joining me evan newmark, jon najarian, and carol roth.oday's market action and oracle's earnings report due out any minute "fast money" trader guy adami and dan morgan. great to have everybody here. dr. j, what's your read? is this about the fed, nay, yeah? >> no, it will be for 24 hours or less but what it has been about, kelly has been how fast people can not be hedged in the market. in other words, it's a dynamic hedge people are throwing on both against currencies, against commodities and these when they're moving as fast as they are right now, people can't keep up. so you've seen continuous chasing of that market whether it's commodity like crude oil or whether it's the currencies like euro versus dollar and i think that's what's really throwing -- >> at some point you can't see out of the garden you're kind of boxed in. >> and people want to be careful because they don't want to over hedge at the wrong time. overhedging at 112 to the euro would be pretty bad down here depending which side if you're european hedging this way or ameri

joining us for more on today's trading market action evan newmark, cnbc contributor.wn here at the new york stock exchange. john from tgi group and guy adami. hard to ignore what happened in the nasdaq today, driving it bio biotechs and strength of technology. >> biotech is the real driver. you go back 10 15 years, the real driver of the nasdaq was technology. now it's still technology except you have to throw those three letters b-i-o in front of them. everybody has been saying biotech is in a bubble. that is not the case. many big pharma companies would die to have the balance sheet a lot of biotechs have. i think the rally in biotech is still well intact here sara. >> john spallanzani, make sense of the world for us after all we've been through this week fed speak and all the other things that have been going on here. do we stay the course or did something change for you this week? >> nothing changed for me. as a matter of fact, i think things got better. i think that janet said lower for longer again. everybody is waiting for her to take the punch bowl away. she's

joining me is evan newmark, kate kelly. evan, we haven't seen you in a couple days. think about nasdaq 5,000? >> it was a brief but beautiful dalliance, kelly. like many things in my life. look, what am i supposed to think about it? 15 years ago. i don't believe it symbolizes a lot other than it gives us something to talk about. >> but is it the kind of thing you look at and it sends a shiver up your spine and you feel like people are overexcited or do you think it's just another -- >> just another -- >> mark on the road. >> like i said i don't think stocks are particularly cheap right here. i don't think they're stupidly expensive like they were at the height of nasdaq 5,000, but, you know, would i be buying biotech stocks here? probably not. but does that mean we're going to have some great downdraft and have something else to talk about, nasdaq 4,000? we don't worry about it. >> i will agree with evan. i don't think it sends shivers up my spine. i think it was another brick in the wall we all call the fed's doing, but the reality of it is exactly what evan said. i