traders are tim seymour, steve grasso, brian kelly and goid. tonight the best smartphone on the market for apple, the stock still closed lower. we'll tell you what that has investors so nervous. and xi jinping and president obama having a meeting in washington today. we have the four stocks that are telling the real story of what is going on in the chinese economy. but first to the story that could have serious implications for stocks. the biotech bear market. falling into bear market territory and at one point the shares have the worst day in four years on record volume and falling below the flash crash close. so guy, is this a broader problem for the market. >> it is a big problem for the biotech market. ibb trades down 5% and tim talked about 285 being a left on last night's low and then i think you have something that favored kyle bass in the after market. hillary clinton's remarks this week. all point to these things continuing to go lower. people are selling the etf which drives the stocks down. you can't buy these until they start to rep

steve grasso's levels have held up. he'll talk about them in a bit. 1970 has been a bit of a pivot point. yeah, we traded through it. but you saw what happened when we traded back through it on the down side. today's job numbers very interesting. if you just look at the unemployment rate, that's what the fed looks at, right? 5.1%. everything seems to be in terms of what they're looking for, right at their goalposts, right at their goal line. yet you're in an environment where interest rates continue to go down. again, very concerning to me. i think it means deflationary pressures. i think there will be more pressure on the stock market. 1820 in the s&p to me is right in the crosshairs. >> i actually think the interesting thing over the last two days and particularly today is europe. i mean, look at what happened. the ecb came out, they said we're going to do more quantitative easing or open the door for that. and that worked for about a day. and the dax just fell off a cliff. the u.s. fell behind it. and to me that's a

so i'm with grasso that if you see u.s. equities rally back toward those resistance levels with china closed, i think you sell them. i think you use the opportunity to take some profits. >> got a news alert on bill ackman's pershing square. let's get to mary thompson in the newsroom. mary. >> reuters is reporting that ackman's pershing square hedge fund was down 9.2% in august. for the year it is off a tenth of a percent. it appears mr. ackman had made some decent trades toward the end of the month. keep in mind that back on august 27th our own kate kelly reported that at that time ackman's fund was down 13.1%. so ending the month down 9.2% in august according to reuters. of course it was a tough month for the hedge fund industry. the s&p was down over 6% and some of the other big names like david einhorn and dan loeb with their funds down over 5% for the month. melissa, back to you. >> thank you, mary thompson. we were talking about this yesterday, some of these crowded hedge fund trades that have gotten absolutely decimat

down at the new york stock exchange, steve grasso, director with stewart frankel. cnbc senior economics reporter steve liesman is at the center of the action down in the nation's capital. an all-star line-up with us today for a game plan that looks like this. all things fed and the markets. contrarian call. the research note that has wall street talking today. the author is with us live for the hour on how to play the fed no matter what happens. we begin with the countdown to that fed decision on interest rates. less than two hours to go now until the moment of truth for the markets. stocks as you see mostly in a wait and see mode to this point. all that likely to change in just a short while. steve liesman is in d.c. where he will get a question to -- join us with more on what we should all expect. steve, what are you expecting today? >> i think it's also historic when we go into the meeting where they could potentially hike rates. not really knowing. it's a split decision, very close call. let's go back over the arguments that we have. the reasons to go. we're at

first to want to turn to grasso. 14 years ago you show such incredible leadership.nces to you. you have a patent on basically cherish in our court authority, fire department and n.y.p.d. >> good morning, maria. this is of course the 14th anniversary and we should all pause to honor those we lost in particularly these incredible firsters wanders. they spin signifies the 23 new york city police officers, 343 new york city firefighters and 37 port authority police officers who ran into those buildings set 25,000 people could come out. i was blessed. i had 144 people in that tower. my entire enforcement division and they all lived because of the heroic efforts of those incredible human being and this is the day we should never forget. their sacrifice to honor and celebrate those who walked out but never forget those who didn't go home to their families and friends. train to i will never forget that moment after the dust had settled and we knew it was a terrorist attack. i came up to your at the new york stock exchange. you had shut down. obviously trading never started

grasso. i had this discussion with gary a couple weeks ago. i don' t understand, number one, activism is changing dramatically now. when you' ve got ken griffith, managing 18, 20, $40 billion, the old activism where you are going after $1 billion to $5 t work. these guys are ratcheting up who they are going after, and i don' t know the long-term consequences of that. the thing that scares me the affects the activists -- dick is going to know much more than anybody -- all this high-speed trading, etf stuff, none of it has to do with the fundamentals of the company. facebook is $86, then $72. people get worried about activists. why isn' t anybody jumping up and down about the fact that it is 15 points upcoming 15 points down because some kid from m.i.t. has an algorithm? anthony: everybody is motivated by self-interest. whether it' s the activist -- gary: mine is to make gary kaminsky look good. [laughter] donald: he has the hardest job of all. anthony: when we talk about benefiting others, that has to be a unique self-interest. my self interest

gina adams, steve grasso and mr. rick santelli. >> twitter shares are gaining ground today as its board meets to discuss the ceo search. julia boorstin has the latest developments. >> twitter's board meeting today, the stakes couldn't be higher. shares are down over 40% over the past 12 months. the board is under pressure to name a new leader that will reassure investors to add new users without alienating its core but stagnating user base. after so much management upheaval, the board is evaluating external and internal candidates to make sure they make the right choice. jack dorsey is the top contender. the board is grappling with his running another company square. adam bain had great success. outside twitter, sources tell me the company's recruiting firm spencer stewart has been reaching out to a wide range of executives. the board does remain cautious, doesn't want to make the wrong call. there is no doubt they are under pressure because the clock is ticking. >> are we expecting to hear within this next couple of

it is my honor to sponsor h.r. 3, a bill that names the grasso plaza post office after such a courageous young woman. immoralalizing a hero who gave up her life in the service to the nation that she loved. may it bring comfort to her family and her friends and give witness to sergeant pinson's bravery and sacrifice. to quote the phrase that adorned so many tributes and memorials to amanda, if love could have saved you, you would have lived forever. so today on behalf of a grateful nation, i say thank you, amanda. you are indeed loved. mr. speaker, i yield back the balance of my time. the speaker pro tempore: the gentlelady yields back. the gentleman from utah. mr. chaffetz: i reserve the balance of my time, mr. speaker. the speaker pro tempore: the gentleman reserves. the gentlelady from michigan is recognized. >> i yield myself such time as i may consume. the speaker pro tempore: the entlelady is recognized. >> i am pleased to join my colleagues in supporting this bill to designate the facility of the united states post office

. >> grasso. >> long bid in the stock was nelson peltz and lost it. company has not performed well. earnings not great. he gets back involved and stiffs around again and that's another catalyst. >> beakers? >> we could be witnessing right now the popping of the bubble in activist central banking and if that's the case you want to buy gold you want to buy gld, that's been a sleeper, nobody is looking at it. that could do quite well in the next couple months. >> guy? >> duffy stud all the things they trade are the volumes exploding year over year and volume was up 11% i think in august. i think that trend continues cme. >> shifting gears, avon stock halted in reports the company is in talks of selling and meant cool profits. dan is over at the smart board. dan, what did you see? >> 145 and the wall street journal headline hit they are considering selling themselves to private equity. traders went and bought the september 4 and a half calls. about 2,000 of them traded in lots between 15 and 25 cents probably average of 20 cents, couple minutes later, the

tim see more, steve grasso, karen finerman and guy adami. apple speeding up efforts to build a car and that has tesla motors slamming the brakes. what has them scared. >>> and some believe the s&p is going to rally 13% by the end of the year. which stocks lead us there. >>> but first price gouging. hillary clinton taking to twitter saying, quote, price gouging like this in the specialty drug market is outrageous. tomorrow i'll lay out a plan to take it on. and that sent shares of the biotech plunging by more than 4%. the sector seeing the worse day of 2015. should we be worried? it doesn't matter if something is done, it is the scare, right? >> so your question is should we be worried and the answer is absolutely. because this is a first of the series -- the rhetoric will continue from here. and this comes on the heels of carl basso and you have the double-whammy into space. and i said at 4:00 i'll say it now. people take the shoot first and ask questions later when it comes to biotech. they say take profits into space. i get it. ibb, i thin

bring in steve grasso of stewart frankel. what is the number one thing you're watching?he sell-off doesn't feel as panicky as some of the ones we saw last week. >> probably one of the biggest problems from the sell-offs, we all get a little bit numb when you see the market off by a couple of hundred points or 20, 30, 40 handles in the s&p. we're all get a little hypnotize by the sell-offs, i believe we're technically challenged and i think we have to test the lower levels than we did last week this is around a bounce level if you're a day trader, you probably look to buy some names right now. >> thank you for the tip, steve grasso at the s&p declines 2%. from airlines to autos, big headlines in the transportation sector, dom chu with a look at the transport today. >> big focus. american airlines, delta upgraded to a buy. the firm cited attractive valuations and positive impact of lower energy prices on the profit line. if you stick with the transports, august sales for aums, showing that that car and truck makers are soaring. ford and chrysler seeing boosts in sales. for

let me just remind you that dick grasso who was such a hero to -- >> he was, indeed. liz: i get it, teddy. hearse on mornings with maria, and he showed true leadership by figuring out a way to open this place as fast as possible. listen to what he said. >> a lot of wonderful people came together behind the american flag and made us all very proud. the securities industry, i've never seen a period where they all put aside their competitive jealousies and worked like absolute dogs for five days to get that market reopened. and, of course, the great people at con ed and verizon made it all happen. so it was a wonderful demonstration of the american spirit. it killed thousands, ruined billions in property, but they didn't destroy the american way of life. liz: okay, that's a huge, important point, isn't it? because you're still here, these guys are still here, and the american financial system is still here. >> absolutely. i mean, i remember doing an interview on sunday night before we were coming back to work, and i was asked the question what's going to happen tomorrow?

my name is george grasso. i started in government as a new york city police officer at 22 years old back in 1979. went to law school on the job, worked my way up through various uniform ranks. ultimately becoming the deputy commissioner for legal matters of the nypd in 19 the 7, which is essentially the chief legal counsel of the nypd -- 1997. i held that job for five years until 2000 two, during which unfortunately new york city had to endure the 9/11 attacks. among other things i will discuss in more detail, but on that day i was assigned by the police commissioner of the city of new york to be his personal liaison and representative with the fbi, at the fbi command center where dan and i already had been working closely on a variety of topics. we put a team together more closely worked for several months after that. in 2002 ray kelly made me first his deputy police commissioner, number two in the nypd, a job i had for eight years and from there in 2010 mayor bloomberg made me a judge in the criminal court o

and "fast money" trader steve grasso joins us from off the floor.arp run-up right into the close. are you hearing anything about it? >> well, i think you guys touched on it. you know, a lot of the different things. the underbought names are probably being bought or cove d covered. because whenever you see the market spike higher, what do people do? start to short cover. china closed the next two days. without them, where's the lid on the market. >> the strongest sector today was tech. is that significant? >> i don't know, you see apple above 110. a lot of people using this as an excuse to buy a name. they might think could go higher. that's why you're seeing apple up 3%, it's the main driver of the nasdaq. you and i were talking about this before the show. and you said people might actually take the next couple of days with an expectation of stability out of china. actually to sell apple, sell some of the stronger names we haven't had an opportunity to sell. >> that's the way to look at this marketplace. do you sell these bounces? or do you buy into

other artists including meek milan grasso just to name a few. meisha allude dollars to it, several roads closed around around surrounding the parkway today, extending into tuesday september 8th. so expect some delays if you are driving around the art museum area this weekend. because a loft places are going to be shutdown. >> well, hey, pair every olds buddies hit the trail and pair every strangers hit it off. those are just two of the movies new in theatres this weekend. kevin frazer from entertainment tonight takes us there. >> this week, captain america, chris evans, makes his directorial debut in before we go. and robert redford and nick nulty take a slow but epic hike on the appalachian trail, in a walk in the woods. >> how would you like to join me for a little stroll? >> we go. >> robert redford and nick nulty mismatch friends looking for one last adventure, in a walk in the woods, and, even though both gentlemen are little older, they were up for the physical challenges of their role. >> there was a lot of hiking. you know, we didn't hik

>> dick grasso has been a tremendous force for good in the city and i'm behind dick grasso.m very happy doing what i'm doing right now and right now i have no intention of running for political office. maria: all right, we'll get back to that a second. let's talk about "vigilance", what timing given what's going on with police in the country and the crime rates going up. how would you characterize things right now? >> it's an uncertain time in the country and we've seen attacks on the police and verbal attacks, attacks in the media on the police and different groups and black lives matter and those sorts of movements are out there, it's tough to be a police officer these days. maria: they've actually been reluctant to do their job? >> i think there has been some hesitancy, people call it the ferguson factor as a result of things that happened in ferguson and other locations as well. i think we saw a story two weeks ago, murder is up in 30 cities throughout america. i attribute that at least in part to police being more reluctant to engage in a way that they have in the past.

as steve grasso pointed out, we've been rangebound.e still in a trading range here. >> it's true. this has been the story for all of 2015 for the markets. as we await that fed rate hike. >> thanks, mary. we go out a strong start to this week after labor day. good to be back. let's get to the second hour of the "closing bell" and think about what apple will introduce tomorrow. stay tuned to the second hour of "closing bell" with kelly evans. see you tomorrow. >>> thank you to "closing bell." it is a strong one. dow up about 388 points here. responding to some strong overseas gains. it's 2.5% on the dot, that gain for the s&p 500 adding 48 points. the nasdaq up 2.7% and change. up 128 points. back above 4800 now. welcome to all of you. mike, people want to know is this rally based on suddenly fundamentals look okay again or because china intervened and quelled concerns for the time being? >> fundamentals being okay helps. i think it's much more about relief we got through five days when the u.s. and china were not open on the same day. i

down at the new york stock exchange, steve grasso, director with stewart frankel.conomics reporter steve liesman is at the center of the action down in the nation's capital. an all-star line-up with us today for a game plan that looks like this.

>> grasso? >> apple. >> karen? >> roll down some puts, buyer low strikes. >> guy? >> hyg, does it hold the low? >> i'mmoney" 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. i'm just trying to save you some money. my job is not just to entertain you but to educate you. call me at 1-800-743-cnbc or tweet me #jimcramer. it's as if everything we once liked we now hate. everything we once hated we kind of, sort of like. hence why the averages keep getting hammered. nasdaq plummeting over 3% today, a truliy hideous day. a wake-up call for everyone who ignored our repeated warnings. first up, commodities. it's no secret that china is not just slowing. its industrial demand seems to be downright exhausted. which means all companies that help extract or produce commodities are performing horrendously and will continue to do so. wh

two sectors in the green at the moment, you heard it from steve grasso, utilities are leading the way again. >> and energy is snm two. boy, they're strange bed follow lows. we have had a come back rally for oil today and that is what sparked this come back in equities as well and there's jeff scott's healthcare sector at the bottom of the heap. >> lagging along with financials. some interesting signals as we wait to hear from the fed chair in a couple of hours. >> facebook's $2 billion acquisition of oculus rift last year is now being put to use. just yesterday the company rolled out this 360 degree video technology. disney and lucas films jumps n the action they are use to go promote their new "star wars" movie the force awakens. you can find it, maybe of you can -- i can't which we will talk about, but it's on facebook today. >> moments ago it was also announced that netflix will be belong the new partners for streaming video to virtual reality. first on cnbc interview from the oculus connect conference we are joined by brendan iribay who is the ceo of oculus. welcome to the program

j had a song in 1973, grasso. not dr. j you're on with. the song was "right place at the wrong time." with the fed, and i think mr. hogan said, that might be the wrong time, but it's definitely the right thing to do. >> contrary to popular belief you might think the markets actually would decline if we don't see a rate increase because everybody's expecting that to happen and it would be a positive sign. >> all right. well, we will know tomorrow at this point, we'll know what happened. by the way, heather, congratulations to your hubby on the welcoming of samantha. there she is. >> thank you so much. >> three months along. very happy for you and your husband on that one. >> we just heard her first word is qe. >> yes. qe forever is coming. >> put her in front of the tv, i'll put her to sleep no, problem there. >> thanks, kelly. >> thanks, folks. see you later. >> 50 minutes to go into the close. the dow is up 130 points, building on yesterday's gains. that means we've got a significant rally going into the fed's decision tomorrow. the centr

we have jim lowell and steve grasso from stewart frankel and our own rick santelli. steve, i mean, pretty quiet day today, what's the catalyst here we're waiting for? lot of people are starting to sniff maybe a bottom in biotech, some have been setting up for a bottom in energy, is that the game we're playing right now? >> i don't know if you could talk about any bottoms anywhere. the overall macro market really needs to make a significant bottom before any of those players in the sectors are worth investing in. 186 is the recent low in the s&p cash, flirted with it today, on the day's lows. the market has to show stability, which china closed the end of the week into next week you maybe get a reprieve. month end pension fund rebalancing, goldman put out a number of $27 billion that has to be invested or put back into equities because of their underperformance recently, so maybe you get a little bit of a bid, but you know where i've been, negative on the market. i think we go much lower from here, but it's not a one-day event. >> how about you, jim? are you as nervou

. >> grasso? >> apple. >> karen? >> roll down some puts, buyer low strikes. >> guy? >> hyg, does it hold the low? >> i'mmoney" 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. i'm just trying to save you some money. my job is not just to entertain you but to educate you. call me at 1-800-743-cnbc or tweet me #jimcramer. it's as if everything we once liked we now hate. everything we once hated we kind of, sof

my name is george grasso. i started in government as a new york city police officer 22 years old in 1979 and went to law school on the job and worked may way up the ranks ultimately becoming the deputy commissioner for legal matters of the niend in 1987 which is essentially the chief legal counsel of the niend. i held that job for five years, until 2002, during which unfortunately new york city had to endure the 9/11 attacks. among other things, i'll discuss in more detail, but on that day, i was assigned by the police commission of the city of new york to be his personal liaison and representative with the fbi at the fbi command center where dan and i had already been working closely on a variety of topics. we then put a team together and worked closely for several months after that. in 2002 ray kelly made me his first deputy police commissioner which is number two in the nypd, a job i had for eight years. in 2010 mayor bloomberg made me a judge in the criminal court in the city of new york. and in 2012 i was

. >> grasso. >> if you're thinking about buying this market on this sell-off, the names you're lookinghave to hold today's lows. i am specifically looking at, easy for me to say disney 9915. 99 spot 15. >> beakers. >> for me it's tlt. today tlt should have absolutely soared. it didn't. something is wrong. narkt is ripe for a crash. >> ripe for a crash. wow. >> you guys make great points. i'll add one. >> cogent. >> yes. the lvx. that's been telling you something all along. oil volatility index. >> come on, guy. >> thanks so much for watching. see you back here tomorrow at 5:00 for more "fast money." meantime, done go anywhere. "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. 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 want fewer days like today. my job is not just to teach you, but coach and educate you. call me at 1-800-743-cnbc. or tweet me

traders on the desk are steve grasso, david seaburg, brian kelly and guy adami.ing sector that could rally if the fed hikes rates. ceo tim cook in the spotlight next week for apple's big event. one analyst says he's about to do something he promised he'd never do. we'll explain this later this hour. but we start off with our top story tonight, that is the stock market getting slammed again. the dow and s&p closing back in correction territory. the dow losing about 270 points. all three indices down about 3% for the week. if we are to take solace, though, in today's action, guy adami, it would be that we finish well off of our session lows. >> what, about ten s&p handles or so.

our side knows what will occur the next 16 minutes is for senator graham then 10 minutes to senator grasso then 10 minutes to senator flake and with that i yield the floor to one of the best national voices in north america. senator graham. >> i just want to make sure people understand what we're trying to do with this point. our democratic colleagues are filibustering an attempt to have that and debate on the most consequential for a policy decision in modern history. that is why you're doing. but the common understanding with a simple majority to act as he wishes but no. they're more worried to protect barack obama to veto than debate on the floor of the senate. but who you were dealing with it if i hear one more comment about how much they loved israel with friends like this you don't need an enemy. here is to your dealing with this was yesterday. said it would not exist but for the sake of his state's and posting on twitter. . .s the best deal for israel. guess what? nobody in israel agrees with you, who is in the current government. everybody who is in the current coalition government

traders are tim seymour, steve grasso, brian kelly and goid.e market for apple, the stock still closed lower. we'll tell you what that has investors so nervous. and xi jinping and president obama having a meeting in washington today. we have the four stocks that are telling the real story of what is going on in the chinese economy. but first to the story that could have serious implications for stocks. the biotech bear market. fallin

tim see more, steve grasso, karen finerman and guy adami.orts to build a car and that has tesla motors slamming the brakes. what has them scared. >>> and some believe the s&p is going to rally 13% by the end of the year. which stocks lead us there. >>> but first price gouging. hillary clinton taking to twitter saying, quote, price gouging like this in the specialty drug market is outrageous. tomorrow i'll lay out a plan