But first, we start with day two of the tech wreck. The first backtoback sessions for the sector since brexit. All the familiar names, facebook, amazon, apple, netflix, alphabet. All closed well off the lows was the bounce convincing, and in a month from now will we look back and say today was a buying opportunity . Pete, shall the fangs have lost 126 billion in just two days. Which sounds like a monstrous number. Is the worst over i would say this. When you look at what happened with volatility today, john called in earlier today on the halftime and was talking about the vxn. Friday it was trading around 13. It got all the way up to about 18 today it got all the way up to 21 you know where it finished down 6 today. That tells me there was a turn and it happened right around halftime, right about noon to 1 00 we started to see volatility really starting to get hold on, lisa. They looked at alibaba, but you looked around at the faang names. Some of them even finished in the positive not the faangs, but the nasdaq. We had cramer on the show at halftime, and he was saying, even this morning, at some point Money Managers are going to look at the selloffs in these names. More than a third of the s p sectors down from the 52week highs, saying enough is enough this is too far too fast. They did it listen, all those names you just mentioned closed about 2 off their lows they had been flatlining for most of the afternoon. In the last hour of the day, or last 20 minutes of the day, one had the last leg up. It looked like a buy program there. There was about a half an hour panic this morning a followthrough from fridays devastation. I think it was for all intents and purposes orderly just because vix sold off hard interday, it doesnt mean were done think about this we had a pretty orderly move up. These stocks that were talking about were up 30 on the year. Mass of amounts of market cap. 100 billion market cap on the s p . Less than 40 or Something Like that when you think about it. That got clipped off in one day. No one was expects a crash go back to 2000, 2007, we never crashed off of highs its got to be a bit of a process. Im not going to say were going to crash, but these stocks but dont you have to say, some of these names flipped positive i mean, im not talking just faang names, but the nasdaq in general. When you look at the videos of the world and my kricrons of th world, they finished off in positive territory maybe this thing it was quick. Suddenly they jump right back up. I know there are a couple of other people on the panel here were looking at the interday i think invidia is one of the most inconsequential stocks here whats really important is apple, microsoft, facebook, google and amazon. They make up about 43 of the nasdaq 100 thats all that matters. I totally disagree, because everybody wants to say faang, faang, faang it was more than just a faang rally the five stocks accounted for a disproportionate amount of the gains. Hello, karen. Im long google, and long facebook you know, people are acting like these stocks owed us a Straight Line up. And to do anything other than that was sort of cheating on the shareholders well, its not if you step back a little bit, you know, so, okay, its been a big selloff for two days. I think they performed the latter part of the afternoon, it was impressive the stories to me are still intact are they exactly at fair value probably a little over, under, it doesnt matter to me. The storys still intact. Do you think weve bottomed in these names maybe in the near term. Nothing to me has changed the story that makes me say, im selling my facebook here, selling alphabet here, i dont believe in the underlying story. Thats not the case. Where are you going to get that kind of grill to answer the question from the top by the way, welcome back do we have you tomorrow, too you do. Daily double. And the triple. Listen, i dont know if today was i do know this. The lows today, the volume that we traded in all of these names we just discussed over the last two trading sessions has been enormous amazon made a lower low today than friday, i think youve got tradeable names in the bottom. If it helps you to make money, it is important to the market. What sign would you look for to help you answer the question that i asked volume. Lets put it this way. The volume was there today i would have loved to see apple close positive amazon close positive. Netflix. But they didnt. That being said, they all traded big volume, they bounced off the lows they put in over the last two trading sessions weve had, unusual volume in all those names. If nothing else, the lows in all these names, xamazon which printed 927 on friday, i think gives you something to trade against on the long side. Any of these names of the big ones that were talking about attractive enough for any of you to buy today i bought micron today, based upon what weve seen over the last couple trading sessions dan knows it weve seen nothing but upside call buying in this name we actually started to see it in the second part of the day today, selling of premiums out there. When you go from the vxn trading at 20, 21 and going all the way back under 17, somebody came in in a big way and started selling premiums in these names. I didnt see the put selling i would have liked to have seen. Amd is another one of those names, upside call buying. It starts to tell you, you know what, people are putting a toe back in the water on some of these names. A little unofficial poll talking to people, bankers and this and that and whatever amazon is one i think it is the new apple from a sentiment standpoint everybody is looking for a spot to buy this name its really interesting to me. This one to me, ive got to tell you, this morning, professor scott galloway, the guy is like a genius, he said that this is going to be the first trilliondollar company. Shes like, apple is at 800 billion. He said, yeah, this is going to be the first one its overshot to the upside. Nothings changed from a fundamental standpoint, but i think this has down side to 850. Thats your level to buy it. One day down is not to me the level to step in with tech having its worst twoday stretch since last june, are there any tech bargain buys right now . Carter is over at the plasma to break it down for us carter i think whats important independent of fridays action and followthrough, is why did it stop where it did just to put this in context, the number one performing stock in the s p, oneyear, twoyear, threeyear, fiveyear is invidia. Top of an eightyear channel and right at the 2000 high not random those two things happen at the same time. Here is june 09 to june 2017. If i were to put in a channel, which this has been ascending, what we see is a huge blowout. This 30 , 40 move above the top. Well defined channel over the past eight years remember, a lot of people like log charts if i were to switch it to log, then you have nonlinear, order of magnitude whats so amazing about this is it stopped literally to the penny. It has responded to this channel over and over and over and over, over the last eight years. So invidia gets to an alltime high, nasdaq the russell, this at the top of this channel, literally to within a penny, and then also this happened. The sector itself was finally back to break even so what we know is, monday, the 27th of 2000, we got within, look at these numbers, we got within one point heres the chart we literally touched the top so you think about that, number one stock in the s p, gets to an alltime high and reverses just as you get to a 17year high, and that eightyear channel. Not random that all happens at one second so heres the really sad thing, though break even after 17 1 2 years. But what about in real terms adjusted for inflation this is a disaster youre still down 30 . Heres the chart way down here. Pathetic this is going to be 25 years, just it shows how expensive that was there are stocks to buy, not the crowd ones under pressure, but Something Like this. This is a stock thats made no progress in about a year it has characteristics whether you draw them like this. You could say it looks quite great. Heres another one steady, not steep, right not off to the races like so many big tech names. Order orderly. Looks like something of a range for which a breakout can take place. Then a third, among others these are just three that ive selected here. What i would characterize as bearish to bullish reversal, a stock that lagged, that has all the hallmarks of a bottom. Theyre not the popular hedge funds that all got murdered, but theres always something to do long despite the fact its a difficult level the sectors reached. Come on over here come on over. The point he makes is a good one. You get all the names on the marquee. Everything in all the lights but there are plenty of names, it would seem, from what carter was talking about, that are worth your money right now thats why i literally, dan and i were going back and forth, i think thats why we focused so much on faang. Theres been more in the market than just faang. You look at the big market caps. Theres been more to it than just that. You just mentioned invidia while you were up at the board. If youre offensive or defensive, if youre being defensive you buy growth or you buy yield right . When youre being offensive you buy cyclicality. Industrials down, financials, energy. Although in the last, lets say week theres been a little bit of sniffs of that going up there. The russell, or the industrials, transports, things like that. Weve seen so many of these and theyve been false hopes energys tried and so forth. And industrials, obviously financials but really, i dont think theres life there guys . I might as wellmention it, trade is regional valuation, 11 1 2 times youve seen some upgrades. Look at the recent lows over the last month, month and a half we talked about having a tradeable bottom, something to shoot against. In ads i think you have one over the lows weve seen in the last couple of months. Let me ask you about your channel chart. The bottom part of the channel you touched the top. How far is the bottom part of the channel . You would keep living in that channel and then you get down to the bottom that sounds so incredible, because we dont get those anymore. Thats what a garden variety dip, pullback, correction, selloff used to be. Its nothing were at alltime highs. Why cant you have a little excess in fact, if ones bullish, you want it to pull back if youre bearish you think the pullbacks going to get a lot worse. You dont want to just keep going. If you have a blowoff top, if the whole nasdaq comes down and theres another air pocket yet to go, youre going to be hard pressed to convince people to buy the names that even carter says lines up from a technical standpoint i dont care what the channel shows you. The channel everybody has their eye on is lower. I think they both make good points theres great opportunities in all these sorts of things. I guess my point is, if the five or six names are going to have are going to be the ones that cause the move that hes talking about to the lower part of the channel, you dont want oracle or any of them because theyre all going to go lower. To me, it goes back to some of the prior highs. People think march 2000 is the highs. It almost made a new high a few weeks later. What im saying is, you expect a certain amount of volatility at near term tops or mega tops. To me, this could be the first leg. In principle, if you worry about markets, you dont expose any capital. There are people mandated to be intact as a manager and find something that are fully invested if youre forced to do it, youre better 06 than chasing in kramer was talking about it earlier today as stocks to really watch not necessarily just the amazons or facebooks or apples or googles or netflix. Investing and trading are two Different Things i think we all agree on that for me, i dont know if this is the last leg of the tech rally and were on the verge of something bigger i know a lot of these stocks gave you opportunities to have the risk reward from the long side that you havent seen in quite some time. Coming up, carter, thank you. Thank you. Retail stock surging up 30 in the month of june well tell you the name and whats behind that move. Plus, after 16 years as ceo, Jeffrey Imelt is heading out the door nelson coming. Mcdonalds and snap teaming up much more fast straight ahead. I am benedict arnold, the infamous traitor. And i know a thing or two about trading. So i trade with e trade, where true traders trade on a trademarked trade platform that has all the. Get off the computer traitor i wont. cannon sound youre watching cnbc first in business worldwide. Livestream your favorite sport, at the airport. Binge dvrd shows, while painting your toes. On demand laughs, during long bubble baths. Tv on every screen is awesome. The allnew Xfinity Stream app. All your tv at home. The most on demand, your entire dvr, top networks, and live sports on the go. Included with xfinity tv. Xfinity the future of awesome. Welcome back to fast money. Under armour jumping 26 today its been on a stealth rally in the month of june, up 20 . Is this something to believe in, in a stock that got absolutely obliterated . I think so. It got cut in half lets go flash back to last june what did we have we had the warriors meltdown stephs their guy, right the spieth meltdown the couple weeks before in the masters, that sort of thing they lost their mojo now its got high shortage, all these gaps it looked like the news float couldnt get any worse heres the thing this is a company that you know what, less than 20 of their sales are from overseas. If you go back and look when nike had 5 billion in sales the growth that they had as they started expanding geographically i would not count this company out by any means i think people are waiting for it to get washed out somewhere in the teens, maybe one more downgrade to guidance, that sort of thing but i think that may be it for a bit. They made this massive push to the shoe world, and they are getting destroyed. Theyre getting destroyed by adidas and nike. They have to get over that hump. Theyre coming from such a low base. They are coming from a low base we know kevin plank is a guy whos going to attack. He will continue to attack i think hes got to spend so much money right now, scott, i feel like this is one of those companies that ever since that as soon as we heard the news things were starting to slow down for them, theres nothing wrong with the company, but as they try to grow and get themselves accelerated once again, its going to take time i think you can be in a lot of other names right now other than that name for the future, until about a year or two from now. Maybe dans right about the curry thing. When golden state lost yes. Curry was the hottest thing going for under armour, and carrying the weight and then some for its shoe business and growth so they lose and they also come out with a shoe that got panned right thats bigger problems. The chef. But then theyre back. The shoes seem to look good. People are buying them oh, by the way, theyre probably going to win the nba championship, im sorry for all you caps fans out there. Youre right. Historys on their side, up 31. As long as you dont look at last year. Youd think its still in valuationwise, an expensive stock thats not growing nearly as well as it did three or four years ago. If you ask me which way im leaning, its in the pedro camp right now. Doubledigit growth for some 20odd straight quarters and they got rewarded for it im sorry, above 20 growth for Something Like 20someodd straight quarters. Then they fall off of that once. But theyre still high teens and everybody acted like the sky was falling. Its such a rich multiple you need to not just meet, you need to exceed when you go under, the earnings get crushed, the multiple gets crushed. So i agree with pete it will take a little time big impact on it. You add all the other noise, the trump, the fight with curry, and plank over the trump letter, things like that right starbucks, a different story for this stock closed at an alltime high on june 2nd its down more than 5 in that time do you buy the starbucks slide or is this stock heading even lower . Guy . Heres where pete and i disagree a few months ago when this was a 57 stock, we talked about this on the desk that there is a very good chance that starbucks will make an alltime high by the middle of spring when mr. Schultz steps down the problem s its traded really poorly since, quickly down to 61. 25 is it expensive on valuation basically stopped where we topped out at 2015 26 times forward earnings, its cheap. I like the story still but does it give you an opportunity at 58 bucks. I think it does. So this is how i would trade it. I would wait for 58 or break it out at above 65. Love the name i think one of the ways you can get there, in case we dont get down to the 58 numbers, we had seen people coming in and actually selling puts. We were looking for it in the nasdaq today, we saw the volatility come in starbucks, great opportunity people were selling down side puts meaning if the stock does break down, youll be owning that stock. As long as people know what that means, they know what the risks to doing stuff like that its a great opportunity higher volatility right now, youre getting a little more premium than you normally would, and it gives you a chance to buy the stock. How many points does schultz count for in this story do you think . Weve had the debate about disney and iger. I think the other well, i think are you worried at all . He accounts for a lot i would fire back with, has he really stepped down. Hes there every day hes going to be involved. I know that they say hes off on the premium side of the Coffee Business for them. But isnt he really still there . When you see the interviews so far, he seems to always be there. I know. People suggest he could literally run for president. Thats a few years out. If he does that not that far away if he does that, hell not be worried about your triple venting latte. You know, the new president s demonstrated that, right what . Still ahead, Energy Stocks are coming back on their best twoday streak of the year are the traders buying that bounce in the meantime, heres what else is coming up on fast. Glad we could help [ were always there for you well, not for investors in the last 17 years. But if historys any indication, that might change. Well explain. Plus, video games are taking over shall we play a game . The biggest gaming event kicking off. Some of the hottest devio game stocks are about to get even hotter the names when fast money returns. O investing, looking from a fresh perspective can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. Rays always been different. Last year, he said he was going to dig a hole to china. At t is working with farmers to improve