john and pete courtside as well, and steve grasso on the floor of the new york stock exchange. with us as well on the set senior economics reporter steve liesman. our game plan looks like this. fit or bit? with the stock sinking below its ipo price, one wall street firm ups it to outperform. you'll hear from the analyst who made the call of the day. bottom fishing. is crude oil getting closer to finding its floor? we'll ask bank of america's head of global commodity on how low it can really go? here's how we look at this hour, and you are looking at that picture as we speak. crude is about to hit $30 a barrel. it is getting a gain of nearly 6% today, and that, joe, is helping the overall market. certainly some are asking have we put in a near term tradeable bottom in both stocks and oil? >> my answer to that would absolutely be where he. i think it happened yesterday. it was expiration in oil. a lot of this is off just 25 years in the business watching the oil futures market. watching the market itself. i think there were a lot of shorts yesterday that really after 12:30, 1:00 p

. >> steve grasso? >> everybody has complained -- or the bulls have said our economy is better than the rest of the world and we'll avoid a contagion. to b.k.'s point, i don't think our economy is as good as everyone thinks. we've seen the empire and manufacturing and everything come out at three-year lows basically. technically, challenged at best. 1864, let's use that guide number, 1820 was the october 2014 lows. so that was an intra day low. today we closed above that intra day low in august. i think it is not over yet. this was an options expiration going into the weekend. >> when you say economy, i've been watching the transports, it feels like forever, the economy is to great, the economy is so great so why are the transports down 30% when oil is low and the economy is supposedly good. sometimes markets are telling you something. dan, what do you think? >> for all intents and purposes we've been in an industrial recession for the last part of last year. i want to bring it back to china because i b

john and pete courtside as well, and steve grasso on the floor of the new york stock exchange. well on the set senior economics reporter steve liesman. our game plan looks like this. fit or bit? with the stock sinking below its ipo price, one wall street firm ups it to outperform. you'll hear from the analyst who made the call of the day. bottom fishing. is crude oil getting closer to finding its floor? we'll ask bank of america's head of global

. >> i'm on the floor joined by steve grasso, the question people have, the dow is up 350 points after this brutal month. is this a real bottom and b, is it because the bank of japan and didn't they move because things are bad? >> you have the bank of japan stole the headlines but you also have the end of month pension rebalancing, that's a fair amount of the move-up we're seeing today. i don't want to say it's all of it but the two incidents really propelled this market to a higher price than it probably would have ordinarily been, it's going to be interesting to see. >> what levels do we need to launch? >> right now we're at 1934. if we're at 1934, the legal of resistance i was looking at was 1928. we hit that and didn't really take it out substantially yet but the next level, 1965 to 2000. if we get there, that's where you want to be a seller and reassess. >> we'll see if we get there in the first place. >> despite today's rally markets have had a scary start to the year. we know the pros will tell us not to panic but what do retail investors doing with their vexts? joining us now,

why it was interesting to me, steve grasso for the longest time has been saying $20 crude and spot on. and b.k. as well. but with it down 5 1/2% today that was vulnerable by midday, you could see a fall to the downside. it didn't. it bounced. i think it sets up a s&p for a retest of the 1970 level that we talked about for so long. >> the notice was down 1.3% and the s&p was down. >> pret amazing the way it turned down. and the stocks beaten down with the market. not even related. the airlines were moving to the upside. i looked at hawaiian airlines and delta and across the board, united was struggling, but american moving to the upside. but it doesn't convince me just yet, just based upon -- we continue to watch oil go down, three, four, five, six percent today. and copper is under $2. and you worry about global slowdown. in china, that is the headlines. so is this a rally that you feel like you want to jump on board? i'm not so sure just yet. >> grasso, what do you think? >> i don't think so. i think we have to dip below the 1900 level. i think the overall commodities space needs to

. >> and my point is this, and steve grasso agrees, i happen to think apple is a 30% that doesn't. we've seen bad days, apple is up and vice versa. >> since when. >> over the last six months or so, there were days when the market has gotten crushed and apple has thrown in there and vice versa and i think we might be on the verge of that again. >> if you look at apple over the last couple of years, the beta is 1.2. what do i mean by that? the market might move. and i think we have the bad blood out of there. but it is the ultimate proxy stock. >> and tesla shares getting crushed. despite meeting key expectations for delivery orders. has something changed about the story. a top analyst explains into i'm melissa lee and you're watching "fast money" on cnbc, first in business worldwide. here is what else is coming up on fast. >> is fang losing its bite. a major shift from growth to value. and it could mean the next great trade. we'll explain. >>> plus -- there is a secret sign that oil has hit a bottom. and dennis gartman said he's found it and he'll reveal what it is in "fast money" r

. >>> let's move on to our "closing bell" exchange, gerard fitzpatrick is with us today, steve grasso from stuart frankel is at post 9 with us, and rick santelli checks in from chicago. steve we're about the lows of the day here, the s&p is at 1881 right now, how do you read the market's response? >> i think the market got way ahead of itself, bill. more often than not it does the same type of thing on every fed day. when you look at oil, oil ran up pretty good on a spike intraday, and then sold off right on the fed. if you look at that as being your indication or canary in the coal mine, it's just got recovering the energy space. that space has been so beaten up. they're worried about the dollar reaction. i don't think the fed should have ever changed, i don't think the fed is going to raise again. the checklist, if you would have done that checklist and put it on my paper, the last time they raised or the most recent time they raised, they shouldn't have raised then, either. there's no clarity. this is the most unclear the fed has ever been. >> gerard, where does this leave markets?

ron wiener from rdm financial, steve grasso is at post 9 and rick santelli checks in from chicago. steve, you get to explain all of this after this week. what does it all mean now that we've started off with such a lousy market in 2016? >> white. it's about china, bill, obviously you know that by now, we all know that by now. when you see the market try to grasp on to anything, everybody keeps say we are the best country in a weak world, the truth is you cannot stay in the bubble for long. we tried to rally today, we thought china stabilized, it did, but i think people are still skeptical. if the margins aren't going to expand, no one is rushing into equities right now, that's the plain and simple truth. >> that's especially true of some of the names behind you at post 8, the retailers, notably gap after disappointing numbers last night is down 15%, bill, today. it's starting to trade like american eagle, one of these volatile names. there you can see gap. meanwhile, target, kohl's also difficult sessions. ron, at the same time walmart has been an okay performer this week. what are

steve grasso joins me on the floor of the new york stock exchange. >> happy new year. >> how what? >> i think you have to take this all with a grain of salt. everyone knows the market has been a little weak, we didn't know how far we would run into year-end, now the fang stocks are in question. >> that's the horse -- >> that's the horse that got us here. >> right. >> so does the selling of fang, buying the laggards does it last more than a week or month? we will know pretty soon. >> two questions, levels you're watching right now? >> 1969 is a pretty good retracement level from the s&p, recent high 2134 so that recent low 1867. i think i did mention that i do believe that the market is going to test that 1867 level sometime this year. >> 1867. >> 1867, a considerable amount lower than it is right now. these lower levels they come quick when the market drops in a precipitous fashion. i think we can get there sooner than we think. >> what happens in china tonight when they reopen and will that affect us tomorrow. >> i think china is the biggest story, i think saudi arabia is the seco

had hit hard but across the board, department stores, discounters across the board -- >> welcome steve grassof the floor. sir, what did you see happening today? i mean, most of what we heard in terms of just taking the pulse of people around here is that they're selling these rallies. talk about the psychology. >> i think that was the psychology for the last couple weeks that everyone had garnered a lot of the headlines saying sell the pops instead of buying the dips. i heard mike say it earlier on air and i think this holds to be true, short covering rallies is how every rally starts. you have to see how long they maintain that short covering rally because people get spooked, they buy the things that are underperformed and say, what am i look to go do here? oil went from 110 to 26.5 dollars. what are you looking for? you have to buy something, are you looking for 20, are you looking for 19, do you have this so precise and specific end of the game play? >> right. >> that you are going to be right, you only know where it's going. i think this makes perfect sense. let's revisit it in a week. i