steve grasso on the store of the new york stock exchange, and mike is here on set. we begin with stocks going for seven straight up days, something they haven't done since september. even as the markets push towards new highs, investors are getting a stern warning today from billionaire investor david einhorn, who says the second tech bubble in 15 years has formed. the only question now is how long it will last, and what will pop it. josh brown, answer those questions. is there a bubble? what do you think pops it? and when? >> i actually agree with david einhorn that there are bubbles. but it's not the entire market that he's referring to, nor is it the entire tech sector. he's talking about specific momentum stocks that were deified during the course of 2013, overbought, overloved. but that's not most of the market. it's not even more than half of technology. if we take a quick look at what a real bubble looks like, at the peak of the market in 2000, scott, the nasdaq was trading at a trailing p/e of 270 times earnings. right now, it's about 18 times 2014 estimates

steve grasso mentioned that the u.s.than it's ever been, and i want to pull up some charts. still 8.5% for bank of america, down three capital levels. if you can pull up the chart in the rundown there. there you go. tier one capital becomes 9%, down by about 27 basis points and tier one common down to 1.6 and down by about as much. down by what's required by regulators so right now they are still completely well capitalized and still a safe bank. the problem is the fed in its stress test makes them really stress their portfolios and if stocks fell by 50%, if unemployment fell, what would happen to the portfolio in a really extreme portfolio. if there's a chance that this might cause you to fail the test, may not use that to get it back to shareholders. not that bank of america is in any more of a dangerous situation because of the way that this particular type of note is valued. it actually might cause them to in effect fail the test. 30 days to figure it out and some analysts have come out and said that they believe ban

i'll save all explanations for steve grasso. >> i love the pharmaceutical space.igher. >> i'm melissa lee, >>> 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. other people want to make friends, i'm just trying to save you a little money. my job is not just to entertain you but to educate and teach you. so call me at 1-800-743-cnbc. or tweet me @jimcramer. for the longest time, there really weren't many hazardous stocks in this stock market.

. >> let's turn to steve grasso, fast money trader. about the sort of foreboding situation in ukraine. how big a calculation is it in what you're doing with your money these days? >> has to be a huge calculation. just look at yesterday. we had every reason to focus on apple. we had every reason to be positive about the market. and they ran with a couple of headlines on ukraine, and that's what sent the market lower. tyler, the biggest issue is we're caught in this trading range. where are the new buyers coming from? you have hedge funds that are basically trailing their averages already. mutual funds are going to get hurt if we go lower. they have very little dry powder. there's not a lot of people that are left to invest at these levels. >> i agree with steve, by the way. the real problem i think the trading community has is it's not clear what kind of chain reaction this could set off. in theory, the ukraine is a small country and not terribly important to the global economic environment but the law of unintended consequences is very

elon, stephanie link, sheila dharmarajan, and steve grasso will join us in a second when he's off theon today's markets, we have another "fast money" trader, guy adami. and it is great to see all of you. stephan stephanie, the context here is so interesting. at the backdrop of everyone talking about whether the stock market is rigged or not, we continue to rally. volume today a little light perhaps but i wonder if that doesn't make more people hesitate getting into this market than any sense that they might be rigged. should people feel confident about wading in here? >> i think they have to focus on the fundamentals. that's the most important thing, and the u.s. economy is certainly showing signs of life. the numbers today were okay, right? adp a little light but i was encouraged construction came back and has seen an acceleration. the factory orders a little better than expected as well. we're all waiting for friday's nonfarm payroll numbers. whispers are starting to inch higher, but interesting, kelly, today the retail consumer stock markets acted well and it's on the heels of bett

i'll save all explanations for steve grasso. >> i love the pharmaceutical space. pfizer is going higher. >> i'm melissa lee, >>> 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. other people want to make friends, i'm just trying to save you a little money. my job is not just to entertain you but to educate and teach you. so call me at 1-800-743-cnbc. or tweet me @jimcramer. for the longest time, there really weren't many hazardous stocks in this stock market. simply some stocks that did nothing, some stocks that went up slowly and then there were stocks that seemed to soar by the day! ♪ hallelujah >> even at the recession, dow jumping 87 points, nasdaq declining .03%, many of you may have taken a hit to your portfolio. because you owned a stock that's plain toxic to your net worth. yes, we now have hazardous stocks. tonight, let's explore the right and wrong

let's meet pete, john, weiss, steve grasso on the floor of the new york stock exchange, and steve liesman with the nasty gdp report, what it means for the markets. we begin with stock, about to march into may amid uncertainty about where the economy is heading. especially after that miserable gdp report. so our question today is this -- are stocks spring-loaded for a bounce or set for more selling in the weeks ahead? we take that to the panel. pete, what's your best guess here? >> i think there realms spring-loaded, and i think there are other parts of the market that will struggle. i don't see what the catalysts are. energy has been hot. i think that remains hot. a name like bp certainly as it's pushing against the 52-week highs, i think it can explode and get closer to 60 than 50 on a breakout. so i think as far as trying to determine where, i think there are specifics -- i'll give you another example of a high-multiple name that's been punished far too much, and that's under armour. when you look at that quarter, the numbers they put up, it's similar to facebook where the numbers were

. >> that's steve grasso i hear. welcome.er extraordinaire. >> just to pick up where bob left, that's an outside reversal day. you make the new high and thin you trade lower than the previous low. that's what makes technicians nervous. remember the other day when i talked and i was on the panel and i said you need that confirmation above 1900 before you really want to jump back -- >> a lot of people looking for that level. didn't really see it today. >> exactly. but you'd rather miss -- if you're a retail investor or any investor, you're not going to add to a position here because these prices are higher than your price. so if you own bank lower -- everything is run so aggressively that you're waiting for new highs. you're willing to risk 20 handles to the upside, a percent or two, before you jump back into the markets. it's silly to buy it now. >> i think a lot of this comes back to something we've talked about time and time again which is what is the actual prospects -- what are the prospects for global growth? and if you d

let's meet pete, john, weiss, steve grasso on the floor of the new york stock exchange, and steve liesman