not ben bernanke's big day, also guy adami. we are only playing songs you like today. >> good. >> and we have a very special surprise for him. >> whew. >> later on in the show. if you want to tune in for that. tim seymour, and the birthday boy, 50-year-old guy adami. let's go straight to our top story. >> that is after talking about it for almost a year the taper is initially here. in case you didn't get to watch fed chief ben bernanke's news conference, here's the ""fast money"" recap. >> the first rate increase according to dots chart take place near the end of 2015. i want to emphasize we will be data dependent. we can stop purchases, if the economy disappoint, we can pick them up somewhat. if the economy is stronger. i expect there will be some time passed the 6.5% before all of the other variables we are looking at will line up in a way that will give us confidence that the labor market is strong enough to withstand the beginning of increases in rates. >> new highs on the market, tim, this is certainty in place of uncertai

guy adami, were you surprised with this? >> yes. this is why having information, you can get in trouble. if i had known going in the print would be 7% with that number i would say the s & p would be down 25 handles today. that would have been my bet, clear would have been completely wrong. we talked about this. tim mentioned this earlier on the earlier show. good news is good news now. which is remarkable, because i think if it was a bad number, the market probably would have reacted the same way. >> this might be a turning point. this may be overstating it. it is interesting, today it seemed the markets accepted that taper does not equal tightening. >> why can't it just be everything is trumped by year end? why can't it just be that? >> seasonality. >> seasonality of it. >> because where was year end two days ago when everybody was crying doom and gloom. >> for what, .3% of the s & p. nobody is selling into this. you get .3%, a half percentage point off the s & p cash. everybody gets excited. shorts get excited. >> i agree, what ha

our traders tonight are tim seymour, brian kelly and guy adami. let's get to our top story. people freaking out about the four days of declines for the s&p and dow, turn that frown upside down. we'll start with a new segment called over/under, like a game. our traders take a look at a few of the names in the green and tell us whether they are overrated or underestimated, and we've got to kick it off here with microsoft. caught our eye because it hit 13-year highs. the software giant completing its largest ever bond sale, some $8 billion worth with more than half sold in euros. we asked tonight overrated or underestimated? guy. >> it's hard to say it's underestimated given it's running 20% over the last couple of months, but i do still think it's underestimated. 13-year highs the last time we saw this was sometime in 2000. a lot of people shot against something, a pc story. more than a pc story. yes, it's a big part of microsoft, but it's not the only part of microsoft, and when europe was slowing down, they actually managed to tread water there, so regardless of what you thi

. >> guy adami. >> yes, the reject here for you. >> you got me thinking about the railroads. >> yes.choo choo like gladys knight and the pips. i like cp here tomorrow. >> i didn't call you a reject, by the way. >> insinuated. >> a segue. >> anyway, i'm melissa lee, thanks for watching. i'll see you tomorrow at 5:00 for more "fast." meantime, "mad money" with jim cramer starts right now. >>> 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. other people want to make friends, i'm just trying to make you a little money. my job is not just to entertain you but educate you. so call me at 1-800-743-cnbc. after still another great day for the market right ahead of a key fed meeting, dow gaining 129 points, s&p climbing .63%. nasdaq

guy adami? >> i'm here. can you hear me? just the last four, five months the stock has underperformed. i think ford has done everything right all along. to me the stock is taking a pause. i think it's only because of the concerns al mulally might leave. either way, you get resolution one way or the other with him. that stock goes higher from here. i think ford is just fine. >> phil lebeau, thank you. jon fortt, i'm going to let you finish that remark. >> emerging markets, that's something i'm concerned about. china, a lot of the other emerging markets have not been performing well for these companies. u.s. can only give so much. learning for earnings growth. >> we have not spent enough time talking about that. we promise to coming up. plenty more ahead on today's market. coming up, howard marks saying stocks are not in a bubble. wait until you hear what's worrying the oaktree capital chairman. >>> les moonves, never short of opinions, and he'll share his take on the fast changing advertising and media world. he'll be here al

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everyone -- guy adami talked about it last week where he said, everyone thinks it's going lower so itexactly what happened here. i still think it goes higher. >> we closed for people who can't see the chart, it's up 9%. 49.24. high when it went public was just over $50 on that day. was it this just a twitter-specific story or are we seeing halo effect for social media? >> twitter itself -- everyone was expecting it to do a facebook, take a nose dive. i think that's why you're seeing this outpaced move here in twitter. in terms of social media in general, the winners are the ones that allow their users to monetize their experience. so something like a linkedin. people can monetize the use of that. >> facebook up 2%. yelp up almost 1%. >> today specifically the natural resource sector f you look at what's going on in china, better news there. when you look at markets at all-time highs, where do you want to be? underperformers. materials in telecom, for the first time in a long time we're the leaders of the market. >> i want to turn this back around. lindsey, if we're talking about some

let's bring in guy adami from "fast money," when you look at these markets, what do you think here?et doesn't want to go down. it had every opportunity last night, with the s&p and 20, 25 handles. it felt as if it wanted to test down to that 1740, 1750 level we talked about. reversal on good economic data out of europe. the market wants to go higher for whatever reason. in terms of this taper stuff, i've been in this camp for a while. i think it's torpedo full speed ahead. i didn't think they would taper in the fall and i don't think they'll start any time soon. they might jump on it a little bit but actions speak louder than their words and their actions indicate to me they're still going full ahead with this. >> guy, why -- >> can i -- >> patty, go ahead? >> i'd say, i agree. it all depends on how they taper and when they taper and what the message is coming out of these meetings. if they don't taper, i think the market rallies. if they taper with moderate growth expectations, i think the market rallies. we're saying if the market -- if they say they're going to taper and strong g

i'm so excited, carol ross, dominic chu as well as david sauerby, and "fast money" contributor, guy adamind being with us. guy, first to you, we were moving around earlier today on some budget news out of washington. what do you think is really driving the market? how significant is it we've had the first losing stretch since 2011? >> the three-day deal isn't significant. the budget deal is why we rallied back to where we did. people are trying to wrap their arms around, good news for the market good news? i think you had a lot of everything for people today. on the data, the margin is improving. if you're bullish and i'm ambivalent, but if you're bullish, you need the market. you need the s&p 500 to trade down to sort of 1750 or so and see what happens if and when we get there. that would be the constructive thing, especially if you believe in the long-term rally. >> that echoes what we've heard. let me correct myself as well. i think we're talking about a three-day losing stretch at the start of the month, not a three-day losing stretch, period. >> it's four if you count the s&p 500 ove