steve grasso?real fight to see where you make money in energy in this space and there's been a limited places you can do it in. refiners have been the shining spot. i think that's going to peter out for a bit. go to the service names. go to halliburton. >> dan nathan? >> earlier i mentioned xlp. the leadership in that etf, the highest weighted names don't act well. if you want to short stocks in this market, you want to short weakness and that's where you go. i'm long puts in the xlp. >> which stocks in the xlp do you dislike the most? >> procter, coke, walmart. >> wow, that was fast. >> sharon? >> yes, so we've seen a little bit of a rebound in equipment rental space, another name is manitowoc, doing a spin of their food service business. i like it, i like the food service business, and if we do see a bottoming out here, i think it's good to run for a while. >> guy adami? >> can i say i miss dan nathan. he's been away. >> he's all tanned and relaxed. >> relaxed. >> and steve grasso, he's handsome.

that's why the volatility is back. >> steve grasso, joe raises a go ahead point.ou will have a big-time debate between now certainly next week when the fed meets and beyond on whether they should remove patient from the statement, whether they should move in june relative to where the dollar continues to go on an almost daily basis and the signal the stock market has sent to everyone on the fed of how it might react if they move? >> yeah but, you know, it really doesn't matter at this point. they know they have to move at a certain point. the language i think the market is digesting, joe is right, rotating but seems like they're rotating out of stocks into cash right now. we haven't seen that in the longest time with the s&p. i guess it's important to look at this chart right here, see, this is a sell-off that everyone was planning for. >> yeah. >> it took us about two years to get here to test that 200-day moving average. so this is the left shoulder. if you're a technician, this is your left shoulder. this is your head right here. i'm going to do it this way so

the euro has got to weaken. >> let me bring in steve grasso. >> they've got a long way to go. >> hange bring strefeve grasso into the conversation. if the fed does something and markets react, that might tell us the next paradigm trade for a little while. do you think that's what we're seeing or no? >> i think this is going to be an unwind of a trade we've most recently seen. i know larry in his career always loves a strong dollar and he's not a day trader as he just said, but i think if you look at it going forward, this is not a good thing for the united states economy, it's not a good thing for the markets. the s&p will get hit with a huge headwind. >> no. >> we have to keep the euro/dollar up while we have this conversation. >> why were forecasts coming in? because of the strong dollar. so we take a minimalistic hiatus from that but your good friend and mine michael pento was afraid of the inverted yield curve. the fed is afraid. that's what's going on here. >> i'm not worried about an inverted yield curve. >> why? >> because the fed isn't going to tighten. every recession in the

steve grasso joins us off the floor. good to see you. why do you think markets have retreated? look at everyone can come up with ten reasons why the market should sell off, right? whether you go from isis ukraine, greece, so every time we get a headline like that people are a little bit itchy on the trigger finger kelly. everyone has bet sense this market. it's defied all laws of probability. right now it's important to know that we did break that old high of 2093 in the s&p cash. closed a little above it but that was the old high that we stared at for so long. so this market is 2093 2190 i hate to oversimplify that but there's a lot of sellers out here that are looking to really push this market lower and today with that violation of that lower band i think they got a little bit overzealous. >> sellers looking to push lower, kenny? are you witnessing some of that? >> i think so but i thought it held at 2085. now it's rallied back. the market is trying to find its way. i think it's more digestion and consolidation that's happening versus kind of like a big sell-off. >> there we

our traders tonight are tim seymour, steve grasso, brian kelly, and guy adami. here's what's coming up on "fast." bailing on apple for now. one of our traders dropping the stock from his portfolio. he will explain why coming up. and while many investors are focusing on europe there's some under the radar action in south america that you should be watching. we'll tell you what it is and how to play it. we start out with a big move in the markets today. stocks coming back after a big sell-off spurred by the stronger dollar and falling oil prices. now the street is looking to see what the federal reserve will do next week. now, a lot has changed since the last meeting started on january 27th. the s&p and oil around the same levels but the dollar is up 6% against the euro since then. ten-year treasury yield has jumped to 2.1%. it was 1.8 in january. guy adami, the world has changed. >> that's the most important thing right there. you just mentioned yields. i would have thought if you'd said what's going to happen in the s&p today big sell-off, what's going to happen

steve grasso, brian kelly, and guy adami. shares are falling. we've got someone who says the stock is still a buy. and pollo loco shares coming upping in the after hours after the company delivered a strong revenue number. we'll debate your best bet in the restaurant space coming up. >>> but we start off with today's rally. a weaker dollar, stronger euro, helping push stocks higher. but currency fears still sparking some on wall street. raymond james downgraded garmin because of currency conditions. and intel cited the currency move when it cut its outlook. seems like we're not out of the woods yet, guy. despite this rally. >> we're not out of the woods. the dollar is going to parity, if not lower against the euro. dollar strength continues. today made sense i guess if you think about it with the retail sales. does that put the fed back on the back burner in terms of a rate hike? i think it does. weakness in the dollar all makes sense. that said, i still think rates are headed a lot lower. i still think the european rates are telling you somethi

steve grasso is joining us off the floor.that's not necessarily the mentality that played out today though. that was a pretty ugly close. what was behind it? >> you know kelly, you and i spoke from this very spot last week and we talked about the significance of that 2093 level in the s&p cash. those were the old highs. we were really bordering on the support lower for the old s&p's highs. we broke those. so the market broke down. what happens now is guys are reassessing. is the energy bottom in? no. is the dollar high in? no. if you scale back that dollar chart, sara eisen knows this better than anybody -- >> she has a tattoo of it. >> if you look it short term it looks like it's topping out. long term more room to climb. >> what does that mean for the constellation of assets that depend on it. >> that's the problem and that's the worry and that's what spooked investors. you still have 40% of corporate earnings coming from overseas. i was going to say people say it's not that bad for america, we only export 13% of our econom

managing director at virtus investment partners jon and pete najarian co-founders of optionmonster, steve grassol on the floor of the new york stock exchange for us and jason brady with us today, the head of fixed income at thornburg investments. so much to talk about today. our game plan looks like this. euro crash, how low

. >> steve grasso joining us from the floor of the new york stock exchange. want to weigh in on this discussion, not only why you think the market's reacting the way it is today, but some of the points that adam just made? >> yeah, adam always makes a very clear cut case for whatever direction he is in the marketplace. and it makes a very convincing one -- make a convincing one. but the truth is, if you look at it today, i'm a short-term trader, so you have to look at where we're at today. volumes are light. you just said it before, 1% or so from all-time highs. for the average investor, let this shake out. you have professionals that don't know where the market's going and they'll be the first to tell you that, but as far as the dollar, i don't think the market could take the headwind from a higher dollar just yet. >> yeah, you guys are much better at that. our portfolio is about 45% per year turnover. i think in that context, it looks a little different. >> so you say 2275 is your base case for the s&p. >> yeah, for year end. >> but man, do you have a big-t

kevin o'leary and steve grasso this hour. edge making its debut on the nasdaq today. guy sella. and saudi arabia launching strikes into yemen. that's driving the price of oil. and how it might change the entire picture for oil. >>> why would the co-pilot of a tragic germanwings flight intentionally crash his plane? investigators are trying to determine his motive on the "closing bell". stay with us. i mean, come on. national gives me the control to choose any car in the aisle i want. i could choose you... or i could choose her if i like her more. and i do. oh, the silent treatment. real mature. so you wanna get out of here? go national. go like a pro. the future of the market is never clear. but at t. rowe price we can help guide your retirement savings. our experience is one reason 100% of our retirement funds beat their 10-year lipper averages. so wherever your long-term goals take you we can help you feel confident. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and

steve grasso brian kelly, and guy adami. shares are falling.e stock is still a buy. and pollo loco shares coming upping in the after hours after the company delivered a strong revenue number. we'll debate your best bet in the restaurant space coming up. >>> but we start off with today's rally. a weaker dollar stronger euro, helping push stocks higher. but currency fears still sparking some on wall street. raymond james downgraded garmin because of currency conditions. and intel cited the currency move when it cut its ou

our traders tonight are tim seymour, steve grasso brian kelly, and guy adami.iling on apple for now. one of our traders dropping the stock from his portfolio. he will explain why coming up. and while many investors are focusing on europe there's some under the radar action in south america that you should be watching. we'll tell you what it is and how to play it. we start out with a big move in the markets today. stocks coming back after a big sell-off spurred by the stronger dollar and falling oil prices. now the street is looking to see what the federal reserve will do next week. now, a lot has changed since the last meeting started on january 27th. the s&p and oil around the same

you had that chart up from steve -- >> that was an oil driven. >> okay. but -- >> grasso on wednesday did this and this and we're continuing to go up and down. >> another chart, put up another chart. >> hang on. go ahead. >> put up another chart which baker hughes put out i think we have, take a look at this, at the rig count on the blue line just crashing. look at the millions of barrels a day in production still going up. you haven't seen the cutback in production filtered through the market. i'm not sure i agree with the story on storage that fears are overblown. they're legit right now. >> kenny, the twice make a good point as the market in october was driven sharply lower by crude falling out of bed, here you have a market driven by the euro falling out of bed. in october a tremendous buying opportunity. >> right. >> is it today? >> i think that's exactly what you're going to see and why i said the 200 is a place where it feels like the market wants to go and if it gets there i would fully suspect that's where you're going to find the real buyers. everything we're ta