if we get earnings decent enough talked about it last night on "fast money. jpmorgan did what it needed to filled in the gap back to november 2020 near 104 and when you think about that, psychologically that's really important. a date in which we got the vaccine news right? round trip, that entire move here maybe the expectations are basically in line with what the company's going to be able to put up, and on that next friday, october 14th, we're going to have wells fargo, sciti, major components could we rally into that

sure the big ones to keep an eye on come in the next couple of weeks and some are the major mega cap names we know the dollar's a huge issue china emands, also supply chains european demand, all of the above. >> all tech names for sure get to whatiegel had t say. tough words on "squawk box." >> the only thing to do now kill inflation no matter what the cost it disturbs me there's not more dissenting voices at the fed that's what the fed was designed to build with the bank presidents and members we're just not getting it. >> interesting, dan, when you talk to various market watchers, there are different opinions people think that the fed should pause. people think that the fed has got to kill inflation at all costs, yet when you fed speakers come out, they are in united front in terms of where the fed should go. >> yeah.

if the professor wants to say join finance twitter, because no shortage of that listen, those are all great points, but end of the day, listen, this is a fed where there was dissent in and around werther inflation would be sticky or transitory up know? we went through all of that in 2021 i think it wasn't until we had a couple curveballs this year where they all kind of got in line of what they are seeing, they're particularly worried about so, again, i wasn't around during stagflationary periods in the '70s and early '80s but it wasn't a great return environment. it wasn't a great time to be buying homes and the like. and sorts of things that keep our economy going. so i get it. they really want to see some of these kind of stickier parts of inflation come in before they take their foot off the pedal. for all of those people that argue, yeah, made a policy error last year and then make another policy error this year and maybe two negatives cancel each other

out and they make a positive i'm not planning for a soft landing now but i don't think the worst-case scenarios are in the cards, even with the lack of dissent about what they'll do about inflation right now. >> talk twitter here we may have learned a bit about elon musk's possible plans, tweeting last night, accelerance to creating x. the everything app popular in china and other parts. one-stop shop ordering your taxi in the same app with your tech why haven't it taken off in the u.s. >> not for lack of trying, mel everyone from facebook to uber, even fts to crypto, talking about living there, doing everything you need. you mentioned. this is really popular in asia one exempt reach out is the best example of a super app. it's huge in china and two years ago when donald trump's

administration tried to kick it out of the u.s. there was a panic and uproar, because chinese-americans use that app to talk to their friends and family over in china kind of a digital ink to the east and west and designates how much you get tuned in. that's what musk is chasing. you probably use instagram for goggling and apple pay, buy stuff online and physically in stores no one figured out a convincing way to get people in western countries like the united states or europe to start using an app that has everything all in one this kind of gated, closed app from, like, a mini internet, mel. a lot of attempts as it but clearly investors, musk has roped in together, they believe he can be the one to pull it off. >> a couple points here, dan, and i know that you've thought about these.

as a citizen, i would not want all of my information centralized into one superapp so if it gets hacked, everything in my life is hacked. and i would think there are tons of antitrust issues also associated with building some sort of superapp especially in this day and age >> i mean, think about it. where does it work works in china where they have the great firewall it's maybe designed the way the government wants it to happen h here i agree there's an opportunity for more functionality on some apps we're spending a lot of time on. this is what facebook tried to do, right? they started to piece together and bought instagram and west app. moved into copy snapchats and tiktok obviously they're trying to do this sort of stuff, but in america, at least here, i guess, in the west, you know, we're happy. maybe it's some of the consentment that you suggest

we're happy to separate apps and have great hardware. in china ios, apple devices are number five. 13% market share but apple who higher market share here and maybe has to do with what apple offer their customers through the integrated software/hardware solution if you buy into that, what musk is saying, and agree he overpaid for twitter say $20 billion or $25 billion you have to look at a snap and say if super apps are the way forward, this is a really cheap app with a $17 million value versus what he's paying for, you know, twitter. especially because all of these other competitors are not just going to lay down to see what musk is doing with twitter fop me, other interesting plays in and around this twitter taken private. >> yeah. steve, are you getting a feeling analysts are starting to impute some of that twitter valuation

even a small percentage? even if a small percentage higher snapchat should be valued at then the stock should be higher, in fact. or is this completely such a separate situation there you can't impute anything? >> always been such a different thing, mel twitter has always been a different animal for the rest of social media has outside influence. i think that's kind of what musk what's to happen and seeing the value. he talked about doing this when he talked to twitter employees in a town hall over the summer he mentioned wechat as an example. it's something he thinks he can build. look, it's going to be different than snapchat and facebook has to be to convince people, finally we have a super app just to go back to the regulatory stuff dan was talking about. you can bet the eu, soon as he starts turning twitter into this, they're going to look at

this they're already pressing down on payment platforms especially apple and google already pushing back on app stores the last thing they want to see another mega platform get started. >> thanks. got news crossing on ford this hour. the company plans to raise msrp, price on the 2023 f-1 lightning due to supply chain complaints just shy of $52,000. those who already scheduled orderless not be affected. phil lebeau, we've had increases on this model before >> we have one in august. beginning of august. so this is the second one in, what basically nine, ten weeks we're seeing from ford and it's not surprising they basically are blaming the supply chain as well as raw material costs, and a number of other factors that all kind of go under the umbrella of inflation. look, we have seen this from other automakers when it comes

to their e.d. platforms and should not be surprised ford is now raising the price on the 150 pro. works outside to be a $5,000 increase in price of this vehicle. it hasn't moved sales lower. a valuation call done today saying, hey, we think it's time to go overweight on ford our price target stays the same ats $14 a share not exactly got to go out there, buy ford got to buy other automakers. a valuation call and same time cut price market on general motors. >> corporate restructuring why he upgraded. phil, do you think it gm is going to face the same sort of issues in terms of having a high price? >> i wouldn't be surprised look, it's everybody this is not a ford-specific issue. now, it's getting highlighted today because it's the second price increase on the lightning

within the last what nine, ten weeks? the fact of the ma matter is, t is what we can expect, from generally speaking over the six months to a year not seeing raw material prices or anything that goes into the batteries. all of those costs we're not seeing them come down anytime soon. >> phil, thanks. phil lebeau. >> you bet. >> phil mentioned the adam jonas note, da en dan what would you >> probably ford i think momentum around the ev models and their ability to raise prices twice, as phil just said and a handful of months here that speaks to demand for this product, when they get those supply chains back on schedule it should be fantastic for them moving a greater part of their fleet. vesz, let's say -- here's one thing. tell me where rates will be and we see what's going on here.

twofold. right? the ability for people to finance the cars is an issue, and that cost greater for them just to own these sorts of cars especially with these increases, and ford itself, why does the stock trade where it was think of all the debt and ability to finance that debt with rates where they are. feels a bit like a value trap. down 40%, 50% from highness january. i'm not sfepi stepping in. back it out a few years, epic held and shoulders top right there. >> and bank stocks downgraded by atlantic equities. taking goldman sachs to underwait. morgan stanley from newt utral o overweight they're optimistic atlantic equities noting banks tend to perform poorly knurl a a in a recession you like the action in jpmorgan. do you like action of either of these two? >> talking about this, and where

they make money and think about for morgan and goldman and all the area where is they do really well here, these are not areas -- they don't have massive balances the money center banks to and able to benefit from necessary interest margins at standings. to me, i like the franchises and the idea at some point in 2023 the business cycle's going to turn, and those two will be very well-positioned. given the recent out performance i don't see need to buy them right here next week and a half we'll get results from all major banks money investment banks i think if you really see good quarters and guidance which i don't think you're going to do, then you chase them. i don't think you have to be there ahead of time. especially if they rally into the reports. >> yeah. sort of a tangent of a trade here corollary, dan i noticed in today's session, visa and mastercard very strong. doesn't seem to be any news in particular, but where do you stand on visa and mastercard

they're not comexposed to credi. a very different animal, but, still? >> again, under any environment, recessionary or not, they're going to benefit from the secular trend. digital p al payments. talked about it on "fast money." the valuation disparity between them and other areas within financials sticks out like a sore thumb in an environment like this. especially a rising rate environment. if you're not that proud of the consumer in the near term, areas, i'd wait until their down and out and not chasing right here. >> all right two minutes left in the trading day. and back in the red, across three major averages, dan. your thoughts here we tried to finish positive. >> yeah. i think it's pretty constructive think about the two days we had in the market on monday and tuesday and the fact it looks like we would give some of that back ththere is a gap from that

opening in s&p 500 say we have a hot jobs number on friday, and then we're on our way through those lows that we made on friday you just don't want to be long st stocks if you have something trading better than the markets, that's probably what was going on here. the market up 5% i would want a couple stocks up in just two trading days depends what your time horizon is that gap to the down side, if that's gets still, watch out below on hot numbers that means the fed will stick around a bit more. >> dan, tomorrow's the last day you can use to position yourself ahead of the jobs report what do you think the action will be like this tomorrow >> listen, i think that it's going to be curiousalities bit i think if yields continue to move higher i don't see how equities move higher into that

keep an eye on the ten-year treasury yield and dollar back to me, be cautious into that nobody needs to be a hero with a number that could be binary. >> dan, thank you. heroic effort to turn around on the day but finishes the day in the negative right now with the dow down by just about 82 points on the session. that does it for us here on the "closing bell. see you tonight on "fast money." over to mike santelli in "overtime." >> welcome to "overtime" i'm mike santoli in for scott wapner you heard the bell we're just getting started today moving back on today's big energy after opec announced a major production cut what the move means for investors in the energy space, but we begin with our talk of the tape early losses finishing well off los of the day the move follows big back-to-back gains and s&p 500 up nearly