largely because ken hans exploded him being a carpet bagger, ostensibly a carpet bagger. tells a joke but a limousine that glide up to a ranch ins we e west texas with connecticut license plates and the window goes down and the gentleman in the car asks the rancher where a certain ranch was ask the rancher says go up the road, take a right past the first cattle gord and it's your first level. the guy in the limousine says, so, what color uniform will that cattle guard be wearing? and he said -- when it drove away,ry below damned if i didn't see connecticut plates on that. believe that was george w. bush. so it reinforced this notion that he was a carpet bagger and a yankee, sort of elitist, which is a misconception. if you know george w. bush. but he ran a good race there when his father ran for president, as you know, dan, because you covered this so well, george w. bush was probably his father's closest advisor and george w. bush moves with his family and his two young girls to washington to help his father wage that campaign. they're largely successful. he sees that hi

the chart here is from lows in a period from 2011, you have a ten bagger basically trading at 30 and went as a high as 3 hundreds. this is the rereading of the security. i think it was a $5 billion stock, some believed and some didn't. to get up to this kind of cap and really ever since for the better part of three years, the debate is on. is this real they sell two cars, four, maybe it's overpriced, maybe it's not about the price it's just is it here to stay and you just have to believe in the dream and wait. either way, that's the issue here is that after breaking out we've fallen back into the range. so sometimes you get a little below the range, sometimes you get above, but essentially it's the range that matters. let's drill down a little bit and try to focus really specifically. so here's the overshoot. we are now back in the range. to my eye, we have more risk of working, sort of, lower into the range than we do recovering quickly and making new highs. let's shrink it even more and go to the here and now. this is the past year, we know well defined lows at a common level from

he wasn't a shoo-in for this race and a lot of people see him as a carpet bagger. he has only recently moved to utah and changed his voter registration there just within the last few years. i think he has a few things that are all related to the fact that he looks a bit like an opportunistic in many ways. >> let's put up the results of the 2012 primary here. brian, there is the element of the drum beat that goes through the primary season and potentially inevitability. look at these numbers. 93% mitt romney won the gop primary in 2012 and comes in second to a two term state senator when asked why voters latched on to his message, his answer was, "i don't know. i don't know. it's just my message." what happened to mitt romney? >> good to see a raucous night of voting in utah, you know? we are seeing the process play out and now we will have an actual primary in the state. i think this is one of the situations where all of the politics is upside down so, as a result, the question of whether the president will run for re-election and his party will support him is an o

because as you heard from mike kennedy what romney is going to get is this carpet bagger critique thats the massachusetts governor that ran for president nationwide and now he's in utah. that's the line they know they'll have to deal with from now until that primary later this summer. >> that tee us s us up nicely f ryan williams. department national press secretary on romney's 2012 campaign who is joining us us, there he is. let me get to you react to what garrett just said. are you ready for that carpet bagger critique and are you worried that months from now we're not going to be talking about select elect mitt romney? >> no. governor romney is the overwhelming favorite for this seat. he's running a grassroots campaign. he was always expecting this primary, i think garrett laid out very well, the process. it's not unusual for figures like governor romney to not win the convention. governor gary herbert in 2016 running for re-election actually lost the convention by ten points then went on to the primary and won in a landslide by 44 points. >> but this is not how you thought it was g

to have something that no one believed in, to have a ten-bagger, you stay there a long time. >> if iet put the stock net of the money i make on the way down between 280 and 250, i'm going to own the stock at around $220. that's a steep discount from the $300 we're talking about now and we're talking about may options so these are options that expire in less than a month so for it to move say $100 down in less than a month would be an incredible move. i'm not expecting that i certainly don't hope that happens but that would be the down side risk. >> are you worried if it gets to $220 or $200 that that means the stock is broken? >> over the last five years or so i think it's had peak to trough declines of about 35% in each year. it just feels a little different this time, it feels heavier, especially as the market is grinding higher. >> it did come off very heavy volume it was dropping on 40 million shares when they made that plunge. >> if it does go down also, if you think they were going to do a secondary, they have to raise money and if that's the way i think that could press the st

. >> how about those lines the lines are beautiful, right an uptrend is an uptrend we have a ten baggerwas $20 in 2013, almost hit 200. now this 23, 24% draw down right to a trend line almost like the market we're down to a key level are we going to break or bounce in the first instance we found a home but the real risk is after backing in feeling that it undercuts the line with the market or equities in general. i'm in the camp that probably there's more downside than there is upside. >> and the most important point is like i could not say to somebody you just spend 150 that's $10 out of the money. this is a way to even it up. it's not costing you anything out of the gate. you're giving up some potential down side for potential downside protection. >> still ahead chip wrecks down more than 13% from their highs last month how much worse can it get? plus, got a question about all the crazy volatility accepted a tweet to aps "options action." if it's nice, one of the traders might answer it later in the show don't move much more "options action" right after this (indistinguishable mutteri

>> how about those lines the lines are beautiful, right an up trend is an up trend we have a ten baggerand in 2013 almost hit 200 now this 23, 20% trau down right to a trend line. almost like the market we are down to a key level are we going to break or bounce? in the first instance we found a home which is what you said the real risk is after backing and filling that it undercuts the line with the market or the equities in general. i'm in the catch that there is more downside than there is up side. >> the most important point is i could not say to somebody you should spend $5 for that june 150 put that's ten dollars out of money this is a way to even it up. it's not costing anything out of the gate but you are giving up up side for downside protection. >>> chip wreck. >>> have a question for the traders about all the volatility send us a question if it's nice we will answer it before the end of the show much more "options action" right after this. >> "options action" is sponsored >> "options action" is sponsored by think o so, why don't traders have coaches? who says they don't? coach

that would hurt day to day, but the range is kind of set, something no one believed in, to have a 10-baggernd be in a new range, you typically stay there a long time. >> think about what that level would be if i get put the stock net of the money i'm going to make on the way down, 280 to 250, i'll own the stock around $2 twi. that's a steep discount from the 300. we're talking about may options. these are options that expire in less than a month. so for it to move, say, $100 down in less than a month would be an incredible move. and that i'm not expecting i certainly don't hope that happens. but, you know, that would be the downside risk. >> are you worried if it gets to 220, 200, that the stock has broken and there's something wrong? >> it's interesting, the last five years ago, peak/trough declines 30%, 35%, but then it makes new highs. it feels different this time, heavier. especially as the market is grinding higher. >> one thing you could come off on very heavy volume it was dropping on 40 million share days when it made that plunge a couple of weeks ago. >> if it goes to those levels,

, you should be willing to advertise the fact that concealed weapons were for gamblers and carpet baggers and those sorts. >> i would just add that this idea a peace approach in the north especially up here for carrying guns. so a law thabs you cannot carry a firearm in public places unless you had a reasonable fear of assault or injury. it had to be imminent, legitimate. you can't say potentially this person can attack me. i don't know who he is. but he may be down that alley. this worked well and started in the late 19th century coming up with the idea of licensing it. and some local officials went to town and gave everybody a license. they took the revenue, pocketed it and said here is the license have at it. throughout the 20th century, gun rights advocate supported may issue laws. and the reason is the fear of letting everybody go on and they didn't have a proper reason that more accidents would happen with firearms and then more people will call for gun control. they were looking out for themselves. the they didn't whole heard edly support them. in 1968 i found it in the archives tw

should advertise the fact that concealed weapons were for river boat gamblers, car sharks and carpet baggers and disreputable sorts. >> we mostly agree on the history. i would add there's an ood of the peace approach in the north especially up here for carrying guns. there's a law that said you cannot carry a firearm in public places unless you had a reasonable fear of assault or injury. it had to be imminent. potentially this person can attack me and i don't know who he s but he may be down the alli. that was not justifiable. it worked well and then it came up with the license. some local officials went to town and gave everybody a license. cooks included. they took the revenue and gave the license. and throughout the 20th century, gun rights advocates supported the laws. they feared if the people were not properly trained, more accidents would happen with firearms and more people would call for gun control and they were looking out for their self-interest. they didn't wholeheartedly support them. they would have them trained. in 1968, i found this two weeks ago. president of the nra is abo

she wanted to have a connection to new york she had been she was a carpet bagger he was trying to createon with the latino community and they created a model in new scare, new york there was a community where four -- swindlers were given clemency by clinton 99% of that town then voted for hillary for a senator. that was an fbi investigation and you know who -- exonerated clinton at the time james comey so there's been a lot of connections between -- the politics and -- releasing peemg. it's all in the book. shattered lives, the book talks a lot about puerto rico independent movement and fact that these tariffs had no connection to independents they were mark -- and went to people. >> joe connor shattered lifers thanks for joining us. thanks for having me. there will be more varney after this. . . anyone can get you ready, holiday inn express gets you the readiest. because ready gives a pep talk. showtime! but the readiest gives a pep rally. i cleared my inbox! holiday inn express, be the readiest. stuart: this is very troubling. mike pompeo is about to be rejected for job as second favor

back to the lows of the financial crisis on the s&p 666, and you we're 2693, so not quite a four baggerunds like, wow, this has been -- okay, bear with me go back to 1999 when the dow hit 10,000 or whatever, get a 19 or 20-year return it's really midly. is this an extended long in the too bull market? do we view it as 5 or 6% a year for 20 years >> it's more the fact that when you look at where valuations stand, coming out of '99, valuations were sky high. >> so we're back to that. >> lower returns, and i think at this point you have to expect lower returns given the strength of the market since the lows of 2009 and so we're not going to probably follow earnings growth this year in terms of equity market performance again, last year, earnings growth was single digits, and yet the s&p was up over 20%. you're anticipating better earnings growth. when we wrote our note about 20% earnings growth, we said we have to see 20% earnings growth if we don't get to that forecast, i think we go back and maybe retest the lows that we saw in february. i think it's a concern for people. >> i wonder if,