steve grasso is with us. governor grasso. i didn't realize that.feels to me over the past few days that investors in equities are positioned kind of the way they want, for the year end, for the fiscal cliff, and they're not doing very much. >> i would agree with that. i think money managers, either you had your year and you're flat on the s&p and you're down or up fractionally but no one is trying to hit the ball out of the park. why would you be swinging from the fences knowing that in the next two weeks or so either we're going to get a deal and the market's going to rip higher. >> right. >> or we're not going to get a deal and the market is going to plunge. >> muddle at best. >> right. then what i think, dougie cass has been great in pointing this out. we've been enamored with the fiscal cliffs issues, we're not talking about margins compressing or earnings peaking. once we get by the fiscal cliff there is a chance that we start to focus on things that aren't so rosie either. so i'm not sure you should be buying the dip after the cliff. >> let's

i'm steve grasso. i am "fast money."at was the bad and the ugly all wrapped into one. >> you said it, my man. >> whole foods is up 54%. hain, up 52%. still. to this day, up 52%. >> so? >> people took off -- going to year end, this was a high flier. this was a winner. full disclosure, i like irwin simon, he's the ceo. >> and steve, you're "fast money." >> and you just surrounded the trade. >> all right. >> 200-day is a stopout on the name. >> first move tomorrow when we come back. stay tuned. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade. i don't have to leave my desk and get up and go to the post office anymore. [ male an

let's talk to our friend steve grasso. how are you trading hpq today? >> i've been long the name. i sold it yesterday based on that dell headline gaining in server revenue and taking out a little bit of the hpq momentum. i'm looking to reenter the trade but i'm waiting on technicals. >> why do you like hpq so much? >> first of all, it's a technical story. second of all, they are trying to make a lot of cloud in the head space. and i think they will. you have to believe in meg. if you don't believe in meg, you shouldn't be long this name. >> and you wleef in her? >> i do. i believe they are going to start their r & d to '02. i think you're going to see a lot of 3-d printing headlines. they did have an agreement with another 3-d printer company but i think you're going to see them do it on their own and that's why they backed off. it was more of a distribution deal that they had with the over company. >> the washout that we had just after earnings, judge, when the stock traded down to 1150-ish. again, these are small dollarwise moves that is enormous and just when you would not thin

let's go to steve grasso. a remarkable run for the stock. i've asked the question on more than one occasion, whether it's style or substance that's behind the move. >> if you look at it, this is a technical call there. there is the appearance of a triple top. you have to look at 20102010, 2. 1915ish. if we can cross over that, you're looking at the same thing. >> are you worried that once the halo, so to speak, that the street has given melissa myer the benefit of the doubt. once reality has set in that her job is big that the stock is going to fade? >> i don't know what reality is going to set in. they've been able to monetize alibaba. there's still money there. they're cash plentiful at this point. there were rumors about maybe a special differ but i think they'll probably ratchet up their corporate repurchase. so all those things are positive and i think it's all of it enough to get it back in the mid 20s. >> i'm going to let you run. but what about this mcdonald's debate? do you want to chime in on it. >> i love the mcrib likemy brother

steve grasso is with us. what does the market want it hear from the president at 2:00?ant to hear a deal is close to booeb beieing done. fund managers don't want to take a leg and step into the abyss of the fiscal cliff. >> absolutely. we heard a short term patch is not going to avoid us from another drown grade. if you are a fund manager, do you punt in december? i think not. you wait. >> does downgrade matter? >> you did see the collapse in the market because the market always is a good lead time for you. so leading indicator. . the best leading indicator is the s&p 500 so we have seen just sitting here in no man's land. >> it is as flat as my ekg. >> god for bid. >> yeah. >> normally, might well be a big topic. >> did you say anything? >> put it this way. what could they do? i think they are tied as well as the market. they are almost like a fund manager right now. waiting for the economy to sort of take the lead. there's only so much they can do. how much further can they do anything at this point? so i don't think we are looking to the fed. i think we are looking t

. >> steve grasso is watching key levels on the s&p. we were talk iing about s&p 50.are we watching? what's the exact level we need to keep in mind? >> we broke the average to the down side. 50 day is 1420. the problem is when you look at the 1405 level, this is a real soft support. below this is 1395. that's your real support. below that 200 day at 1386. >> give me a read, also, grasso, on a stock you talk with about a lot and that's bank of america. a stock moynihan was on "squawk box" this morning. stocks up 80%. do you buy here? >> it's got to close above $10.11. that level has been kryptonite for the name. if it doesn't close above there aggressively, you're probably looking at sub 9%. if we're trading, you know, subpennies. so it's got to trade above that. you've got to hold on to that level. but obviously there's a lot of scares going on with the cliff. i love this new spot with the debate. you take john's side. they're both right but if we go over the cliff, the biggest things you're going to see are the housing names be dragged right back down. >> yeah. grass

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the floor of the new york stock exchange and steve grasso. what are you looking at? >> i compare jpmorgan, goldman and citi, bank of america. all these names. obviously consensus is jpmorgan is still probably the name to own. but if you look at goldman sachs trading at $119, it looks like it wants to make a run at 130 bucks. it definitely has to hold here, though, $118 to make that move. or else you're just looking at a sliding market. a declining economy and everything else that goes with it. technically the setup here, either jpmorgan or goldman sachs. i think bang for your buck, goldman sachs. bank of america right now overbought. looks like it wants to come back in. >> guys? >> grasso, i think if -- to kind of give people an easy way to choose, if you think we're going to have -- meaning an up equity market, lots of issuance, maybe goldman is your pick. if you don't think that's the case jpmorgan is probably the better of the two. both of them look great technically. i agree with you. >> from a technical standpoint i agree with steve. he's spot on. goldman looks

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steve grasso is the director of institutional sales at stuart frankel.s us from the floor of the nyse with his china recovery play. good to see you. what are you looking at? >> good to see you. i did buy case steel, i did buy letter x and i did buy mt going into the end of month goldman conference. but i want to turn around. you can't pick the top of these names. i didn't want to overstay my welcome. i locked in about 10% in ak steel. 5 to 7% in letter x. and about 4% in mt. in about a week or so, week and a half. so i'm willing to roll the dice and say, hey, it could go up higher, but i would rather lock in my profit and not worry about what's going on, year-ends with fiscal cliff issues. >> grasso, good to see you. >> by the way, that was an amazing debate you just had there with joe and baker. they look like a presidential debate. that would make you candy crowley. >> funny guy. >> you have a take with what you want to do with dell, before i let you run? >> yeah, i think joe -- first of all, give joe a lot of credit for that apple trade where he was t