Obamas proposals. I think in seven, eight years, it got one vote. The bottom line is i increase the the, i appreciate continue crease in military spending but youre undercutting the war. Then there is Division Within the Republican Party about how to replace the repeal and replace after a draft leaked out. And there were some responses not everyone agreed with. Of course, the back drop is the president attempting to set the table many front of the joint session of gong what his administration will do. About what the next four years will look like. Heres what we can expect. A very large focus on the economy. What has already been done and what is still to come under what the president has called his America First policy. And then expect immigration to figure prominently on the portion of the speech about national security. It is still unclear whether his talk on immigration will be about a more hard line stance like his administration has previously taken and whether we would see a new executive order as previously proposed or whether there would be some signals of compromising. Some pursuit of legislation. We will see. A Senior Administration official says expect the tone to be optimistic but realistic. But in terms of health care or tax reform and whether we can get any specific policy proposals, im told it will be broad strokes. And interestingly, i think this would be of interest to you and the traders. Press Secretary Sean Spicer was on the Hill Briefing hills staffers about the message. He got a specific question about whether the president would come out twonlt a full throated endorsement of the border adjustment tax. So is this a moment of truth for the trump rally . What do they want to hear to keep this going . The market ran off the trump election victory, about 8 . He started talking about lower taxes, lower regulation. Another 3 . Now he is going to talk about the same things tonight. It will be fluff. No specifics. But the market likes that. The market doesnt want specifics right now. It only thinks it wants specifics. You give specifics, it changes. The truth is the reason why President Trump is there is because hes a practitioner, not a politician. But hes a practitioner who hasnt done anything. Hes been this office for five weeks. He got a lot of people into the streets. I dont have you have to give never credit not credit. You have to give him some time. This is a pretty quick to be very frank. He came in with a big tax agenda already on the table this month. Theres nothing on the table. I understand. But something that has been on the table, look how theyve the fact of the matter is you may not like what hes doing or what he is not doing in your view, but the fact is we are pretty much at record highs. So in terms of the market, from the perspective of the market, what does the market want tonight . And it may not be so bad. I think steve is correct that the market wants details. It wants a time line. I cant imagine it wouldnt be healthy to back off a bit. Reset the table. I think there is fear in the investors minds. It is down to 113. It spiked up to 116. A place where, look at utilities. Up 14. 5 . You have emerging markets rallying on this Growth Concept with now an abrupt about face. I think the bond market is usually right. And it is telling that you people are very concerned about growth. By the way, the fed has been all over the tape. Theyre going in march. This is back where we are last year. And the futures finally reflecting that in material of being above 50 . He said all along i agree the fed does matter. I agree steve. The market thinks they want specifics. People dont want specifics. As long as it is not acrimonious, i think the market will react favorably. You expect it to not be acrimonious . No, no. If he talks about the west tax cut. It will be a one sided conversation. It is hard for him to lose this debate. It is a one sided dialogue. Every person came away with one word. Unhin unhinged. The market ran, it is at all time highs. If he talks about policies again, this market probably the bond market. The fact the utilities are up. Weve talked about this on this desk. If you want to be long in the market, you dont buy individual spaces. They all take turns. Growth runs, then we rinse and repeat. The s p. You make a great point. You set gold, yields. All this is going on. That makes the s p 500 at all time highs. A very, very crowded trade. If everybody is running for safe haven assets, and they deep the stocks to be a safe haven asset. Weve gone 90 some days without a 90 decline. One of the longest in decades. What does 1 turn into . We had eight years of the same policy. That policy is changing and it cant reverse course in a matter of months. I think that rotation, out of bonds. Even though near term. I think the rotation out of bonds into risk assets. Lets say we get detail. Larry kudlow, well connected kind of guy. Locked in. According to his sources, trump will have more detail than we all expect when it comes to health care, repeal ask replace, tax reform. If we do get that detail, what happens . We have something to shoot against . I think if you get the detail, you might see the market sell off. What can that detail be . Theres no free lunch no, silver bullet. You have to pay for this stuff. And ultimately, equities get kind of expensive. This is the thing. One. Most inarticulate president s in a long time can go on private time tv. You think he will be able to go on prime time tv and lay out details about some of the most complicated stuff . He sat there and told the press the other day, well, this health care stuff, really complicated. Really, genius . And let me make one other before that, lets pick it off one at a time. We had health care crammed down our throats with obamacare. We heard nancy pelosi say they had to pass it first to see what was in it. That was a coherent statement . Let me say this. When all these republicans have been going into their districts and theyve been facing angry crowds and they find out the constituents that theyve lost health care. Tens of millions have lost health care. Good luck with that. Obamacare is imploding on itself. No one likes obamacare. Show never poll and ill show me the poll. If it was i want to talk the president would say it is fake news. Timeout. I want to go back to the market. Sorry, guys. Let me go. Hold. On this is why this is important for the market. I hear it all the time on twitter. From all these people. The guy has his Senior Adviser is an etrno nationalist, he used to run breitbart. Okay. Hold it. Hold on, guys. Hold on. No. Thats fine. For steve bannon, there is a gary cohen, a steven mnuchin. Lets go back to the markets. I want to go sorry. No. So 1208, when it is about the border tax and speculation started coming through. I think you have a place. Real details are needed. The market is maxed out. Especially for the technical reasons we talked about. That you have not seen these pullbacks. Our guest has to come by sitting at the end of the table, talking about how we havent seen a correction and thats what we need to see. The deal stocks. Ultimately youre at a place where some of the same traits were working on in the First Quarter are the ones kicking butts. I want to bring in tony who says there are signs the zpax infrastructure plans might be at rich. A chief market strategist. Good to see you. Great to be here. And you are looking at the warning signs. When we think about this, the last five days, a 6point s p move. The last five days of the move was wiped out with a 6point drop. Like you want circuit breakers. Youre down double digits. Thats the market that i think is ripe for a correction and it never feels like youre going to get a correction right before you do. Again, you have to be out of your mind, which ive said on the show many times, to get negative. But our call has been to get market sector. The defensives over the last 12 days, 11 days, they absolutely led. For the last month. The 4 or 5 that i made a tragic correction call. They have led for the last four or five months, or percent. I have one tax legislation thing that as it relates to the market. The last major tax legislation on the down side was Ronald Reagan in 1986. Everybody likes to refer to it. Do you know who put it out there . Dick gephardt i think it goes, just the environment ripe for correction. At what point do you say not Market Neutral but actually underweight. At what point do the warning signs tip over . It will never happen before you invert the curve. Heres the reason. Any time you get a drop. So as long as it is flat or higher . When it takes, were at least 2020 before we get a recession. If you follow the dot plot. You wont get it until the middle to end of 2019. Your mean inversion is 15 months and you come out of the inversion over the last three cycles without a recession. So youre into 2020. Im on the back nine. Anyway, the reality is you never, ever, ever want to sell weakness in the market when youre in a positive fundamental yield curve back drop. Even if it goes down to 10 , and i do it a lot. I wish i was better. The market goes down 5 and ends up 10 . The way it snaps back. When it is up 3 from the law, you say, i cant buy it here. It will retest the low. Theres the downside of trying to play it. Arent we in a place, they have to go. You have dudley out there saying, the case for the rate like is very compelling. And people can make an argument that a lot of this has been about business confidence. And consumer confidence. Which is a could not current indicator in some cases. If you remove that confidence, were back to an economy that people have been poopooing for a long time. I used the spread. The banks never get their money in two years and lend it at ten. They get it at three months and lend it at five years. Thats the yield curve. It is not so bad but so far away from an inversion. Even if the tenyear note stays right here. To your point, when the market started really rallying, it was because it reversed from the election. You had Global Economic growth accelerating. Look at the date points over the last three, four months. Theyve been extraordinary. Could the fed get us into a yield curve, this debt ceiling in two weeks that nobody is talking about. This s p a big deal . 100 . They will raise rates aggressively. They do it every cycle. The data lags and all of a sudden, the great data, all of a sudden a revision comes in and you get some pretty big upside. Heres the nonconcensus call. The dollar gets weaker. If youre raising the interest rate, what does that do to your economy . It slows it down. If youre showing your economy down, who will put their money somewhere in that growth environment . Okay. Tony, good to see you. The data was Getting Better and it continues to get better. We see it across the board. If he was right, the dollar gets weaker, thats not good for that trade. And it is also know good if we go to this protectionist trade war stuff. So to me theres a lot of head winds that could slow down whatever green chutes sweth going on. The political stuff is really important. I think it has the potential to destabilize what is a pretty calm situation. For the last eight years, it had the potential to destabilize. If you dont like the president , i dm like the last one. It doesnt matter. You have to be agnostic. Theres no way to thread that needle. If you want to be a buy the market long term, buy the market long term. What do you think . If you get out, you cant catch the upside. Hes right about that. You saw february 11 of 2016 proved that. 1810 in one day. Happy birthday. Listen. Volatility, ive been wrong. I thought it was a single digits. Especially in he is benign this evening. Still ahead, youtube taking shot at the skinny bundle. Well talk to the ceo. Plus, target having its worst day. And snap chat might be worse less than you think. Deartheres no other way to say this. Its over. Ive found a permanent escape from monotony. Together, we are perfectly balanced. Our senses awake. Our hearts racing as one. I know this is sudden, but they say. If you love something set it free. See you around, giulia making its plastic form the cheapest to trade from. It was shortlived. It would be an aggressive rebuttal since it just lowered. Good for traders but not so good for the firms who derive a percentage. Etrade, 21 . All those stocks were lower. The price battle isnt just among online growers. Hedge funds pushing for lower fees. It was cutting fees for the second time in eight months. At the same time, were also seeing consolidation within asset managers. Is there a race to the bottom for fees on wall street . Who is equipped to survive. Yes. You just mentioned a few schwab, schwab is within, before today, effectively trading at an all time high. These stocks. They are going to race to zero. It is not good for any of them. Trying to pick a space in terms of of the one i just mentioned. Go to morgan stanley, goldman sachs, jpmorgan. Given the headlines, with the yield curve. Not a good idea. Those three companies are the most high to a rising rate environment. The others have a lot of noise to their benefit, to guys point. It helps out when commissions are lowered. Its negative. The yield curve, as much as ive made noise about it flattening. Were on the upper side of the mean. Youve seen plenty of cycles, much flatter than it is right now. If you want to buy banks, you guy money setter banks. I think regulation is coming down and i think theyre the ones the profitability and theyre cheapest. Bank of america and city bank have the biggest problems and a lot of that will go away. To buy these dips . We talked to rich. Covered the space for a long time. His ratings are currently under review given the news. They should be under review. In materials of, i agree with him. These are specific names. We talked about it. At current valuations, given the cutting of commissions. It is not going away. You cant put the genie back in the bottle. The ceo mark beenoff just sat down and many some surprising comments. Im melissa lee. First in business worldwide. In the meantime, heres what else is coming up on fast. Heres how investors in target felt today. The former head of sachs said now is the time to buy. Plus, the man who wrote the book on valuations and called it on amazon years ago has a big call to make on snap chat. And hell be here to reveal it exclusively with fast money returns. Is the stuff that matters . , the stakes are so high, your finances, your future. How do you solve this . You dont. You partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. Morgan stanley. E trades powerful trading tools, give youccess to indepth analysis, and a team of experienced traders ready to help if you need it. Its like having the power of a trading floor, wherever you are. Its your trade. E trade what if we could bring you by having better values . Blue apron, we work directly with more than a hundred family farms. So instead of spending on costly middlemen and supermarkets, we can invest in the things that matter most making farmland healthier. Cutting down on food waste. And bringing you higher quality, fresher ingredients for less than you pay at the store. Because food is better when you start from scratch. 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And if you do have an accident, our claims centers are available to assist you 24 7. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. The dow ending a tenday winning streak. The s p and nasdaq are at 4 . The best month in a year. Googles youtube stepping into the skinny bundle. Julia boorstin spoke with the ceo a year ago. The king of valuation says it is worth much, much less than many on wall street think. First we start with target shares missing the mark completely today. Shares are plummeting 12 . The worst single day in eight years. This after the company missed big earnings. The ceo announcing a turn around plan today. Courtney reagan sat down with him today. Live with the very latest. Hi, court. Reporter good evening to you. So after target put out their Fourth Quarter results, they also lowered the full year guidance and then met with analysts for the Community Day that they have here in new york city. And thats where i got a chance to sit down exclusively with the ceo to talk about the turnaround man. We have lots of work to do. This wont happen overnight. It is a threeyear plan that we put in place. And this is about investment. We have the initiatives. Ultimately well return to growth. We think there is significant market share opportunities. People are closing shares. And as we close, we have an opportunity to be one of the future winners. Cornell and other executives detailed targets threeyear plan. They will invest 7 billion to improve online operations and delivery. Remodel 600 stores. Build out 100 or more of the smaller Format Stores in more densely populated areas. Theyll introduce 12 new brands and are going to take a hit to margins in order to lower prices. But the thing is, target has been working on a number of these initiatives. So, too, have competitors like walmart. You might remember over a year ago, walmart said in the fall of 20 final that it was remodeling stores. Investing in digital and supply chain and lowering. They have gone positive, stayed positive for some time. Perhaps at targets expense. All right. Thank you. Excellent interview. Courtney had mentioned before the comparison to walmart. Maybe shareholders can take solace in a turn around. They hit a multiyear low. November 2015. The very same concerns about technology spending. The stocks have climbed down. Rising 25 . So shou