Crazy we were making deem opinionic references to 666. We were playing compression shots of the dow falling. But then he went dark for two weeks while the olympics took over and something really strange happens. Honey, wake up, you wont believe the dream i just had. Maybe it all was just one crazy dream because everything is awesome again while we have been gone the market has been in the midst of making an epic comeback. Almost 10 from the lows, oils rallying, even bonds are starting to rally. So everything awesome again and are we heading back to alltime highs . Guy . Welcome back. Welcome back to everybody. Who sings that song for the folks at home . Teagan and sarah. Whatever, whatever. Its nice. Nice. Couple fridays ago the s p traded down the moving afrmg. We saw we all collectively said great trading opportunity to play for the long side. Being completely honest i never thought a week and a half, two weeks later wed be right where we are now. Its much too far too fast. Ive been thinking that the last two or three days. By the way, last thursday if that wasnt the head fake move of all time where the market rallied up on the back of the fed news then closed 150 dow points lower, that to me signals maybe we topped out and retest those lows. Tony dwyer said it today. Quite frankly, its hard to say that in the wake of whats happened. Think about the Treasury Curve. Were actually now lower or in line on the ten year from that fateful daily on february 27bd where we got that payroll number that was high and the cpi number, et cetera. The vix is back to that level. Still elevated but at the 16. 5. This is where people starting to draw their playbook. Weve got cpi data on wednesday. The Treasury Curve has been the catalyst for equities over the last week, i think theres some mind fields ahead. Its not straight sailing and the reality is that equities at 3 tenure are not cheap. The characteristics of the market rally that had taken us to that point in time really remain intact. Were still seeing the same leadership. Its worth noting that the s p is still 3 from those alltime highs and what were the stocks that made all new alltime highs first, it was amazon and boeing. It was the stocks driving the good part of the rally in january, jpmorgan, again, you know, made new alltime highs within the last week. The s p hasnt done that yet. I would take a little issue. Im not so certain this selloff in equities had a let to do with rates. Everyone was talking about the ten year going to 3 . It was just letting some air out of a very kplansent and nearly euphoric situation in january after we had that tax cut, after we had the anticipation of infrastructure and to me it was really healthy. Do i think it was so healthy that we had a quick v bottom that sounds really easy, dan. To think about it. Ultimately rates are you cant tell me equities at a 3 ten year are the same that they were at a 2 ten year. The ten year was at 3 and the s p 500 was at 18. 50. The s p is 28. I hear you. Sounds like youre saying you can tie it up with a nice little ribbon and keep moving im saying that the likelihood of a breakout from those prior highs will go higher its very difficult when you consider the fact that it was the same stocks in january that were driving a good part of the s ps gain that have led them back now. I actually think youll see more dispersion in stocks and see less of this high correlation like we had seen in most of 2016 with very low volatility. Im smiling because i mostly agree with everything dan is saying. Highly unusual. You guys want to hug. We talked about this throughout the last month or so is the velocity of the moves, the velocity of the moves in the ten year and that move as it flew to the upside that makes markets very, very nervous. Grinding and pushing and plotting, that i think the markets actually can digest that much better. I agree with almost everything youre saying. Looking for a little bit of the air to come out of the balloon but it creates the opportunity, mel. When we just got through the majority of these earnings and we got the facts, the fundamentals and suddenly you look at apple trading from 170 to 150, what is that a buy tell me what the opportunity is if the fundamentals of the market and the shape of the market and the leadership of the market are the same as when we went into the selloff, if nothing changed about what happened what drove the markets higher than can we actually say that was a constructive selloff i would say are we back at that same place . Im not sure i would call it a constructive selloff. Its much more about algorithms and bots and computers and different programs set up that use momentum. The i was big into this the last couple weeks watching this thing. When you have bid spreads as wide as they are and you hit a bid, when you hit a bid that is much different than those tight bids thats whats causes the panic because people are getting filled at terrible prices. Maybe i wasnt clear. I do think theres a potential for a retest in this market. The vix is back down. You said 15. 5, 16. Pete would say correctly that the vix is giving you another shot quite frankly on the downside and i would agree with that. I cant believe well have that textbook of a move where we trade down to the 200 Day Moving Average to the s p and off to all new highs and nothing has changed. I do think theres still some theres still some fear factor left. The last thing i want to say. Real quick. Volatility. How long did we actually stay above 20 on the vix . We were there for two weeks but thats not a while. Normally youd expect that to take much longer. We got up to 50. We closed on 37. That volatility absolutely spiked. Everybody around the world including jim talked about, oh, my goodness, all this inverse and stuff and it lasted from february 2nd to february 14th and the next day he dropped 100 points. Did the he will selloff not last longoff the snap back is too fast. Can i ask a different question what if powell says we think the economys chugging along and were concerned about wage pressure and we think inflation is something that may be a bigger factor, do you think the market is going to be very happy . The markets going to be down 400 or 500 points. The thing that started this on the back of comments like that if they were to come out, but those comments that tim just said given whats going on are 100 justified. Of course they are. I would be more concerned if he doesnt say it. Hes not going to say it. Hes not going to spook the markets. Theres q a. Hes going to be asked. And this is a guy that may not be as adept at answering those questions. Can i add one thing lets look at the russell 2000. There he is. That was expected to be obviously a big beneficiary to tax cuts. What is happened as rates have gone higher, its counterer acted that in investors minds. Its only up 1 1 2 on the year. Now its up about 7 8 . You want to keep an eye on the russell. That may be a better indicator of how investors are viewing risks in the market rather than focus on these ten liters. It doesnt. Small caps should be in goldilocks here. Not only are Small Business being held by this tax deal but you have a case where rates are still low, unemployment is where it is, wages are going higher. Look at european equities. Theyve been in a terrible space. The dax is only up 5. 5 with the dollar weaker. Some things arent fully healed. Despite the broad rally there are two big Industry Groups that have fallen and cant seem to get up. That could spell more trouble. Hey, carter. Great to see you, great to be back. Interesting, yes, cars and homes, this is a big part of gdp and a big part of the market and they just dont act well. If you think about it they werent performing in line with the market leading up to the swoon. They underperformed during the swoon and they bounced last since the bounce post swoon. I wanted to look at three tfs and drill down. I got auto etf, cars, 34 stocks, its everything you could possibly imagine. Home construction, itb and Home Builders. Theres overlap in these two if you net out the double accounting you got 90 stocks and the whole thing is worth 1. 8 trillion. What i tried to do here is plot all 90 stocks equal weight as though it were an index, lets look at the names just to put this in context. These are leading names that are in the cars etf. Its tesla, nissan and porch. Down today, down today, the xhb is a broader aggregate and its got Home Builders in it but it has things like home depot up 11 cents today. Lowes, whirlpool. If i were to take all 90 stocks and plot them as baskt, this is what it looks like and i think you can draw the lines one way like this which is thats a fairly well formed head and shoulders top and those typically are resolved by lower prices. Now, lets take away the lines and i want to look at the bounce of late. Now, on trend and its come down in trend and its bouncing. Heres the issue. The bounce, the selloff in line with the market but more than the market and the bounce, the market has bounced all the a back to here. To to put that in optical context, look at the next chart. Heres the same thing, so even as were going up absolute albeit barely look at the relative performance to the s p. Its making new lows which means its not bouncing. Moneys not going into this area of the market. Its a problem. Keep going. So, heres the chart. Again, i think you can draw the lines like this and what im expecting is that this is the beginning of something not good and most of these stocks really underperform badly today. I think its an area of the market that speaks to rates among other things but i do not want to be overweight or even long most of this stuff. Carter comes over. Carters over. Head and shoulders on this equal waited basket of stocks, how does the overall market bounce look . So think about it. We have parts of the market typically things were leading going into the selloff. Xl came in a new high today. If you look at the pure growth or pure value. Whats really starting to happen here is were getting a lot of stocks that havent come back at all. Big assets like ups, certain broken down health care names. Were starting to separate and that ultimately would imply that while the market can bounce to make a new high thats enduring, the odds of that are pretty low. My question is, i look at financials and this is grabbing classic analysis, people want to see transports, they want to see financials and they want to see tech. Tech and financials were beasts during this pullback and if anything financials look fantastic here. Right. Except whats interesting, if you were to look at socalled value which is what this is, Home Building and that kind of thing, they are still underperforming. Theres an index you can look at. The s p 500 pure growth and pure value. The bounce off the low in the pure value is only up 8 . The pure growth is up 12. Its the same things that were leading and will continue to lead. While banks i mean theyve done okay, theyre not going to win the race. I just dont see that. February 10th, 2016 the s p trades down to 1810 that day. S p closed higher in the day. Never looked back. I bring that up, does this past event look anything like that and can we just be in for another v. Shaped move right back to alltime highs thats what you were talking about before i did my drawings up there and that is the issue. I can tell you certainly in my dialogues with clients, it is literally split. Theres a full half of the market that believes normal. It was caused by volatility that arent real and most people didnt even sell any way. And were just going to go on. Then theres an equally and important crowd that says, listen, when a big noise and a thing goes off in your basement, you can ignore it or check it out. Something changed. How do the charts resolve the two sides . My hunch is no new highs. Good to see you. Pete what did you do today theres been activity across different parts of the marketplace each and every day and some of them energy. Carter talked about it. You guys talked about it earlier in some of the underperformance. Exxonmobil has found feet underneath it. I bought some last week. Look at whats going on in agriculture and ad commonalities. Even a ccz, watch this stuff because soys making highs, wheets making highs. Walmarts interesting. Talking about the volatility. Except for the fact that this stock went from 90 in november to 110 just in january now it came back to that 90 level. Theres a lot of support at 90. You want to use that as a stop but i bought a little bit today. Im looking for a play back to midtohigh 90s. I encourage you to read it and dhip look at the micron. The chip stocks, sold off in that whole frenzy didnt get hammered. Theyre almost back to levels we saw preselloff. Chips go higher. Its not just the stock comeback. Crypto is on fire. All the coins heading to alltime highs. The cofounder of one of the largest coins ethereum will be here to explain. Jim cramer will be here to sound off and dropbox just filed its ipo and a heard of unicorns could be right behind it. Well tell you which company could be the next big ipo and which company should stay ate as long as possible. Much more fast money still ahead. Alerts wouldnt you like one from the market when it might be time to buy or sell . With fidelitys realtime analytics, youll get clear, actionable alerts about potential Investment Opportunities in real time. Fidelity. Open an account today. The accounting at ge has not been a model at all in recent careers. But you can make mistakes in Something Like insurance big time and longterm care is probably been the biggest single element of misreserving in insurance throughout the industry and they were in it big time and but i was staggered by the amount of it. That was the oracle of omaha Warren Buffett talking on squawk box this morning. He also added that he sold his small stake in the company at about 29 bucks a share. Thats a nice trade. How much worse can he get from here we saw ge touch 13 and change. 13. 95 actually. Seven year low. The stock closed higher and traded about one and a half times normal volume. So maybe, just maybe with this news that was awful, by the way, maybe this was the kitchen sink and maybe tim is going to wind up being right. I think most of us here have been for good reason. When you have a day like today where it should have cratered and it didnt, at least now you have something to trade against in the form of a 14 low. Hold on one second. We have breaking news here. Its a cramer alert. There he is. Hes joining us now from the set of mad money and we love curling. Great to see you. Im glad were all back on. It feels terrific. Thank goodness. What are your thoughts on ge right now . I think that its true that it had a reversal day and i do think also, guys, when people i was too positive for a long time. My worry here is that warren was really top of his game today and what he was saying is, look, we made a mistake. His own company made a mistake just last year missed pricing, the risk of longterm care policies that they insured for aig and i think what he basically said was, ge, no matter how good john flannerry is this is just an intractable issue. When i hear that i think, when will they ever get a dividend from ge capital . When were they able to put this area and whole issue behind them and im not satisfied that its behind them yet. Its a value trap versus a value trade at this point. I think johns doing a terrific job. Aero space is turning around. Health care he already had turned around. But these liabilities, whether they be pension or in this case longterm care, particularly unfathomable. If Warren Buffett says that he is, his company the best insurer ever misjudged the risk, why should i think that john flannerry hasnt done the same even though hes got a better board and doing a lot of right things to make things more accountable, this issue its befuddling everyone and thats negative. Request quick question for you. Flannerry talked about the potential of being three corps businesses is that the right direction . I agree with him. I think if he didnt have such nagging problems, hes approaching everything right and i dont want to bet against him, but my problem is, is that i was watching a lot of us when warren started talking this morning and he talked about ges been blessed. He was not real theyre worth kansas. What warren made me feel is like theres going to be even more cash involved than ge may think and what that says to me thats something john flannerry cant control. What he can control, i think hes doing a very good job on. Can you control the following things your eagle won the super bowl . Is the bloom off the rose . Have you come down from that high talk to me about the birds. Talk to me about atlanta which is when at that point may not be the champ. I am on a high from it every single day. I was in italy and every day i got up and still put my eagle hat on, not that they knew what that is. As you know, these are things that changed your life. I cried like a baby after we won and you know what . Ill do it again. This is a team that is my psych can i, the cities my psyche and i cant be more proud of these guys and the team management. Just fantastic. All right. Terrific, thank you so much. Thank you. I miss you guys. Really do. Thank you. Stick around for more jim. Thats mad money. Youre in ge. How do we come back to ge after that this is tough. I think getting the tk out there does a couple things. I dont think theres a smoking gun. The lack of information with something that was very concerning in terms of longterm care and issuance and i think the more information we get here they got 15 billion in new credit lines, i dont think the Company Needs capital. Jim said something thats important. Theres no reason to jump in. One consistent mistake that ive made throughout my career is buying things too early that i thought were cheap and thats why you mentioned as a value trap. Were shorting things too early. When you get the selloff, what do you look off you look for the great opportunities that are out there getting oversold. Ge is not in that category. Flannerry has the right idea with the three core businesses. This will take time so theres so many other opportunities between now and then. Its better to be some where else. Still ahead, dropbox filing for an ipo that could be worth 10 billion and the move could unleash the rest of the unicorns. One of the early investors will be here to tell us what he thinks the next big ipo will be. Youre watching fast money. Heres what else is coming up on fast. Overall is berkshire a net buyer or net seller of stocks right now . It was. Interview that stopped wall street and sent investors into a tizzy. Well tell you what stocks people think buffett is buying right now. Plus bitcoin is on fire. The cofounder of ethereum will tell us what that is when fast money returns. Directv gives you more for your thing. Your toprated thing. That five stars, two thumbs up, 12outof10, would recommend thing. Because if you only want