when the traders are watching this i'll melissa lee on the deck tonight, tim, steve, guy and pete najarian. we start off with the big winning week for the marjt markets. the first positive week of june in a big way everyone up 5% or more the nasdaq posting the best week since march. the s&p seeing the best day since may 2020 the big drive higher coming as we gear up for the final week for the first half of the year but all of the moves got us thinking, the chart tells us the true story so we asked the trader what the most important chart of the week is tim? we start off with you. >> a paicture does tell a thousand words and if we could get the university of michigan chart, the two charts when you think about sentiment this week, we had a dynamic, we got the save aii bull bear survey and what this bar chart shows is that we had numbers that came out really, it the weekending june 22 which are the fourth worst print since 1999 sentiment is to bad we were due for a bounce and we're going into quarter end and there are dynamics that are a bit of a relief but being over sold in terms of sentime

joining me, jason snipe, pete najarian, co-founder of market rebellion.com here on set, jenny deeg and we have been volatile this morning. not big up or down there's the dow down 140 s&p off a fifth percent. nasdaq which is up almost 1% 10,736 ten year note yield 322. jenny harrington, it has been a no good downright horrible, feeling terrible kind of week. yet you have a smile on your face what does that say how you feel where we are >> when you said are we closer to a bottom, easy answer is yes, 100% closer to bottom in a business you can't make guarantees, can guarantee that closer to bottom than january and february the way i look at this, maybe there's more down side to go maybe we trade down to 14 times multiple on $230 of s&p earnings that would say we're down 10% more from here to me, that's a reasonable down side from here but that means we've done two-thirds of hard work already. that means you can buy stocks at a fraction of prices you were buying before. many investment pieces haven't changed, they're in great shape. because the market pulled back, dollars are coming out, i

pete najarian, kick it off >> i'm going to stick with energy crude. apa.ns we see in there, i think it's going back higher >> tim i know your pick >> that he can allocation. jnj continues to be a safety play, but again, a company's got a pharma portfolio that's growing their consumer products. valuation makes a lot of sense and they pay you to stick around jnj. >> bank of america i like the july 22nd 33 calls. that's after earnings. going to wait to see what they have to say. >> i don't hate it i think it's a lousy environment for banks. i don't like the energy stocks i hate biden's trip to saudi i don't think it fixes what they think it's going to fix. i'd be a seller of the xle >> all right, guys, thanks for >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there is 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. i'm just trying to save you some money. my job is not just to educate but to entertain, teach, put in context.

on the desk, tim, brian kelly, steve grasso and pete najarian we start with that deep sea of red on wall street the s&p plunging nearly 3%, closing back opinwithin a perceo bear market territory. amazon down more than 5.5% all manl major indexes within a whisper of their lows. the two-year treasury yield surging above the 3% mark since only back in 2008. the reason for all this turmoil, inflation clocking in higher than expected in may the jump so jarring that not one, but two, i'm channelling my inner lebron james they're calling for a 75 point basis hike next week so with a more aggressive fed and continually volatile market, how should investors set up? tim, you just started. i'm going to go to you >> it's a somber day, but exciting day to have you on fast awesome to have you here >> this is not my first time >> first time in that chair. doing that thing it's awesome great to have you. and it's a day when, look, i know equities are front and center and we have some levels on the s&p certainly a closing level back to those lows didn't get to the intraday low of i think 3811, but i thin

joining me for the hour today, kari fire stone, pete najarian, liz young, joe terranova, let's do what we always do first let's check the markets at 12:00 noon we have new intraday lows, the dow, s&p, the nasdaq 100, very closely watching yields today. look at the ten-year note yield at 334 this is the highest since may of 2011 the two year the highest since '07. that remains a key part of the story today as well. bitcoin's getting crushed as you probably know by now the 210 spread inverted for the first time since april that remains a headline that we need to discuss. i want to be with you, joe for somebody who told me a week or so ago, maybe not even a full week, that you were positioning yourself for offense. >> little offense. >> where are you today >> well, i think -- >> have you reversed that or >> well, here's what's important in that, and i think it was very clear both on overtime and with you on the halftime show in speaking towards this. i have never said go buy those hyper growth stocks. i don't want to be in hyper growth stocks. i said play a little offense and do it with a

let's go around the horn pete najarian. >> i'm going to give you charge points, some monstrous activityi think it is going a lot higher >> guy adami >> i'm going to give you the, m. i know you are locked in, as you should be. >> yes, she is >> look at valero, sister! >> courtney garcia >> i'm really liking deere here. i think the agriculture story, not demand is going away and there's a lot of positives >> hockey season is so long, i have to say that so long, tim >> i hope it goes longer here in new york in the meantime buy some gold. i think it is everything that you need in this fed environment, gld >> that does it for us here on "fast money" tonight do not go anywhere "options action" is up after this quick break new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. right now, we're all feelin' the squeeze. but walmart's got your back with thousands of rollbacks so you get eve

becoming too great we discuss and debate with the investment committee today joining me steve weiss, pete najarianaq positive by more than 17. dow and the s&p 500 negative russell negative, ten year hanging at 3%.

joining me, jason snipe, pete najarian, co-founder of market rebellion.com here on set, jenny deeg andot big up or down there'

becoming too great we discuss and debate with the investment committee today joining me steve weiss, pete najarian, joe ter november a, carrie firestone. nasdaq positive by more than 17. dow and the s&p 500 negative russell negative, ten year hanging at 3%. cpi friday that's looming large stocks are proving somewhat resilient. there's no doubt but no conviction either way as carl said in the last hour which was a good point can't get much going either direction. carrie, where does your conviction lie >> it is great to be back here. >> good to have you back >> it feels as if we have a bit of a seller strike in the way we had a buyer strike this is the kind of market you might feel with oil and gas as high as they are, inflation high, rates are going up, it would be down a lot if this was a month ago but today it isn't, and perhaps those sellers have run out, thrown everything in the garbage. we have some buyers in here particularly on the nasdaq willing to step in and make a few nibbles, choices, picking up a little bit of meta, for example, some of the communications companies like charter. and i

pete najarian, the point about target, if target couldn't anticipate, who can. to your point in the past, target is a great executer, right? if they're best in class, how about all of the other companies out there that don't operate at such efficiency levels, who may not be able to execute through this tricky environment. >> yeah. you're exactly right, mel. i can tell you it is a great question i view brian cornell as one of the best in the retail arena also like home depot they struggled as well you look where that stock was and is now, it has been hammered to the down side spring is usually a good time of year for home depot. hasn't been this year. when you have quality names, quality run companies by the entire c suite, they've been able to execute. they're not executing well now they're having a difficult time. to steve's point, it is a matter of it is food, gas, all those things in front of everybody i agree 100% are they really that strong. everybody is telling us the consumer is that strong. are they bed bath and beyond, a great example. this company was

shannon, josh brown, pete najarian, co-founder of market rebellion with me here onset, steve weiss.icture looks different than a short time

shannon, josh brown, pete najarian, co-founder of market rebellion with me here onset, steve weiss. glad you're here go to the wall the picture looks different than a short time ago i told you about the microsoft news, steve. it points to resiliency of this market at this moment. right? i can only think that maybe a couple weeks ago if microsoft did what it did, it was largely fx, nothing real fundamental for the reason of guidance change. and brainard the market may have reacted differently even now what do you think? >> i have been thinking about the microsoft news since they announced it i am not sure it is not fundamental. keep in mind aside from last quarter which they also had a good quarter, they beat every quarter. they're saying we don't have enough to beat again go to the fundamentals it doesn't stop on a dime. you'll see an atrophying of basically earnings as margins get crushed. i think that it is more troubling and i know i'm looking at the glass half empty versus half full, that's not true rather be optimist >> you admit that yourself >> i try to be brutally honest. >>

joining me for the hour today, kari fire stone, pete najarian, liz young, joe terranova, let's do whatys do first let's check the markets at 12:00 noon we have new intraday lows, the dow, s&p, the nasdaq 100, very

on your desk tonight, daniel sanders dan 1998 tan, pete najarian, let's jump right in. so much to get to tonight. but let's start with this. energy and interest rates. two big moves sending two major parts of the market in different directions oil prices climbing yet again, topping 122 bucks. the highest close since that crazy day back on march 8th. gas prices also rising the national average closing in on five bucks. in california, the average now $6.39. think about it you have a 20 gallon gas tank. it's $130 to fill up and that's with normal unleaded. these moves fueling energy stocks exxon and chevron hitting all-time highs check this out exxon has gained $300 billion in market value in just 26 months it has really been the year of the fossil fuel comeback meantime, a different story for corporate credit the hyg, etf dropping as bank stops also got dumped. the big bank etf kbx posting its lowest close in a week with 98 of 99 components down. my math says that's nearly all the components a little bit scary so guy adami, energy rising, banks falling, what does that tel

. >> pete, najarian, you're seeing a lot of put buying today throughout the s&p why don't you take me through what you've seen, and how you feel. >> all right, well, we will start with what i'm seeing we've seen incredible amounts of puts being bought across many of the major indices, the spiders specifically, specifically, we had a buyer 11,000 the august 31st puts, and the xlf, but the spzr, 30,000 of the july call of puts were getting bought and not too long after that, while i was talking to the producers, patty, 100,000 of the june 345 puts were being purchased. the xpi, when you look at biotech, 6,000 of those. that is not nearly as big. but you get the idea there are some buyers out there. they are buying in size. and looking for more either down side or trying to find some way to get a little bit of protection to the down side but i would say this, scott. you guys were having that conversation, i was listening to it very closely, i would say this about what's going on in the market the other day when i was on, we were talking about what was influencing the markets in what dire