. >> the s&p has been stuck in a range in the last two months and our own steve grasso said watch out below. what are you watching? >> why don't we take a look at the levels and it's easier to explain with the actual chart over here. so when we look at this. when you have to look at a fibonacci retracement, you have to look at what the key levels were and you look at the all-time highs, and you go to the recent low at 2532 that's the prism with which i look at the marketplace. so when we step out of it here, we are sort of at an increasing trend line still, but the level that is a must hold is 2691 which is the recent low from last week and when you bring back the lens a little bit we have a rising 200-day moving average. that moving average is 2672. so i'm a little out of sorts here, but let's just do it this way so i can't write too big so 2672 is the 2 hun-day moving average. we have to test that level when you look at the most recent high and the most recent low and you come up with the fib bounce level and it's between 650 and 618, wonky levels and all you need to know is stare a

would rather wear and maybe we should ask two of them and it would be more of an athleisure. >> steve grasso, what women want to wear. >> it's 46% in stock shareholders and it's not going anywhere >> who knew? >> earlier today, i thought this was my and i thought, no way and i looked at it much more closely and i completely agree with ti o on valuation >> we're wrong >> completely wrong. this say company that i mean, it has a grand history of being a retailer they know they are in a seriously different environment here i think they'll get it together, and i think at this valuation there's not a ton of risk. >> let's move on >> carnival, good catch or dead fish >> oh, i think it's a great catch. when you're on one of those good fish, you might catch a green, ugly do we have a budget or something on "fast money". >> why what's wrong with that fish? >> there are holes in it and they didn't even color it in all of the way >> their quarter was excellent and their guidance scared a lot of people, but the fuel cost is more expensive and trades at ten times forward earnings and if i'm fishing despit

your traders on the deck are tim seymour, steve grasso and dan nathan tonight on fast, a major shift happening in the crisypto marke that could have big implications we will tell you how he's trading it and later, call it tech judgment day. alphabet, amazon and facebook almost $2 trillion in total market cap and all of report next week and one of them is about to pull up lane. he'll be here later on, but first we start off with another wild day from the white house as president trump making a number of market-moving headlines on cnbc and on twitter this morning. our kayla tausche is standing by with that story. >> president bush successfully jawboning the markets today after suggesting rates should stay lower and that the dollar's strength hurts the u.s. on trade. on twitter he reiterated comments that he made to cnbc that china the eu and others are manipulating their currencies and interest rates lower while the u.s. is raising rates while the dollar gets stronger every day, taking away the u.s.' big competitive edge tightening hurts all that we have done and that the u.s. should,

there david kelly and andrew we'll continue the discussion now with our closing bell exchange steve grasso and rick santelli steve, i'll start with you, very focused on some technical levels there, is that right >> that is correct the s&p cash, everyone talks about the big fat round numbers of 2800. if you go back to sell-off we had in february we have that all-time high of 2872. if you draw your lines and look at your retracement levels the real level to look at is 2792. we're right there, right now since the february lows. that's the level that you need to close above on a closing basis before you start to even think about taking out the old highs. it's good to see that you have new leadership or other arms pulling the market higher. so when we start to see the info technology space, large cap tech, when we start to see the financials sort of anything on because we had those days after days, a week or two of pressure coming in, it's very hard to sell this market off the deeper we get into the earning season so if you're a bear your arsenal of things that you can use to throw at this mark

steve grasso is here with us he's a good man. told sara how the balk was too fast today the dow jumping triple digits. the session is paired back and now up just 150 points there was a more pronounced intraday pull back for the other indessies. the nasdaq now in negative territory. >> july starting out to be the best month actually. we'll begin with the earnings pulosa and our reporters standing by to wrap up all the big market movers. julia, we'll start with you. >> that's right, verizon shares beating expectations on top and bottom line this year with full year guidance that surpassed expectations about 1.5% higher. the nations wireless carrier added 200,000 new phone connections during the quarter as it works to grow consumers on its unlimited plans. and larger than expected declines at its fios tv decision thank tuesday cord cutting stressing that verizon duds not want to make similar media acquisitions saying they're not going to own content but rather they want to be the best distributor to partner with content providers. >

and market analyst steve grasso.the bank or are you waiting for bank earnings or does it not play into your overall approach >> i like to take a macro approach but i think the banks are probably a good litmus test for overall in general >> really? >> i think inflation is going up which i think will be good for the banks. interest rates go up that's great for the banks i think all those things kind of play into the same story >> all right so as far as jpmorgan goes, not bad to start with. >> it's a good start to the process, yes >> what was -- now you're back, you've been in there crunching the numbers. >> well, we saw once you could crunch the numbers is that loan growth which is very benign in the fourth quarter actually core loan growth was at 2% quarter over quarter growth. which is your litmus test. in other words, we see loan growth coming through and the bank earnings then the economy is generally starting to percolate. >> exactly right the economy is definitely strong i think that's a great litmus test for whe

the knock is domestic comp that's what people are focused on it's growth slowing down, maybe, as steve grasso is now a technology company and i have faith in this new management team and despite the valuation the stock probably could have been a letdown more today and given the pace, i think it's going higher so batter up. >> i don't like how it traded. i would avoid the noid, absolutely you have the high p-e and not a place i want to be. >> i don't like the sound effects. i don't know let's get to the next one. >> chipotle. what do you say? >> obviously since they brought in the new ceo, this stock has absolutely taken off it's up 56%. >> it's an unbelievable run. so when i look at this company and what he's been able to do and what he wants to implement the stock is in front of itself. so for that reason, i'm 86ing it because when i look at the valuation at 67 times, it's just, and i look at domino's whether it's 30 or 40 or whatever and mcdonald's is about 25, i mean, this is just extremely fast to the upside i think there is a pullback coming >> order up or 86 it, dan? >> i think its had

we're not going to repeat it let's get to our closing bell exchange today cnbc market analyst steve grasso and rick santelli joins us as always. steve, are you impressed with how the rest of the market held up despite that facebook flop? >> so if we would have all sat here yesterday and said that facebook was going to have that flop and what would the market do the following day we would have thought it was going to crater we would have thought the other sectors would not be able to compensate we would have thought a ton of things were going to happen. none of that happened. i think the fact today they're weeding out facebook even from the value side of faang is very healthy. >> chris, when we consider the big risks that remain out there, has trade gone away or been much diminished >> it's gone away for a few hours but certainly not gaone away at all. i think the one thing that will take it away in general is if we get a bad growth precipitate we're going to see this go back and forth in your opinion over the next six weeks through the mid-terms and possibly into next year this latest situ

joining the closing bell exchange for the day we've got brian jacobson, steve grasso and rick santelli. steve, what's the big focus for traders? we've got a big slide in oil prices and i know there was a lot of attention here on the floor being paid to president trump and president putin whether it had any market impact or not >> i think you hit it right there. it was definitely trump and putin this morning financials definitely are in the spotlight. so the market has moved pretty aggressively for quite some time on technology companies. the market also needs some help in that heavy lifting to keep the bulls sort of on their track and trending hire. and you need the financials to perform. so to will's point out of the gate on friday what the street should have thought would have been bullish earnings came across as flat today we're starting to see deutsch bank, bank of america sort of helping with those tail wind and if that continue and the market can continue higher, that's a big if. but it's very hard to sell-off markets during market season transports are going to be a big part of

steve grasso and rick santelli from the cme group in chicago. steve, a little bit of strength in financials again. i think that is the third day in a row off the back of morgan stanley earnings. >> finally some strength in financial earnings. something else besides tech has to do some heavy lifting in order to keep the market moving forward. yesterday i think it was all about powell. this morning we saw the powell pop, as well. we saw the markets rally. yesterday you had netflix and powell making bullish or, i should say, dovish statements. >> it wasn't hawkish. >> it was definitely not hawkish. it was definitely not hawkish and it is understood to the market place as being dovish. that is what the market place needs instead of a robotic raise, raise, raise. they wanted to see a wait and see. rick talks about this a lot, the yield curve is at the top of everyone's mind. you have to compensate that. i know the fed keeps saying it is different this time. it looks like the market is convinced at least for today. i would say that griffin's statement

quite strong >> joining our closing bell exchange for the day to discuss that omar agualler, cnbc steve grassond rick santelli from the cme group in chicago steve, as far as the tech sector, the fact that we've seen such miserable action leading into apple's earnings, could it turn the tide for the entire market or is that too much emphasis to put on one report? >> no, i look at the reverse the fact that apple could be drawn into this overvaluation. there's nobody who ever thinks apple is an overvaluated bloated stock. so the fact that sold off with the rest of that group is shocking that's a buying opportunity to make >> you've got a theory there's also a kwecoincidence with the timing we're at the end of the month, and that's actually been much more pronounced recently than in past years >> definitely. this is the talk that's going around wall street right now if you talk to funds. if you aggregate the last three days of the trading months in 2018, they're responsible for a huge amount of sell side pressure so in the s&p it's 5% to the downicide. in the nasdaq 5% to the down side in the russ

joining our closing bell exchange today is steve grasso, and tjm institutional services stevie grasso, on the one hand very good employment data. on the other hand, growing de concerns about a real trade war. today growing employment wins. >> where trade was concerned you had a by the news event. gives powal a little bit of wiggle room whether or not he wants to stay on track with his rate rising routine he's doing, getting back to normalization, if you will. i don't think -- and i'm sure i'll get disagreement from the panel. i don't think he should continue as aggressive on the rate rising schedule that he has and i do believe he has learned from his predecessors that you don't raise rates in the face of a flattening yield curve because when you start to take your foot back off, it's too late now i know we've had this path for a very long time and we have to get back to normalized rate environment. but i think at this point you have to at least give a little bit of flexibility for the markets to interrupt, okay, it's not going to be just a plain and simple steady as she goes. >> jeff

steve grasso is here and rick santelli with us from the cme group in chicago. eve, with the threat of auto tariffs hanging in the balance, is this going to be a market mover to see what comes out of this meeting >> i think that is the major market mover today. we saw the market having the same effect as yesterday where you saw a bid in treasuries and sell pressure in the equity market. and the softer we see trump on trade -- we heard a lot of congressional headlines, as well. you might be getting grid lock from the president's own party. republicans are running capitol hill. they are running the oval office. but if lamar alexander decides to be a road block for the president that could be a win for the markets. >> you are talking about the proposal. >> the market has been afraid of trade. if that happens then the market can run a little bit further, maybe a little faster. that is why we saw key technical levels being taken today. >> how optimistic are you? gdp coming on friday. do you think that is a late cycle print or are we still going to have a few years to

your traders on the deck are tim seymour, steve grasso and dan nathan tonight on fast, a major shiftto marke that could have big implications we will tell you how he's trading it and later, call it tech judgment day. alphabet, amazon and facebook almost $2 trillion in total market cap and all of report next week and one of them is about to pull up lane. he'll be here later on, but first we sta

on track for its biggest loss since late march let's bring in steve grasso, stewart franco, and the securitieshere, gentlemen what do you make of the market action here today? technology again dragging us lower. biggest drag here for the sectors. >> you have to decide is this the rotation everyone's talking about? we've been waiting for this forever to see those quote-unquote overvalued names come out of the market >> they mean the faang names >> exactly the faang name wheres, the large cap sector we do have the fed meeting this end, a lot of moving parts i think people will refind a lot of these tech names going forward. >> what do you think is it over >> no, i don't think we'll probably see a bit more of this kind of activity, but essentially you see this quite often where you'll have something hit hard on a friday, a bit of carry through during the week, but at some point they'll turn around. there's still value in these names. the reason that people were buying them is still present >> nice tie, by the way. >> is that my good friend griffith >> that's dr. griffith to you. the money coming