mike ko is joining us from san francisco. all of our traders, of course, have been spending a lot of week -- a lot of time this week addressing clients big and small, and individual hedge fund, you name it. for you at home, there is a lot of valuable and calming insight to be gleaned from these conversations because you have a lot of the same concerns as the big institutional clients. so let's start there mike ko, i want to talk about what a particularly salient experience you had just this morning and the lesson for our viewers? we were talking, my colleagues and i, with an investor and we spent about an hour on the phone and this is someone who has been managing a portfolio of stocks principally and essentially has lost faith in their ability to do that this week, and actually was actually coming to us and saying can you just take this over for me. i don't have any faith that i actually know what i'm doing anymore and we didn't actually have a good sense of what was in the portfolio and we began to go through it and what we

let's find out more about it and bring in optimized investors' president, mike ko, mike >> hi, brianre pointing out we've seen a lot of liquidation bonds and stocks and actually gold so people have traditionally thought of gold as being a safe haven, but actually it hasn't turned out to be if cash is king people were selling pretty much everything they could, and that included gold. however, we did see mid-week this week that interim short spike in longer rates and we saw a bullish bet being placed and somebody bought 10,000 of the june 1800, 1900 call spreads now those are on the gold futures. each future represents a hundred ounces so 10,000 spreads is a spread on 1 million ounces of gold to make that bullish bet ultimately if it's rallied up and through that 1900 higher strike call and that would be worth $100 million, the difference between those two strikes in gold and i think the reason they're using these call spreads right now is because just like in equities and just like in bonds we've seen a really sharp spike in implied volatility and that's the price of options and they'

and maybe we can get russia and saudi arabia back to the table and the dogs have left the doghouse mike koank you very much think, for more on today, the markets, what's ahead, and the coronavirus, tune in tonight to our special report "markets in turmoil" 7:00 p.m. eastern coming up, one of the big moves from citigroup. >> one of the banks and chris whalen is here and breaking news 'll irbnb and their funding and weget that from deidre bossa who broke the story. that's next. a golf course is designed to be difficult. to challenge your thinking and test your execution. but great minds are driven to seek out the complex. they see what others don't, from an angle others won't take. they learn that embracing those challenges is what sets them apart. i am justin rose, and we are morgan stanley. our retirement plan with voya gives us confidence. they help us with achievable steps along the way... ...so we can spend a bit today, knowing we're prepared for tomorrow. wow dad, do you think you overdid it maybe? i don't think so... what do you think, peanut? nope! honey, do you think we overdid it?

upside if you think we're going to turn around and really pleased to welcome in a gang and we have mike ko ann carter on a day when the dow fell, and it's still well down on the year. the ten-year note at 0.7% and oil continues its slide as the global price war rages on. carter worth, i want to begin with you technically, this market, i mean, i can't even comprehend the kinds of charts that you might be looking at right now given these massive swing, but is there anything out there that suggests to you that a bottom could be close have we hit it already and if not, where it might be >> absolutely. >> for what it's worth, mr. minerd said, i believe it is not over and maybe discuss after that so what you have on your screen there is all instances and i've given top three where the market has rallied up as much as it recently has and what you see there is what has happened one week later, one month later and three months later and not many instances in this, but if you look at the top 15 or 20 times when you get a two or three-day rally and in this case, 17%, 18% where a week later, a month l

worst day of the year and options traders are betting the bouillon bounce might be coming let's go to mike kosan francisco on a surprising day when gold would have got a bid mike >> it's hard to say. one of the things we definitely have seen is a big bump on options volume on gold and that's not surprising because gold has often been thought of as a safe haven. we did see calls out in puts today in gld, the option that tracks gold and what i saw today were the may 180 calls we saw most of those trading at $1.12. gold sis a safe haven in all of these and it sold off recently i think more likely this is probably a hedge for those thinking that some response basically to what's going on right now might be inflationary. i don't think it will be everything we see is deflationary and this is a cheap way to make a bet if you think gold can somehow catch a bit right here >> mike ko, thank you very much buddy. we're thinking about you out west >> bitcoin had one of its worst days. >> tough day. >> -- ever, down 30% and almost surprisingly, b.k. >> not actually that surprising. a lot of people for a lo

mike ko is joining us from san francisco. of our traders, of course, have been spending a lot of week -- a lot of time this week addressing clients big and small, and individual hedge fund, you name it. for you at home, there is a lot of valuable and calming insight to be gleaned from these conversations because you have a lot of the same concerns as the big institutional clients. so let's start there mike k

unlike a lot of other companies their business isn't necessarily completely impaired right now >> mike ko looking at actions on johnson and johnson. coming up after the break, we've had a nice little run for stocks and coming into today. what's tomorrow? what's the rest of the week going to bring we'll talk more about it you're watching fa mey 'rba rht after this. ♪ ♪ ♪ ♪ ♪ but when allergies attack,f any the excitement fades. allegra helps you say yes with the fastest non-drowsy allergy relief and turning a half hearted yes, into an all in yes. allegra. live your life, not your allergies. >>> welcome back to fast money, it's going to be a big data week take what you will we have the case schiller home price index. a lot of talk about the mortgage market melting down. you have both the adp private payroll numbers and the weekly jobless number, we added 3.2 million to the jobless rolls last week. emily, i wan the to go to you first, we saw a dallas fed number today that was negative 70 it was supposed to be negative 10 do data points matter right now? >> well, they certainly don't seem to,

mike ko and a simple question is the vix has come down a bit today as the market rose is there any signed in equities to you >> no. it's a common thing, i think, for investors to look for things as opportunities to buy equities and it can be very tempting to use them as entry points and think that they represent short-term buying opportunities, but you identify the credit crisis as one of the historic events that we've seen where we saw very high ratings and it may interest people to remember that actually the two highest vix levels we saw which were in october of 2008 and subsequently in november of 2008 did not represent the absolute lows for that specific bear market which occurred march 2009 and if we go back to prior instances, you know, we can look back to the tech wreck, for example. what we saw there, too, is we saw a very steep spike in volatility and we did see short-term lows and some of those proved to be bear market rallies and we had a lot of pain in the nasdaq 100, for example, which were over 80% peak to trough and that played out over a lengthy period of time. >> now mark