Report will be good . Do you buy if you think the report is going to be bad . P. K. Kick it off. What is good and bad . Youre looking for 160,000ish. I would say and over 190 t thats you want to buy the dollar. If you get something below 100 you want to buy gold. After the number at 8 30 tomorrow morning. So whats your take . To make it easy on myself, the last time they raised rates, the dollar knee jerk reaction went higher and ultimately went lower from december when they did raise rates. Gdx, gold is actually went higher, as well, 80 . Or so or 90 and xl us up, as well. Was up 14 . For me, its counter intuitive but thats what you got. So extrapolate that. If we go higher than expected on the consensus, that means that the rate hike trades are on, is that what youre saying . Either way the ones that rallied either way you play this, those stocks that sector is going to rally. I think either way. Either way. Bad jobs report. Bad jobs report. People run for cover but people think the dollar will be weak and people run for cover and will buy gold and utilities. If its a good jobs report, you get a knee jerk but a day or two, thats over and do the opposite again. I think its a trade. The value of the overall market, weve gotten too far, too fast. I look at it and say i agree with the dollar trade. I think that you just get along the dollar if you get the signal there will be a move. I think there is going to be a move. The line is 150 and you got to adjust for verizon. The adp number doesnt have the adjustment. Going to be a june move. There is nothing compelling i go and feed any rally we see on a worse number, you know, in anticipation of not moving and id like to buy stocks and weakness that have good valuation. Let me tell you one area that does not have good valuation is consumer staple. If you think the raise is on and sell consumer staples, we know how sensitive they are to the dollar strength. They caught this kind of breath since the start of the year where the dollar has gotten kind of nailed. Ill say this, as you think about it, i dont think they are raising in june. They are pricing a 53 chance to july and have a meeting in september. I dont think 50 50 for july is a great bet no matter what the jobs data is and ill just say this, that if you think they are going to go based on whatever is printed tomorrow morning and the s p doesnt have that knee jerk reaction lower, i think you have a setup with a move to the s p back to the prior highs. So wait do you think they are going to go at all this year . I dont. I actually dont. If they dont go in june or july, then they will stay away from the Election Year cycle. But wait a second. Your dollar trade was down 7 from december from last time. Yeah. And xlp is up 7 . Right. From the last hike. All these things, we have to look at our point of relativity. Yields will be no place. Lets get back and ask this question. Client position we talked about during the energy debacle. How clients were positioned. How were cliented positioned now . I can tell you. The big egest fear for hedge funds, if there is a signal there is not going to be a move on rates, this market could gap up to a level thats extreme. Thats the one thing that keeps p. K up at night. I have a bearish bias towards the market but you can get this meltup, everybody out there is bearish at this point in time, which i dont like to be on the same side. I want to run to the other side. How do you position yourself. I think, again, i go back to the dollar being the one trade for me everything hinges off that. Thats your nobrainer. I think you have to wait for a breakout or a break down. Were just caught in the range and at that point, you can see. You might have to wait a couple days to see but you could get a melt up. Is the bottom line, meaning stronger than expected jobs report is bad news in that it will send the market lower . Back at that . All this, back at that . The term goldie locks but i feel like its got to be really out of the norm to get anyones attention. Right now its in the sweet spot. Yeah, look, do you believe in 130, you know, 130 s p earnings for 2017 . Thats what comes into question. Thats what we are in the tape and i look and say i dont necessarily have the confidence people are buying into that. Especially with the higher dollar. Thats not factoring in. Right. And youre seeing an off the bottom and i think the dollar goes much higher from here. You already saw today they are talking about potentially maybe some more easing or going to start easing. Comes back to the dollar. I think it also comes back to this is whats confused everybody, not just here on the desk is Major Players arent sure what it will do and you told me what the number is going to be tomorrow, give or take 10,000 things, i couldnt tell you what the market is going to do but look at the extreme. Below 100. Anywhere between the market is nothing . I think so. I would much rather buy a potential s p breakout if the data suggestions they are going to raise this summer and do it. If thats the case, you want to buy that. I dont think you want to buy a bad number that people think they will stay on the sidelines of fed for much longer because then to me the whole notion of this fed tightening cycle because of better data here is off the table. Okay. S p 500 has been stalled but could there be a breakout on the horizon . Lets go off the chart with johnson. What charts are you looking at . Hey, melissa. Feels like weve been stuck in the trade forever. Everyone is waiting for a big breakout. Were not anticipating youre going to get it because we think you can wait for the confirmation and that will be the catalyst. Its go to the chart here. We know weve been at the 2100 level for what seems like months and has been. We first hit the level in december of 2014. The 18month sideways trading range. There is no trend. Thats flat. The slope is flat. We would rather that turn higher. The 52week high is 21, 28. There has been 20 times where weve gone aaat least a year. When you get the new closing high, the s p is higher a year later. 19 of the 20 instances for a median return of 20 . Massive gains once you go that Long Distance before breaking out. So what are some things were looking for to give us confirmation besides the breakout . We have the ten and 20month moving average. Looking at the moving average smooths things out. The 20month caused a lot of people to say this is a replay of 2000. A lot of people forget about 1994. We had a bearish crossover and false signal that crossed back up. We know it happened in 1995 and a period where we went more than a year without a new high. Couple other they thinks were looking at . We know the breath is getting strong. S p 500. We not only broke out above the 2014 highs but alltime highs for advanced decline. Thats another constructive compone component. This is a stocks only and takes out the bond etfs. Were still by low the 2015 highs here. If we get a breakout and if we get the moving averages to rise and the new closing high, we think that would be a bullish argument. Steve, would you agree these are a series of things that need to happen before youre a buyer of a breakout. I think youre better off waiting for new highs to buy into this market but what i do believe also is if we krolsz over that 21, 28 level, it has to hold. Thats going to be the exit because the last time we traded there and we dipped below a next couple of days, the market was in for a severe correction. So you need to hold that level. Okay. Yeah, i would just wonder we stair at the s p 500 every day and there is a lot out there that are not u. S. Stocks but when you think about it from where im looking, that breakout is probably going to come. Whether it stays is another situation. Im looking at back here our small caps are down 10 but go over to asia, we have the shanghai composite down 45 and nikkei down 20 . There is not a lot of paris base globally. To me the sshlgs and p feels crowded and im is the sure thats the trade at the end of the day. If you think the s p is going to rise, there has to be stuff going on globally and better valuations out there and we know there are. To me, thats probably a better trade. So a tradeable breakout or invest breakout . You said the yourself. I dont think its going up much. I look at this and say every central bank in the world is debasing currency to figure out how to get rates as low as possible. History cant necessarily give you the playbooks you need. And scratch your head with the move you have in the s p. I was negative and at a certain point you have to change because this is an aggressive i agree. The difference between i would rather be a seller. I sold my apple. I sold my disney, i would rather be a seller but the problem is this is really an aggressive run with the s p so the new highs. Youre waiting for new highs. Id rather see that first. Jonathan, thanks for joining us. The ceo of one of the Biggest Airlines in the whirl had disturbing moves about the econo economy. Plus a top opec official that could have big implications for oil. What he said this could have major implications for crude and the donald heading to the tech mecca but will Silicon Valley give him the Cold Shoulder . That and much more on a very busy fast money. The call just came in. Shes about to arrive. And with her, a flood of potential patients. A deluge of digital records. Xrays, mris. All on account. Of penelope. But with the help of at t, and a network that scales up and down ondemand, this hospital can be ready. Giving them the agility to be flexible reliable. Because no one knows like at t. Welcome back to fast money. A response to a report earlier today from shortselling Research Firm citron saying the company would be bankrupt. It dropped shares by 14 and recovered to be just about maybe threequarters of a percent of the upside. The statement is talking about strongly refute the report and today they go on to outline the number of steps they have taken and also go on to say that and reducing cost and portfolio and Decisive Action under this plan. And significant cost reductions while strengthening its liquidity protectiliquid ty prediction. A couple things addressed and tu turn it to a formal level by saying that officially and strongly refute it. A very Interesting Development in this company that was a spin off from dupont does titanium chemicals in this story will be sure to have legs going into tomorrow, guys . Dom, the statement was issued in the after hours session so after the stock recovered . The stock didnt recover during the regular session. Right now chemours shares spiked in the after hours, maybe 78,000 shares here and the shares are down ninetenths of 1 . It made a turn around on its known and not in the response to the companys defense. After the shares had recovered from the lows. Got it. Thank you dom chu and spinout of dupont, chemours. If youre getting in there and saw the headline today, not a trader stock for intensive purposes. The question, is that report something holders of this stock that got are likely to take in easte earnest, circuit city, i may not have chosen that. Now lets go ahead and talk about United Airlines that kicks off the top trades tonight. Oscar spoke to phil lebeau and made curious comments about business travel. Gdp is dropped dramatically from the start of the year 3 , almost half that at this point so its something were certainly watching and keeping a close eye on. Corporate travel depending on what part of the country and Energy Sectors down and banking is stable. Were seeing a little softness. A little well a little softness in business travel. Take a look at the stock and softness is putting it politely. Right. Exactly. Clearly people have, you know, gotten ahead of this story here and the real question is okay, is this going to turn . This just a pause or are we going higher here . I think if you get lower oil thats going to help and that will mitigate some of it. Lower oil from here will mitigate some of the losses for ual. Right, right, right. I get that. To say if only we could have lower oil, when they just had lower oil a couple months ago and stocks exactly. Thats exactly the point. Its going to mitigate it but the point was, is that it doesnt mitigate all because weve seen that in there. Right. Business the important point that melissa brings up is lower oil didnt help and hurting as oil goes higher and getting burned. There is Something Else going on. It would help but if they dip back down, maybe it would help. Capacity that was conservative lower. People are going to stop flying and come off, there is nothing you can do. I stay away. Ual is a company with internal moral is terrible. Its very difficult to turn a ship like this. Its a massive company. Its going to take a long time. There is activists involved, i dont know if they are activists but owned the stock for a period of time. They have activists like tendencies but it will take along time to move the needle. Maybe its because a lot of them are cutting capacity. Delta announced cuts. Wouldnt that be the pan to this . It could be. We sat at the desk for seems like two years to talk about discipline and pricing and seen the consolidation and rung out cost cuts youve seen. Thats why the stocks 18 months ago were at multiyear highs. To your point, oil, 50 is lower than a year ago, that short of thing. Its not a costcutting story. We need to have organic growth. Thats why they are focussing on this client. Think about Enterprise Spending all over the place going down. Down. So i dont know. Seems like a tough battle. The one thing to tag this up, save, save. If youre looking for something and want to check the box for an airline, go with one working. Elon musk speaking at the code conference about what company he thinks is a bigger competitor to tesla, google or apple . Listen to his answer. Does a great job of showing the potential of transport but they are not a car company, so they would potentially license their technology to other Car Companies and i think they announced something with fiat and so i wouldnt say google is a competitor. Apple . Yeah, that will be more direct. [ laughter ] that will be more direct. Would apple be a threat in your view, grasso. Who know who is a car company . Tesla. Its not valued as a car company. He better hope tesla is not seen as a car company and the biggest competitor to tesla is tesla. I dont think they will get to the numbers. The numbers are huge. Its a search company. Apple isnt going to be a car company. Its searching for invasion, as well. Why do you say we dont really know successful car company. I get what youre saying because of supply. They have to raise money to build a factory. Apple as 233 billion on the Balance Sheet and raise 4 billion in asia pacific in a bond offering. It could put up a factory overnight. The question is not will it be imminent. Is it going to be in the near term . Could they be a competitor . They could. They could build a product, no question about it. Its not going to be in the short term oh beat by 2020. Not a tesla issue. I wouldnt worry about i love how he slaps on the years, the estimate. Apple will be a car company in 2020. This goes jesus listen, okay, so now were talking india in five years is going to be big for apple. They will build cars in five years. What will they do in the short term that will be the catalyst. Have you guys ever been in a tesla . They have a screen thats this big. Thats apples opportunity. They sold 50,000 cars and 5 billion on sales. Does it move the needle on apples revenue base but when you look out to the electric car, you know, expectations from all these people other than tesla, there is a massive opportunity to be in there. If apple came out with a slick, sexy car that could compete, that it would pick up evaluation premium . Thats the best argument. Thats the best argument, if they could do that. We havent seen them live you want this see technology in the car, though. I think that that will pay a higher premium. Lets say they make a car. If you owned apple and they came out tomorrow and said were going to make a car sold. Just like that. Absolutely. I want to see the car. I want to see what the car yeah, i can sell it and see the car and see if people like it but my concern about apple making a car is they have never done it before. All of a sudden they are a car manufacturer. I would rather them see their software put in every car. I think its a buy if they do that. They have 200 and something billion dollars but not doing anything i have a phone in my pocket that doesnt last a day on the battery charge. Fix that. Maybe it will help then fix batteries on their phone. They acquire battery technology. The screens 2017 the car issue, the cost to spend even this boat load of cash you would be a seller then. All right. Its execution risk written all over it. Stay away from it. Sell apple. I got a bottom still ahead, shares of two chip stocks, broadco m a mbarella, details after the break. Youre watching fast money. In the meantime, heres what else is coming up on fast. Ladies and gentlemen, this man could be your next president. Rosie odonnell is disgusting inside and out. Look at her. Shes a slob. She talks like a truck driver. And its got some Silicon Valley ceos snubbing their noses at donald. Well explain. Plus, some are calling it the super bowl of drugs. 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Broadcom sales beat expectations. The Company Raised the dividend by a penny to 50 cents. In the companys release, broadco ms ceo expects a bigger third quarter. Those shares you can see here doing good work in the after hours. Moving on to another tech company, ambarella posting better than expected profits. The company authorizing its own 75 million stock for purchase plan. The ceo did warn there are nearterm head winds and will continue in wearable sport