for the results of our twitter question we asked will stocks be higher or lower by the next fed decision the majority saying lower. don't fight the fed or the tape. that does it for overtime. "fast money" begins now. right now, powell drops the hammer and markets should get ready for even more rate hikes than expected. stocks went from cheering to tumbling once the chair said the inflation fight is far from over so how high could rate gs go fr here crude crossing 90 bucks a barrel for the since october. will this keep the bulls piling

in and the company's largest plant being shutdown for at least a week more covid lockdowns how big a problem will this be for apple? and later, roku dropping almost 20% on grim guidance and a somber take on the az market a host of earnings on tap this hour i'm melissa lee. we start off with the market's post fed ride. the dow jumping nearly 400 points immediately after release, but then giving back. closing near lows of the session. the s&p down 2.5%. nasdaq down more than 3. treasury rates jumping but the short-term two-year rate briefly climbing let's get more with steve liesman. steve. >> melissa, thanks

markets were absolutely whip sawed today by a dovish statement and then a hawkish press conference the statement ignited the rally was when said the committee would take into account the cumulative tightening of monetary policy. the lags and economic and financial developments powell took to the podium and put an end to the musings about a pivot or pause >> it is very premature to think about pausing. when they hear lags, it's premature. to be thinking about or talking about pausing our rate hike. we have a ways to go >> how far

at least higher than the 4.6% that the fed itself forecast in september for 2023 and the fed funds futures market traded up to a new high for the may peak contract of 5.12 before settling around 5.06, which was higher than before the fed may slow down come december but the fed chairman made clear there's still far to go melsz? >> also that that higher rate could be here with us for a longer period of time and when he talked about the lag effects, a reporter asked him what do you think about the lag effects and he was saying oh, there's some literature that says it's faster very equivocal so you really don't have a clear idea at all as to how he views that.

i'm sure he doesn't have a clear idea the lags are long and variable and he has this idea that it's possible that the market is faster now at incorporating them and then passing it on to the real economy is faster i've seen stuff like this comment in the thrown in there in the past in order to mollify or ease dissension inside the committee. and i'm wondering, i have no evidence of this yet i'm wondering if there are some doves on the committee who didn't want to go 75 powell wanted to keep a unified committee together and so he threw that statement in there but it's not the operative phrase on policy that operative phrase came before that statement where the fed said it would be moving into sufficiently restricted territory. >> did you think on balance he was more hawkish than what we've heard from all the fed speak we've heard in recent weeks? >> no.

i thought the statement was more dovish than i expected i did not expect that line to go into the statement i didn't think they were at a point where the lags would be made into policy yet i thought eventually they may put that in there. so i'm confused as to why powell so forcefully walked back or closed the door on any dovish statement. it's as if his committee felt one thing and he felt the need to make sure the market did not walk away with that from a dovish interpretation and i think we have this problem where the market is desperate to hear something dovish from the fed and powell wanted to make sure that was not the impression we were left with >> steve, thank you so much. >> we were talking about this issue of what the markets want to desperately hear. they want to hear something dovish and that's the way they've been interpreting all

the fed speak. powell's like, no, no pivot. >> to his credit and you know i'm a huge critic of the federal reserve, but he's been pretty steadfast. i can't speak to the writings, but his statement speaks for itself people want to be bullish. i get it they want asset prices to go higher i get that as well frankly, they don't because in order to combat what they created, they need asset prices to go down now, the question is is the rally in 34.91, is that a 13, 12, 13% move is that enough today's reversal, 135 s&p points that's interesting friday jobs number, you get a good jobs number, good unemployment rate doesn't go higher, then the market's in a lot of trouble

>> what do you think, michael? >> i think guy's right >> stop right there. take the rest of the show off. >> i would actually view the unemployment number as the more important number nothing really changed today, melissa. the fed has been pretty unequivocal in its hawkishness since jackson hole and they continue to be so today. i don't think it really matters quite frankly, whether the fed gets to 5% they're going to be restrictive and get restricted and bring down long-term growth. that's the goal. that's what they're trying to do so let's look through today and instead think about what is the end game here. it's not cutting rates at least not for anytime soon. the end game is to slow growth and slow the economy >> i agree the fed has been consistent, i believe, in its message, but the markets, in terms of how they interpret it, they want to hear what they want to hear

so there's an issue of positioning here as we've seen that rally in 34 something to where we are >> the fed has never stopped until the fed funds rate is higher than inflation and he backed away from that for the first time today that was bullish that was dovish. is fair or no? so the cumulative statement, the i will stop before we raise the fed funds rate above >> so you want to hear dovish? z >> no, i'm trying to figure out -- maybe i want markets to go higher. i just think it's premature. i think we front loaded this rally. guy pointed out 4200 in the s&p. we were on a tear to get there so i thought we were going to have a soft patch in october back up and then after midterms, rally into year end. i think we pull forward, but after midterm, i think we could

rally again into year end. for different reasons. for not the fed any longer i was looking for 3300 in the s&p. we didn't get that we didn't trade down that level. so i think we have to be more poised >> you're trading this turnaround here. >> i think the fed had a look at that friday jobs report and i think that's one of the reasons. i mean, i was just amazed watching cnbc today. oh, my god why wouldn't they? why would you make a decision like this -- >> not available to them >> of course it's available. they have the data the point is it's probably going to be hot, meaning like you know what i mean? >> as being hawkish. >> i think he is i think that's going on. we talked today. we had a call at 12:30 i thought the price action in these tech stocks was disgusting and it reminded me of the moves

we saw when interest rates were careening higher we kind of know where they're going to stop. it's not too much higher than where they are now if you look at those megacap tech stocks, the leaders, the way they were acting today before the data came out or before the meeting then the way they fell out of bed at the end of the day then also pre-meeting, the way some of these growthier names as our friend sandy would call them they don't have the growth anymore. they still have valuations they were acting horribly. i don't think 3400 or 3300 is out of the woods in 2022 because ipg the fed is not particularly worried about the stock market right now. >> this is where i'm confused where the timing of it you don't think we get the rally going into year end. you think from now, it's the correction. >> i thought this was so pathetic relative to the one we

had over the summer, in march here i think about, we said this on the show last week, think about how much more we know than the last time the market was rallying we're pretty certain that by mid year, this huge contributor of energy, if you think about the s&p earnings, is going to be going away really what you're left with is a really slow growth environment with the s&p not troughing at 17 times. >> it's one thing for us to know approximately where the terminal rate is or where rates will end up being, but it's another thing to factor into valuations, ratings remaining high for an undefined period of time and maybe for longer than we thought. the notion of the pivot is that there's a step down in rate level but from what powell said, there's not necessarily going to be a step down the pace of increases would slow and that's it. >> this is something that's been driving me crazy for some time the idea of a pivot is staying at a restrictive level for some

time that is not a pivot. if the fed gets to 5 and hangs out for a year, that's not a pivot. it's when you go from tightening policy to loosening policy dan, to your point, remember the rule of 21 needs to be 13 that's the old rule of thumb in terms of the rule of 21. >> we have the high yield hottie with us back on the desk >> this is another era >> formally known. i didn't know that that's interesting but makes sense. i'm not saying we're going to get to a 13 multiple in the s&p 500. but 15.5 16's not unreasonable. again, if s&p earnings of 200, 205 or so, you can start doing the math i was one of these people that

thought in june, did a great job. overshot to 4300 this scene familiar to me. similar back on october 13th i thought we'd get to 4100 we didn't. 39 and change. is it enough in that short period of time what's changed though? earnings are a lot worse now than they were four or five months ago >> and inflation is still here >> ain't going away. >> let's bring in former atlanta fed president dennis lockhart. always great to get your take on things first question to you. dan brought this up. does the committee get a sneak peek at data before it's officially released to the public >> i don't know what the practice is today. when i was on the committee, my understanding was the chair got the report the night before, so that would be thursday night for the jobs report then the rest of us, we got it like everyone else gets it. so i don't think two days in

advance they have the actual report they may have economists who looked at the underlying data and come up with something close to that report >> i guess this is the corollary, the second part of this question. what's your take on the statement appearing to be dovish but then powell appearing to be pretty hawkish during the conference >> i can certainly see how that conclusion has been drawn by people i was a little surprised that the statement really provided some guidance with keywords as steve said earlier restrictive was a keyword. lags was a keyword the thing that surprised me most was that we got a fair amount of soft guidance of how this cycle is likely to play out.

i think the committee and powell set the table for a step down in december, but he's not going to commit to that it's not a sure thing. but he began the preparation of the markets for that possibility. but at the same time, hawkish in saying that they have a long way to go yet and that and this is important i think that the terminal rate is likely to be above the september sep rate that got my attention. >> so i was just wondering powell mentioned that the fed funds rate is nowhere close to being at peak. and once it got there would remain there for some time how would you define some time is it six months nine months? 12 months? what are the cues the fed is going to be looking at >> well, i think you have to kind of put together a scenario

and one plausible scenario is that inflation is stubborn it doesn't really respond. we get noisy month over month and quarter over quarter numbers an the fed is just not convinced they're getting the inflation rate moving in the right direction. it could be months even well through 2024 that they're on hold at some level, you know, trying to get an indication that the job is getting done. and you know, at this point, i think you have to keep that scenario in mind that the inflation problems may be just will not abate quickly >> dennis, is there a chance that we could get to the end of this hiking cycle without unemployment rate going up meaningfully some strategists are suggesting we're going to need to see 4%, maybe 5% i think it was interesting that

powell said maybe we'll see fewer job openings is that a likely scenario? >> i would say the circumstances allow you to think that you could get that kind of a soft landing if you will. meaning that they keep tightening and inflation rate comes down but they don't have a serious unemployment problem or you know, a mark ed increase in unemployment that could happen simply because the participation rate is lower than it was pre-covid. the job openings and the economy. even if the surveys still exceed the labor supply you could get a situation where supply and demand of labor just closes but it doesn't result in 5% plus unemployment i think that scenario could play out. >> last quick question, dennis he was asked about the possibility of soft landing at this point he said the window is smaller but it's still possible.

is he being too optimistic what's your assessment >> i think the longer we have inflation, the more optimistic that looks because -- [ inaudible >> all right, apparently have some audio issues with dennis. dennis lockhart, we thank you. dennis is out there talking maybe still. would have loved to have heard his answer to that question. so they could be on hold through 2024 i mean, that's, that's a long time to have higher rates i don't think -- >> i would submit it's the exact right amount of time to get us back to some semblance of -- i'm not arguing with you >> i'm not saying right or wrong. >> maybe they should start because they're combatting 15 years of excess and they're trying to do it now with all the things they're putting in place,

correctly. i don't think it's preposterous to think we could have rates all of next year equity market doesn't want to hear it. that's too bad that's the environment we put ourselves in over a last decade and a half from a reckless federal reserve. >> if the equity market should have ever been here, right so you can't disprove the counterfactual, but should we have ever been looking at an equity market of 4800 in the s&p? with the environment with rates where they were, yes where rates where they're going for longer period of time, no. >> i love the word preposterous. one of the best words out there. i think it's preposterous to think we're going to have a soft landing. soft landing, hard landing there's a clear landing and it's not good that would be quite the magic trick. david copperfield would be proud

of that. >> it's a busy night of earnings we'll bring you the after hours action on those names ahead. plus, a covid nightmare shuts down an assembly plant what does this mean for shareholders that and more when "fast money" returns. thing again. - hey news from the future, you're going to live through that about 10 more times. (laughs) - oh, it's no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - ooh. i think some of my gray hairs just reversed. - yeah. you're welcome. - [narrator] become an investor today. yieldstreet: private market investing.

earnings alert on roku plunging on weak outlook the company did beat the top and bottom lines julia's got the latest >> on the earnings call just now, the ceo laid out his long-term optimism, said roku would be poised for growth when the ad market eventually returns, but shares plummeting 17% in after hours trading despite beating expectations across the board investors concern is about a grim outlook for the fourth quarter. while the analysts expected the company to guide to about 3% revenue growth, instead roku guided to about 8% revenue decline in q4. while the company anticipates a loss of $135 million, that's more than three times larger

than the loss anticipated. roku warning, quote, as we enter the holiday season, we expect the macro environment to further pressure discretionary spend and degrade advertising budgets. they say it's difficult to predict when these conditions will stabilize or rebound and they do anticipate fourth quarter player and platform revenue to decline on the call, he said they are sharpening their spending to focus on areas that will enhance their leadership position, but that's not helping the stock right now, down 17%. >> thank you julia boorstin on roku's 17% decline here if the holiday season's going to be weak and ad spending is goin to be weak, when does it get better >> you would think the switch away from linear tv would be a tail wind. this is a good example of a cheap stock becoming dramatically cheaper after the report i'm tempering my words here.

i'm tempted to say could you buy it here? i don't know >> are you hinting that you could? >> i think you could buy it for a trade but the problem is these things gain so much momentum they eat on itself that tomorrow you're going to see everyone say i told you you should sell this. everybody on the street is going to hate roku tomorrow. >> i don't find anything potentially interesting about this the only year this company made money was barely in 2021 sort of headwinds they have. they have to do with the secular change that's happening. you thought they were, they're becoming head winds because they don't have a mote. throw this thing on the scrap heat of tech crap, tivo. >> i still have a tivo >> people used to tell us how

wrong we were about the stock. all you had to go was go into best buy, see how cheap the hardware was >> they're in tvs though, too. >> correct >> don't have to buy an accessory. >> that's all becoming a lot easier and i think we're going to continue to go with the higher end products. you don't need this crap >> qualcomm earnings out these shares also dropping on a weak outlook citing smartphone demand earnings in line withe estimates >> well, the weak outlook shows the market is eroding faster than expected. they say covid lockdowns like in china are adding to that demand weakness as well as excuse me as elevated inventories management says this will take a couple of quarters to work itself through the call is still going on, but the ceo says they are willing to keep cutting expenses.

listen in. >> we have implemented a hiring freeze and planned spending reductions across more areas to fund diversification >> qualcomm has tapped into the high-end smartphonemarket with samsung and saying they would supply the majority for iciphon. that means the apple relationship is still in tact for next year. tune in to "mad money" tomorrow because there's going to be an interview with the ceo back to you. >> thank you guy? >> so this was a fourth quarter. the quarter wasn't bad first quarter guidance midpoint here because i can do that math. $2.35. street was looking for $3.45 that's an unmitigated disaster which should come as no surprise a name that i liked for a long

time and still like to a certain point because i think you can wrap your head around what they're doing, it's interesting. this stock even with the move lower is probably more expensive than it was two and a half years ago. so there will be a place to buy the stock. probably comes in a form of about 98 or so >> you don't like tech >> no, i think this just highlights the cyclicality of tech everybody got used to thinking of it as a defensive during covid, but that was unique to the covid situation, the covid recession. in every other cycle in history, tech acts as a cyclical and we are going into a cyclical downturn what did powell say? we've seen a slowdown in the economy. look at what's going on with all the tech that requires earnings from advertising like you're seeing this begin to slow and i think that's just going to start and continue for quite some time >> there's a lot more "fast

money" to come here's what's up next. >> the world's largest iphone assembly plant shutting down just how big a risk does this pose to apple? we look for answers, next. plus, oil in rally mode. the chart master drills down on what direction texas t is heading from here. w you're watching "fast money" live from the nasdaq market site in times square. we're back right after this. in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there.

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the world's largest iphone plant facing a new covid outbreak china ordering a week long

shutdown they produce 70% of apple's iphones globally apple shares dropping nearly 4% today. this is in part because of the n fed. in part because of this news we were talking about this very scenario two days ago and also last week in terms of the china wild card here >> and the amount of vitriol that comes on the back of it the apple quarter was fine i don't think it was great by apple's standards. the guidance was not good. and we pointed out this existential risk 145 oddly enough is where it was the day they reported earnings if you remember because we looked at it together, it's traded down to 138 in the half hours. amazon was a disaster. somewhat misguided we said it then. on l is expensive in this environment. it's more expensive given what you just brought up. >> it's seen as safety and it's

seen as people saying services is what their golden jewel is behind apple, but also think about how much money is waiting on the sidelines to throw at china tech like there's take that one more derivative >> money still waiting to go into china tech? >> absolutely. people are waiting for the beta in this market because they know how pummelled it's been. if you think your name has been pummelled, once they say and it's real the headline they're lifting the zero covid policy, everything the going to rip and it's going to rip a heck of a lot more than all of the stocks we talk about all the time because people are just sitting there. it's like double dutch when you're a kid >> this may not rip. if they go away from zero covid, that may mean they really start going to war with us on some of this economic policy when you think about apple where it sits, started with the trade

war a few years ago. this is kind of like the last battle that's going to be fought not only because apple is one of the very unique u.s. multinationals, with the margin they have, they have access to chinese consumers but also the supply chains there and all that's wrapped up into a story we've been telling ourselves within the last two careers within the markets and the economy about how we come out of this what's clear is that we are in a bipolar economic war with china and theirfirewall and what goe on over there. to me, the fact that apple's held up, only down 18% on the year versus the nasdaq that's down more than 30. i think that's risk here there's risk in that stock whereas i'd probably like to take a shot on some other stuff. >> coming up, an energizing rally in the oil market. we'll get you the chart master's take, next and later, robinhood and zillow. much more in two d-winning trading app makes trading easier.

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welcome back another check on the markets today. stocks seesawing after the fed decision ending the day more than 500 nasdaq down over 3%. shares of amazon down for a

sixth straight day longest losing streak since june meta at its lowest close since october 2015 but the market cap of $240 billion. now smaller than pepsi one bright spot today, boeing, that jumped after they said they plan to ramp up. energy stocks down today are up more than 20% in the last month. can they go higher from here let's get to the chart master himself. carter, what are you looking at? s >> we'll head to the charts. we have a couple of xle charts this is the etf that tracks the energy sector. it's in an uptrend let's put some lines in. what we have first, fairly well defined. you can see that we have tracked

precisely off the lows and bounced again. that's the big move you just referred to. so the question is right now, we're sitting here at this top and that top now let's actually mix it and show the arrows. the question is before you break out and i think ultimately you will, what do you do more often than not the rule of them is this before exceeding a former high, you contend with it. which is to say backing or filling or backing away. why? you encounter supply people from back here who have been made whole want their money back thank you. i'm out. then people from down here who bought well saying thank you, i just made 20% quickly. you encounter memory from above. from below what you're likely to get more often than not is some backing and filling or backing away. so my thinking is in a perfect

world, you can calls against the xle. gold, very much a macro story gold is certainly struggled just completed its seventh down month in a row you have to go back to the '60s to find that i think what we've got is the makings of a bottom. it's very nascent. it's young but i think it deserve it is green arrow we're going to gop we shall see >> carter, thank you michael, you've been trimming energy lately. >> we're very overweight energy. throughout 2020 and 2021 we loved the long-term story it makes a ton of sense. you know, there's been underinvestment in commodities but near term, you can't take the cyclicality out of it and so

we have trimmed energy we're still overweight but much less than we were. you know, it's a great innation hedge so if you think inflation cease going to stay elevated for some time, you want to have some exposure we've diversified and bought more global natural resources rather than just u.s. energy, but we brought it down substantially given the cyclicality. >> i agree you should just say thank you. you have these energy returns on your investment. they did nothing for five years. pandemic hit russia hit it's through the roof, but i think ultimately, it depends on the direction of the dollar. so maybe not each individual stock but the movement of wti crude is inversely correlated. so it depends on what your opinion is on the dollar to see where that's going further >> gdx going higher. what do you think of that call >> i'd like to see that. it's been awful. i mean, if this fed is as staunch as it's going to be to

fight inflation, gold's going to meander. the bull case for energy if there is one, china, zero covid goes away, and post elections, the bull's eye on the back of energy companies goes waway and crude rallies. >> coming up, investors everywhere listening to jay powell's every word. how diz options traders digest the news but first, robinhood andzillow on the move. that's next on "fast money." welcome to ameriprise. i'm sam morrison, my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors the garcia's, love working with you. because the advice we give is personalized.

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earnings alert on robinhood. the company posting a smaller loss than expected kate rooney has more on the quarter. >> wall street is liking the cost discipline coming out of robinhood. that's boosting the stock hereafter hours. it's still losing money. the losses are narrowing lower to operating expenses and the operating expense forecast for the full year. it's profit bable if you look a the adjusted ebitda bases which the ceo said it came a quarter

ahead of structure rising rates are helping with that mission net interest income jumped 73% sequentially on the call, executives say they expect that line item to rise by 25 million in q4 it made up 35% of revenue at robinhood in the third quarter transaction based revenue makes up more than half of income and the cfo saying rates are helping. he said on the other hand though, it does tend to be a drag on markets. sort of a catch 22 i asked about m&a. he's more excited about robinhood being the acquirer i said they're being patient on deals but see opportunity out there to do some m&a and despite the optimism, robinhood still did lose more than a million monthly active users and lower than expected revenue.

>> a million how many monthly users do they have approximately >> about 12.2. from the bleachers 12.2 >> it was for a third -- >> 13 point. 13 point something actually a loss of 1.6 million to be exact. a slowdown though and the question going forward, is that enough >> kate, thanks. >> dan >> biggest peanut. >> basically >> doge coin, so much of its revenue. so it's interesting, guy and i were talking to tom over there a competitor earlier today and

he was like, you're getting a lot of businesses in this thing for free actually bullish on a competitor, which is interesting. i also talked to a friend of mine who's a prominent short seller he said this is no longer a short. it's interesting when you think about the fact that the stock is 75% off its lows that's the most positive thing i've probably said about this story in a long time, but to your point, you highlight losing those monthly active users if rates with to kind of come in and activity doesn't pick up because maybe the offering isn't that exciting, it's kind of like a dead stick >> major headwind was the payment for order flow target on their back with the sec. and that's what a lot of the decline was about and now that seems to have lifted i'm sure the sec, i believe they have another thing they're going to focus on with robinhood, but that was a major headwind. to dan's point in june, the stock was trading at $7

look where you're at now risk reward. >> shares of zillow on the move. the real estate marketplace company beating on the top and bottom lines frank? >> melissa, call's going on right now. very important to note premier agent, that's where the agents list on zillow that beate estimates but decline year-over-year the ceo saying mortgage rates climbing about 7% is putting a lot of pressure on the business. also adding buyers are kind of recalculating what they can afford on the fly and that volatility impacted revenues while people actually decide but the beats, increased traffic and plans to expand realtime touring appears to be giving zillow a boost right now >> with early data showing increased intent to transact and increased conversion rates, we feel confident in the results we're seeing in atlanta and we're planning to expand to additional markets throughout 2023 >> all right, barton also added

having $3.5 billion in cash in investment should help them market choppyness. >> thanks. michael? we've seen a slowdown here do we continue to see a slowdown if we reach the higher rate and stay there for a longer amount of time so we get to a new normal >> i think that's absolutely what probably needs to happen and will happen. you're going to get to a higher rate and eventually, things are going to sort of equalize. a lot of the froth we've seen over the last ten years has been driven by a liquidity bubble. i think we're getting there. 7% is going to hurt the housing market >> trading story to me if you go back march of 2020, we know, the stock was at 25, $26 stock. wouns bounlced from there having traded north of 200,

which was preposterous, to use that word again. but now you can trade that stock against the low from the long side it's not a particularly great story. i think it could be a particularly good trading opportunity. >> all right coming up, no pivot, no pause. no problem not so fast. we'll hit the options pits next to gauge powell'mos ves today. we're back after this quick break. 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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let's dig into the fed's market impact. major indices giving up early gains as investors digest the statements the words caused a major stir in the options market where traders really felt the whiplash scott? >> that's right. we started the day with s&p calls as extensive relative to puts since we've seen, more than 17 years ago so as soon as the statement came out, we saw a bunch of those calls hit the market then when it got worse, they decided they wanted to put finally. and so we saw a bunch of put buys, particularly in the friday expirations. those 380 puts 141,000 of those traded. the most volume we've seen in

expiration in the index, the 3600 strike has by far the biggest open interest and we know that open interest tends to pull the market >> 3600 is what you said, right, scott? dan, i think you were buying puts intraday. >> and largely, you know, the outperformance of the s&p off of the lows we were talking about what the small caps were doing talking about some industrials relative to megacap. that's not something we've seen in a while that's why i want to pick on the nasdaq 100 i think that makes new lows before the s&p 500 >> 3600? >> i think 3600 is within sight and i think i'm going to be real tactical on this you have an opportunity to sell the market for the next week then the grind higher. >> that's very tactical. >> midterm elections >> guy >> he's adorable

>> his tactical trade. >> i think this market's giving me the opportunity to have trades like that without question 4100, i thought we would crater, but we're not getting to 4400. nt,in tdeto the full show upex falras.

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time for the final trade michael -- >> you know, i think the fed told us today they're hell bent on bringing down long-term treasuries and growth so long-term treasuries, my trade for the day. >> steve >> interactive brokers ibr. it's been on fire. i think it has more room to the upside >> dan nathan. >> yeah, i'm with carter i think the outperformance relative to crude is something you want to lean into. i'd be a seller. >> you're a philadelphia sports fan. i hate philadelphia teams. although against the stroke, i'm rooting for them do you think the phillies will

take a commanding lead >> yes >> as do i, by the way check out mckesson >> say it with conviction is probably the best tip i've ever gotten about anything. thanks for watching "fast money. see you back here tomorrow at my mission is simple, to make you money. i am here to level the playing field for all investors. i promise to help you find it. " mad money" now. im kramer, welcome to "mad money." my job is not just to entertain, but to educate you. call me or tweet me at jim cramer