More production cuts from opec. The commodities confidence got the boom. But first, we start off with trumps push for infrastructure and tax reform. We met with a number of ceos at the white house, fortunately, those meetings took a back seat to a brewing conversation that took place a couple hours later, hi, kayla. Reporter hey, mellissa, the white house held yet another ceo today with Business Executives and investors alongside cabinet members to discuss tax reform, infrastructure, education, the budget and a whole host of other issues, but theed a palestiniad overshadowed midday as it was asked again to defend its singular strooic in syria last week. Press Secretary Sean Spicer repeatedly saying this. The minute you use chemical weapons, in world war ii, you know you had someone who is despicable as hitler who didnt even sink to using chemical weapons. Reporter the unforced error, of course, it quickly made waves and drew criticism from a number of groups, namely Jewish Community groups t. White house was later forced to clarify, spicer saying in no way was i trying to lessen the horrendous nature of the holocaust. I was talking about dropping chemical weapons on population centers. Any attack on innocent people is prep pre hencible and inexcusable. Perhaps this exhibits the Foreign Policy around the Trump Administration has become complicated. Have you secretary of state Rex Tillerson arriving in russia. The president is meeting with the secretary of nato tomorrow, an organization he has criticized and days after a cordial meeting with the president of china down in florida. The president took to twitter yet again, talking about north korea and trade saying on twitter, i explained to the president of china that a trade deal with the u. S. Will be far better for them if they solve the north korean problem. He later went on to say, that if they dont get chinas help, they will solve the north korean problem by themselves, without china. So a lot of moving parts here at the white house right now, mellissa. Clearly the ceo conversations are very familiar territory for the president , for the white house. He wants to remain committed and eyes on the prize as the financial agenda, but there are a lot of other moving parts that he is having to deal with in the near term with very high stakes, themselves. Kayla, thank you. The reason why this is all relevant to the market, with distraction after zax coming out of the white house, there is less focus being spent on trumps tax agenda. The markets starting to get impatient. Check this out the volatility index, the highest level since the election. Ten year yields are falling, touching their lowest levels since november and gold today surged and retraced all of its postelection losses, it is now up 10 thursday this year. The market move is on, the clock is ticking for the trump agenda and the trump trade. How much more times are they going to give the president , guys . I think you got to give them until earnings season. Well, no, in terms of the market. Because i think to your question, if earnings are tepid or lousy, i think that will it will have a negative effect on the market going forward, in other words, six weeks ago, they would have given it a pass, now were at a point where the president iagenda seems to be flawed or will take a lot longer than he thought. Which is why i think this earnings season is critical for the market. Right at the end of april we have this budget fight. One of the most interesting things to me today was that first half an hour of trading. We had that tweet before opening. It was geopolitical in nature. We saw stocks sell off. We saw people move towards treasury the big spike, the vix spike the gold spike, that combination is what we could find ourselves in, if the data, the Economic Data continues to be, you know what i mean . We have a situation where corporate managements are not guiding a real confident manner. Then i think you have a selloff in may. What do you think . I think it evolved over the trump rally. At first i thought it was only due to policy, tax policy, things like. That then i really started to think this was something to an animal spirits. I believe the environment has changed. People are more, ceos are more optimistic about less regulation. However, the likelihood of the tax part of the agenda, getting done is lower now. Lowered be i the day. We talked about two months ago, he said we have a phenomenal tax plan in three weeks. Thats ridiculous. Now with health care having failed, the administration kind of stumbling. Right. So it seems less likely, which makes me less optimistic about the rally continuing. Right. Do you think we will see volatility even higher. Its great t. Optimism numbers. To guys point, though we have to see the time pass at some point from optimism and animal spirits to actual results and what we are already seeing in lending is there is a massive slowdown in commercial lending. Its less than 3 year on year compared to what 8 . 9 . I get. That i think the portfolio landing was better. You get seasonal facts. The facts are bearing the burden of that. The three things on the market, we are talking about the vex t. Market has done almost nothing. You also have a case where more people are in passive investments than theyve ever been. Have you this plot of money into ets and you name it. I think we stocks get ugly, it will get even worse t. Market depending on what guy says, is ets. Bottom line, are we in a late stage or early acceleration stage of a market finally starting to pick up . I think its more towards the latter, frankly. There are reasons, there is positioning going on and they were seeing, people were short, a european vix would spike. They were hedged with long u. S. Vix. That may be causing positioning trade going on. In other news, gold, the yen, exactly. In these safe haven trades, thats kind of undeniable. The moving of the vix in my opinion, the vix should have been here the last monthandahalf, two months, its here now t. Move in bonds i think is somewhat interesting. At a certain point, you have to ask yourself, is the bond market sort of trying to tell you something about the economy moving forward . Again the yield curve continues to flatten. Was it a problem six or nine months ago . Maybe it will be a problem now. Look at tips, this was a hot security, Inflation Expectation were 13year highs. These things have been liquidated in the last few weeks, actually, for me, its setting up as a buy. The media, the white house today, have you ceos, they go to the white house. Theyve done this on numerous occasions and come out with nothing. They called him the zhaolander president. He says this, understands little and they dont do a whole heck of a lot. Im not so certain you will be able to get these ceos down at the white house if they dont get some sort of they got to get something. Right . Like you said, karen, in february, we have this glorious tax reform planned. Here we are almost in midapril. They got nothing. If we get into late spring, early summer, they have nothing. What can they come away with right now . I kind of agree with karen the confidence with the the sea suite is very high because there is sharing time. He doesnt sister to do anything. Stockmarket is at an all time high. There is so much uncertainty, are you going to guide in on optimistic fashion here . What are you going to gain if are you a cfo . Why do the bank dee fees with jamie dunn saying things are fantastic, we are seeing an uptick. Something has changed their animal spirits. There is nothing doing that. Social lending. The net interest. The yield curve. It will be like. Well talk about banks later on in the show. I think you have a place here, depending on our sector, nice cam reform, even without fiscal reform, think of the people in charge of the environment, think of the people now in charge on a regional level. Think of people in charge of regulation, across major sectors of the economy. Its a totally different game. That has, if are you a ceo in that sector, you have to, even without any change, you are better today. Geopolitical risks, they have been the same all along, it seemed tired today than any time in the administration. Yeah, weeks ago, syria wasnt necessarily on the radar, north korea wasnt necessarily on the radar, potential hot spots. Do we ever think that trump was going to flawlessly handle Foreign Policy . I tell you if there is one part. He was going to be americas centric and not wade into except forced to. You are not saying this, but it would be absurd to think our president could not wade into Foreign Policy. I agree, but he ran on that platform. This yes or no is with russia, when do we get the pks the dossiers . We are not that cozy army. As trump continues to unrav em, our next guest says trump 2. O is over. The chief Market Strategist who made this call. Nick, welcome to the call. Trump trade 1. O is what . It is dead as a door nail. Thats the rally on banks . The rally on banks t. Refreshment is free t. Deregulation is free. The trades first higher growth. Its everything we saw from Election Night through the end of the First Quarter. It came with a lot of money flow noose equities. It came with seriously declining correlations. It came with a widespread of performance. What we seen in the end of the second quarter, money flows are coming out of equities into bonds, a billion dollars in the last five days, and you are seeing correlations tighten up, which is why that vix is rallying. Volatility offsets itself, when they gin to rise, as you are seeing right now, vix rises with it. What is trump. 2. O. Its the pick up the wreckage of 1 in. O. A keep group, less than 14 times earnings this year the best komps of earnings of any sector in the q1 right now. Will you get a nice catalyst starting next week. Health care is the other one. Still long, ignored and has a pretty good year going, they had a lousy year last year. Thats the other area i like a lot. Is trump trade 3. O a reset . You are buying the same group as trump 1. O. Those groups sold off, gave up their gains. Whats the catalyst this time . Do you think that people havent seen the deregulation, they havent seen these things . They would have brought those segments higher and kept them higher . Yeah. Trump 2. O is basically for getting trump 1. O, going back to basics. What the cheap group with solid catalysts. Fundamentals, not politics . Politics right now are not great sense of catalysts. Theyre a negative catalysts. Not positive. This wasnt working before the election t. Market was moving fine before the election. Great. Exception for no one was convinced there was nothing underlying, the eps of corporate. Were really lagging. Why is it different where nothing less than 1. O . Look at the last few years, stable earnings s p earnings what moved the market is lower rates, not better earning itself. We are Getting Better earning, 9 comps in the First Quarter for the market overall. We are getting that earnings score. That itself catalyst. Is there a chance if he being the president gets nothing done, hell take the low hanging fruit and go after pharmaceutical to garner his words not mine a win . Yes, its definitely a possibility. Its a risk. I think these valuations you are getting compensated. Its better in financials, its okay in health care. Why isnt technology a part of trump trade 2. O . Its worked so well the valuations are north of 18 times earnings. Thats why that good news is baked in. Name by name could be great. As a whole group, it feels wholly valued. Nick, thank you for stopping by. Thank you. What do you think of 2. O . Well, im long technology, long banks as well. So i do think that that job trend might be easier than the other stuff to get down. So im hanging on to those optimistic. Even if technology is 18 times, the growth rate is higher by the market for a lot. Im happy. They cant get some of that other stuff done. Im not sure they go after doddfrank. Thats the populist campaign, thats back to that pharma companies, thats an easy one. It can speak to the people, talking about lower drug price, its fought pro business or business friendly, but it is speaking to the people. To me xlv, i probably sound like a broken record, its been pinned at 74 for two weeks now. I think you see 70 in the next few weeks. This is one despite the valuations they will come back to. I think you are right. The things i would go back to are Global Markets and nick was talking about, whats refreshing of nicks view, its almost devoid, basically saying, lets get back to where we were. Look at the confidence numbers out of germany, basically, zew index near the highs. The stories out of there. I added germany, some spain. Im doing that to names like telephonetica, big players cheap in this economy. Watch you on tv, you are on all day long. What was interesting to me the fact that on a benign tape at the end of the day, russ emwas up almost. 8 of the day. Thats the good news, bad news and financials, gold man sax has not been able to get out of its way for the last month, manthandahalf. Not too long ago. I think it was. Goldman was against me on goldman, too. Cmon. You want to go down that route . Hes like a seaburden right now. Im calling a seymour. Sea bird pulse i was on the debate team. Thats what i did. I was both lincoln and douglas. Can we talk about stocks here . We did three big once on a wednesday morning. My producer ted told me earlier in the block. Heres the thing, when you think of the riskreward the stocks have pulled back. What do they have to say to get bell e them to pull back for the highs. They talk about risk trading revenues and adding deal flow, backwards looking, okay from they talk about the pipeline. Maybe think about the money centers. With that interest margins. Where they are. Are they explaining away the slow growth. You have a two up, one down stock scenario. If you dont agree. Anyway. Coming up, its all twitter talking about United Airlines losing a quarter billion dollars in market cap and now the ceo is saying im sorry. Well tell you why that might be a little too little too late for the stocks a. Onemonth high the commodity thing, Dennis Gartman has oil plays to get in the game. Is apple ditching its top chip suppliers . What has them running scared . Cooling offer . Much more fast money right after this. Look closely. Hidden in every swing, every chip, and every putt, is data that can make the difference between winning and losing. The microsoft cloud helps the pga tour turn countless points of data into insights that transform their business and will enhance the game for players and fans. The microsoft cloud turns information into insight. Welcome back to fast money. Check out shares of apple supplier, dialogue semi conductors may sink after 16 years after it may lose its single biggest customers. Fears have been brewing that apple may revert manufacturing its own ship technology, prior to this a group of stocks were on quite a runup. Shares of apple meantime down more than 1 today. That dialogue semi apparently got 70 of its revenue from apple in 2016. So this is not just a big slip. This is the biggest source. Its havent volatile with a lot of the stocks with apple in general. What is interesting about apple. We no they have much less market share than samsung. That i have instantly more profitability when you vertically integrate your company. You get away from squeezing your supply chain and that sort of thing. They must think they got it figured out they are going to be infinitely more profit annual or more so than they are with their supply chain that way. So to me, its kind of interesting. I think the biggest news at apple is when that phone comes out, i know there were rumors, when it was pushed out. If it gets pushed out in november, you may see numbers come down for this year. I mean its that simple. Does it matter, though . The stock is 143. It was at 90 a year ago. I dont know how much. China will say its a huge faculty. They had a note saying loyalty among apple users sunk to a new low. Really . Tier one and two cities, they called them in china. I dont know what it means. But if it is true, you have to then start to question how much of a driver china can be going forward. I think what we are seeing in china in terms of the Competitive Landscape is people are going to the cheap legacy carriers. There is very little they can do about it. They carved it out impressively. I think no matter what, we continue to under estimate apples ability to refresh and work off it, it continues to grow. If this is an apple trade, you dont need to chase this i dont think you want to see them totally, i think clearly they can push people around they shea should. We almost wrote apple off ahead of the iphone. Here we are ahead of the iphone 8. What do you think . I dont know anymore. It still didnt, i dont know, 110 maybe. I think that there is going to be some sort of this for a while. You talk about this, its delayed. Who cares . Still, i think well be at will. Still ahead, another battle brewing on the face of the financials. You saw a little grims earlier in the show. They will battle it out later on this hour. Im melissa lee. In the meantime, heres what else is coming up on fast. United ceo has a simple message for its customers im sorry so sorry well tell you why it doesnt matter for the stock as the controversy heats up. Did you miss the move in oil . Relax, modern day king Dennis Gutman has three under the radar names he says you can still buy. Hell tell us what they are when fast money returns. E trades powerful trading tools, give you access 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 welcome back to fast money the Senate Commerce company asking for more about the passenger. Elon. Reporter mellissa, you are right the Senate Commerce committee is sending that letter to United Airlines ceo oscar muness, they are asking why that passenger was forcibly removed. In this letter the lawmakers call for the airlines explanation so far unsatisfactory. They said the explanation appears to underestimate the publics anger about this incident. Some of the questions theyre asking include when did the airlines realize they need to bump someone from the flight and how that person was disturbing, they want to know how often are Secur