our traders, tonight, tim seymour, steve grasso, karen finerman, and guy adami. and we have bob pack listening to the call for us. getting out the important details. let's deal with what we know. that was some of the figures, the engagement figures were disappointing for twitter. >> it wasn't about eps. it wasn't about revenues. out of the gates, off the print, they thought it was going to be positive. but it was the user growth that everyone was focused in on. and that was the issue. my problem as a shareholder was that it bounced too much off of facebook's back. used up 13% of its rally right there. everyone thought it was going to be just as hopeful as facebook was. right there, it reversed for me. it has to hold this level or it's lights out for twitter. >> tim seymour? >> everyone on the street is speaking in their reports about the potential for this company to do x, y and z. either way, it's a fantastic piece of technology. but at 40-times price-to-sales or 250-times, it's something that's very hard to value at these levels. it's all about the growth. and

if you wanted, steve grasso, who i am going to bring into the conversation here as well, steve, if youis behaving in a way that's more like what we used to say in the bad old days of 2010, 2011 than in the gold days of 2013. >> the problem is you've seen gold rally, bonds do okay, crude right at that par level, $100 level. so guys can't make up their mind what they want to buy -- i'm sorry, what they want to sell right now because they've gotten hurt with every sale they've made. mr. wonderful brings up a great point right there. every purchase on the dip has been a great purchase. the problem is we've seen emerging markets get slammed. they're on their way back a little bit, but those things still exist. taper still exists. >> and, steve, by the way, there's some chatter about the fact that u.s. markets haven't fallen anywhere close to their 200-day moving average. in other words, we're still trading so high above that level and we have for so long now, does that worry you? should it worry you? >> well, i was hunting for that 200-day moving average. we spoke about it i would guess las

steve grasso is going to join this conversation right now.throw this big question at you. maybe we can just talk -- >> i would have rather jumped in on the other one. >> you're just off the floor. i see a lot of activity at verizon. does that have anything to do with the late-day sell-off we just had? >> this is obviously with their own issues. this is reweights with their own issues internally with verizon, specifically how they generate -- between the indexes that need to hold it and everything that's going on with the stock. >> it's related to the vodafone deal. >> totally. you're going to have another issue tomorrow as well because you have guys that are evening up and turning their position based on the vodafone. >> if i'm holding the s&p 500 stock, do i have to worry about verizon right now? >> no, i don't think so. i think it's a matter of getting back to what dom had said, if you think the overall market is going up, then you own everything, and i know you said it's a stock picker's market but 70% of all stocks trade with the overall

i know steve grasso isn't here to box with me but i disagree with steve on this one. >> if you think that rates g r are going to continue to rise, and it seems to suggest that that's the way we're going. one way or the other, we're going to higher rates. what are the best investments in the environment then? >> i think when we talk about higher rates we have to talk about how much higher they go. two-year -- i mean, ten-year at a 260 kind of level. our anticipation is you will probably see something closer to half a point or 50 basis point rise. so i don't think that the rise in interest rates is going to be all that dramatic. but we really like municipal bonds in here especially for high net worth individual who is in a high tax bracket. there's unbelievable opportunities today where you can go out right there and 4% to 5% tax free yields when you think about the taxable equivalent. it's very, very high. >> steph? >> so i think that we're actually on a trading range for the near term but i do agree that we are going higher for the longer term. i think we've got to get better economi

what's happening here, i was down with steve grasso in florida this past week speaking at a conference and there are 58 exchanges and/or dark pools in the country. the fact that the new york stock exchange and nasdaq do maybe 20% of the volume and that's what people look at, they're completely missing it. volumes are rising even in stocks. in fact, over the last six months or so, it's moved up from whatever, 5 billion a day back to the 6 billion a day in stock volumes. sure, it not as high as it was, scott, back in '08 but that's because they fractionalized the market with the 58 separate market centers. they should just perhaps do a little trimming there. >> let's also keep in mind though there is a very strong negative correlation between volume and volatility. positive correlation. when volume returns, that's when we've had these corrections. so i'm not sitting here saying, bring back the volume, bring back the volume. what i am pointing out is that just because we go up 6%, it doesn't mean all of a sudden there's as much conviction in this market as there was back in december. >> i

. >> i want to get "fast money" contributor steve grasso into this conversation as well. ust off the floor, and, steve, here is my question. i don't love to play the charts, but if you talk about the chatter around here, it's been whether the s&p can test and recapture that 1848 level. it didn't do it again today. how significant is that? >> well, here is the thing, when technicals work, once you keep pounding against a certain resistance or beating down against a support level, the more you do it, the more it weakens it. right now we're in no man's land, right? if we break through, there's no other resistance. so we kind of just float from there. having said that, this is a great time to be taking profits because no one knows where this market is going. nobody on that panel, no one here. >> kelly, i want to bring two other charts, i don't know if we'll get them up there in time, but this is what a lot of guys are fixated on right now. what led us down this year were retailers. they got smoked coming into january. here is something you should be aware of though. the xrt is

washington, d.c., our very own eamon javers, cnbc contributor stephanie link, nathan bachrach and steve grassoas he's done trading on the floor. we've also got brian kelly joining us for more on the day's trading action. it's great to see all of you. stephanie, first to you here, was this too far too fast for this snap back? that four-day win streak which was pretty strong. what do you make of the day's trading action? >> i was encouraged by the earnings we have gotten over the last day, day and a half. maybe not some household names like spx corp or packaging corp of america. those kind of companies i look to, but more importantly it's the underlying fundamentals and what these companies are saying and if you look at an spx, for example, they saw a revenue growth in the fluid power systems business. okay, so that translates into just the real nitty-gritty industrial companies, and i thought that was interesting. in addition, i thought the china data overnight was good. it kind of got played down. >> imports and exports rebounded. >> well better than expected. we had the bank of england increa

steve grasso on the floor. sarah on japan's correction and what it means for that trade.onomy, what that means to your money. that's where we do begin with stocks beginning this new month much like they ended the last one, sharply in the red.

also, just speaking with steve grasso, what it's like at open it's about what janet yellen says at herony tomorrow. a lot of risks haven't gone away. emerging markets a concern. he wants to see new highs in the market to validate the drop we've seen. a bully sentiment in asian markets, nikkei, shanghai xos t composite up 2%. carrying into europe as well. a couple of things to focus on, retail side of things, check out what's happening with dick's sporting goods. this company we don't talk about of, it's bullish here, after they raise guidance on better same-store sales and bebe as well, it could be shopping it self-to private equity buyers. that's a reuters report. interesting story line for an otherwise wait and see-type morning. back over to you. >> thank you for that. let's move to the bond pits and rick santelli joins us from the cme group in chicago. take it away, rick. >> thanks. good morning, david. well, of course, after friday's big report, many traders wanted to see how the markets look on monday. you know, sometimes going into weekends, friday's can get a little iffy. unchan

grasso. >> act. we can end it on that with bo dietl not answering the question why steve cohen hires so many criminalsshley: how do you follow that? charlie gasparino, bo dietl. lori: i'm traumatized after that conversation. ashley: where do you begin? lori: great tv, thanks, twice. live look on capitol hill, where newly minted fed chair janet yellen testimony is underway after a second recess. certainly more fireworks than the conversation than you just heard from janet yellen. ashley: i doubt it very much. check out the big board which by the way is looking big today. the dow up nearly 200 points. by the way, first comes love and an app telling you when to get married. i'm serious. why facebook might be the best judge, of course it is, of when you should get hitched. that's next. lori: let's check the markets. we do have a solid rally underway on wall street this afternoon. let's check in with alan valdez joining us from the floor of the new york stock exchange. alan, would you say gains are in reaction to words from fed chair janet yellen this morning? >> we're having a real good day. miss yellen,