Surge, what can you still buy in this market . Tim, ill kibblic it off with you today buy the charts that are stick kicking out. Theres no fundamental reason why u. S. Steel should be up 80 this year except people are pricing these guys to go out of business. While the s p is grinding sideways, and we can make a lot of technical arguments and fundamental arguments, you can see they stocks that are breaking out. Oil closes above the 200day. That to me is very significant. We have talked about that in the path. Until it did that, i know, dan, for you that was a problem. Are you a little worried, though, they have this high debt load. It seems like these are not exactly the ones that can continue to work on momentum, but fundamentally not exactly the names up to chase. I would look at some lag guards if the market is going to break out, which ive been very skeptical about. Ultimately it will be because were in a better place. That means that the fed is going to be more hawkish, then you want to buy the bank stocks. Im positioned for the other way, but that is the trade. The second worst performing sector in the s p 500 behind health care. I agree that i think tapeles and some of these things that are overbought as ubs julienne emanuel says, the overachiever, you have tore cautious on those, but some Free Cash Flow positive when in fact theyre not going out of business including steel dumping is under control and you have some recovery in prices, some recoveries in demand, the u. S. Construction cycle is improving, so these are not just trades that you are buying momentum, when you look at the things overly defensive, theyre very, very expensive. And not too long ago, or maybe even some now would say this is dash for trash in terms of the energy materials, but also we have participate in the intention i have in tell com, were seeing good performance recently in banks, does it make you more optimistic . I am more optimistic, though that hasnt always been the place to be even this they miss tomorrow, i nt think it matters. I think retail is a decent play to be, places like anthem, and i also think the volatility index is low, if one is cared about the market, i dont trade around my positions that much, then you with support some s p puts. Closed off of that, but thats been a strong performer. Cocacola another continues, to make alltime highs, home depot. Not defensive stocks, but defense stocks exboeing, could be be there. I thought crude was going to fail, no question, and its probably five or six dollars higher than i thought it would get ovx got blasted then climbed. Maybe it means some people senior positioning for uncertainty on sundays meeting, but that still stays elevated. Crude hag rallied significantly, but at some point one of those two things is going to give it up. The oil trade sets up as a disaster. When you think about the we had a headline from the kremlin today, that they dont need iran for a cut. If that doesnt happen on monday morning, were going to be oil and oilrelated stocks, dont force, we saw crude oil at 36 just a few trading sessions ago, right . We did, so its banging around a lot. So what are the catalysts . Except for the fact that oil setup is a disaster trade, or at least 20 who is pressing it . Who is pressing it with a two handle . I think there have been a lot of people that suddenly have gotten more constructive. I dont mean you, i i dont know who was pressing it, if you look at speck shorts in the oil space, theyve absolutely been erat indicated, about but oy also think were in a place where i think people have blanked. Saudi cant continue to let them on float freely. They know that, i know thats correct so thats whats going on. To tell me the entire space hasnt blanked, that global shutins arent happen, 50 oil will be good for the oil market. Thats getting priced in now. Do you think the move from february 11th lows on oil are because of hopes there would be a freeze, so therefore on sunday, it will be a or if they dont do a freeze, its also sell oil. Its way discuss it set up to be a set, youre at a place where i think Global Demand was overestimated, and i think we have a casey, where he, anytime theres talk of a freeze this is when people were pushing or pressing or not on the short side, one thing they should never have avoided was the reality if there was ever a Production Cut it was going to fly in their face and probably not the place to be short. That february 11th headline that came from. Uae, that stopped crude dead in its track and has not looked back since. I dont know what po templeally could come out, but anything less than perfect in my opinion could actually get a retracement in the crude price. You mentioned the dollar. Imtire the dixie has come down to 94, five times, what has it done . Rallied 3 , 4 , so i think pressing the dollar here is probably a bad trade. I think you see oil come off the next few weeks. Today it was actually 4 . Massive 1 surge in the last week alone. Our next guest says Something Big just happened. Paul hickey is cofounder of bespoke. What happened . So last week we saw crude oil break above its down trend thats been in place for a couple years. Oil stocks and the Energy Sector hadnt quite done that. We were noting that that was psychological resistance. If we got a change, a break above that, it would be good technically and psychologically. So today we got that. That ground trend has been small broke to the up side, but also the 200day moving average, 388 trading days below was trading at that left. Longest streak going back to at least 1990. So since september 2014 was the last time we saw it trade above that level. Dan, what you were saying before is oil has come up so much for setting up for disappointment on sunday. Shortterm performance of the sector has shown some weakness, taking profits, obviously if its going above the 200day after a long run, its getting extended, but for the longterm prospects, we think that oil at these levels are Rising Oil Prices are certainly good for the Energy Sector and sometimes before we get to be really worried about oil prices at higher left. So its a long time to go back to get to this kind of data, but when you last were there, and is sounds like youre bullish, but how bullish would you be . Think about it this way, were talking about, weve had a big run in oil. Typically when you see that kind of sentiment, you see the sector or market outperform. Short interest got above d. Its come in, but still 12 , you have to go back to like 2007, 2008 when the financials were in a lot of trouble. Theres still a lot of bets, so vergeually theyll have to come in and cover unless we see oil prices. Or raising forecasts for the sector. So you have this dichotomy where oil and commodities have been rebounding, material sector stocks have been seen and estimates increased, but the Energy Sector has been seeing estimates decrease, so theres a dichotomy there, we wouldnt be too aggressive towards that sector right now, because the bar is set high for the sector. Paul, thanks for stopping by. Thanks. How do we trade this . Its interesting, the energy space, now you have some big portland in the aftermarket, you just saw some stats out. I dont know in jackie is still there, but crude is probably giving back half of what it gained. I still think the Oil Volatility index is telling us were in a dicey environment for crude. Its been wrong, by the way for the last seven or eight dollars, but at some of the point i think it comes home to roost. What happens on sunday if we sigh that brent is trading lower, markets go down also . I think they absolutely rally with crude. And you hope you get the opportunity there was buy best Balance Sheets on here. What paul just said is technicals, we paint the pictures with technicals, and we want them to say, technicals today were eviscerated, i think its not positive. I think thats an important point. When you look at largely integrated names like an exxon, it had only one down year. Earnings got cut in half, but they rebounded back in 2009, well, last year exxons earnings were down 50 , expected to be down 38 this year, so when you think about it, this very extended period of very poor sentiment, at some point they probably overshot to the down side. Its been consulting. Big technical resistance there, at some point it likely breaks out. Full circle. Whats left to buy . Energy stocks in that group . The ones really levered, those are up so high, that kind of scares me. The ones that timmy always talks about, those have rallied as well, i would rather be there. You could just turn the spigot right back on. If oil goes to 50 a barrel, so those pumping that he be better for them than those that had to shut in. Up next, a sudden development with one of the valeants creditors, plus Mark Zuckerberg took a swipe at donald trump. Well bring those comments to you. And its the one part of the market that would be signaling serious trouble ahead for stocks. Well tell you what that is and how you can protect yourself when fast money returns. N peoe who dont have access to basic banking, but that is changing. At temenos, with the microsoft cloud, we can enable a banker to travel to the most remote locations with nothing but a phone and a tablet. Everywhere where theres a phone, you have a bank. Now a person is able to start a business, and employ somebody for the first time. The microsoft cloud helped us to bring banking to ten Million People in just two years. Its transforming our world. [alarm beeps] the intelligent, allnew audi a4 is here. Aint got time to make no apologies. Do you have the courage to stay up all night . Because this is our time the greatest tv week of our lives ladies and gentlemen, in the business of bingewatching, sleep is for the week so i want you ready to order takeout, every single night now are you with me . To awesomeness to watchathon big is back. Xfinity watchathon week starts april 18. The greatest collection of shows free with xfinity on demand. Welcome back to fast money valent falling after hours. Seema . Valent pharmaceutical shares falling sharply on a report that a bondholder planned to call a default. The Company Later confirmed the default notice, but says it has 60 days from receipt of the notice to file avoiding a default and that it remains on track to file the 10 hk at the end of this month, well ahead of the deadline. Thank you very much, seema mody. Karen, what are your thoughts . Could it be that the bondholders is obligated in some way . I think its a technical matter of them, i dont know what the lingo is called. So if you dont fix it, we can declare default, but they do have time to fix it. I have no doubt they will come to some deal. It was belong believed this could happen, but it was believed that creditors dont want this to happen. But think of the holder base here sorry to interrupt. The world default is very scary if youre in this without knowing the situation that well. This notice doesnt necessarily mean dead acceleration. Thats what the company is saying on the tape. Maybe in fact they have filed it and we have in fact to comply, but it doesnt force you to do something we dont want to do. I think the rick is much too b why is that interesting in i dont know whats going on, but what it says is maybe theres some m a chatter back in the biotech space that hasnt been there. Maybe valuations have gotten to make sense, and maybe the ibb has a chance to get through to the 285 level. This is actually one of the more encouraging signs i have seen in a white. And metavations said it was exploring alternatives. So here we have headlines saying yeah, maybe they are exploring. Facebook kicking off our top trades. Mark zuckerberg speaking at the developer conference, announcing many new features, but it was these comments taking aim at donald trump that really got the street talking. Take a listen. Im starting to see people and nations turning inward, against this idea of a connected world and a global community. I heard fearful voices calling for building walls and distancing people they label as others. For blocking free expression, for slowing immigration, reducing trade and in some cases around the world even cutting access to the internet. What do you make of those comments . I think kudos to zuckerberg. I think there was a time a few years ago shortly after the ipo where we were making fun of his hoodie and cracking voice, and looking like a kid, and hes come into his own. One of the biggest stocks in the world and just laid out a tenyear plan. Im not telling you to go bike it at 110, but im saying this guy is going to be around for a long time whether sandberg is there or not and probably will be the next coming of jobs, gates and that kind of stuff. Do you want a company, a ceo to dip into the political fray . Is that in general a good thing . It seems to happen. My biggest problem with the comments, if he has something to say, saying it. He said it eloquently i think. If you want to go far, might as well go all the way. I dont know that the natural follower of zuckerberg would overlap very much with a trump supporter. The trump supporter wouldnt even hear that. Probably not, but i totally agree with dan, hes grown into not just the leader of facebook, but a great businessman like a bill gates. Generationally, this vast divide between 35 and under, and north of 35, especially in the media space, how its consumed, how people are communicating, and these guys are so well positioned, and its to be whatever they want to be. The nice thing about facebook, i think its very apolitical, but i agree with guy, say whats on your mind. Heres the point. Theres nothing wrong with having a view. That to me is what social media should be all about, should be stripping down the ability to force people to stop saying whats on their mind. How do we feel the stock up 35 . A couple people taking their numbers say face this quarter, but long term they still like the stock. I dont think you fade the quarter. I think you can buy is into erpgs. I think at 35 times forward erpgs, giving the ways they have to make money, its a buy. Csx just out with earnings moments ago. Well explain. Im melissa lee, and youre watching fast money on cnbc, in the meantime, heres what else is coming up on fast. Thats what bank of america says is about to happen to a crucial corner of the markets, and it could spell bad news for your portfolio. How would you like to make money using twitter . Whoa. Were cracking the code on how you can turn tweets into winning trades when fast money renders. Returns. Hardest job in the world. Thats why im here. Can you. I can offer advice from the accumulated knowledge of other educators. Thats wonderful but. I can tailor a curriculum for each student by crossreferencing aptitude, development, geography. Sorry to interrupt. But i just have one question how do i keep them quiet . pause watson . There is no known solution. Ive got a nice long life ahead. Big plans. So when i found out medicare doesnt pay all my medical expenses, i looked at my options. Then i got a Medicare Supplement insurance plan. 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So we found a plan that can travel with us. Anywhere in the country. [ male announcer ] join the millions of people who have already enrolled in the only Medicare Supplement insurance plans endorsed by aarp, an Organization Serving the needs of people 50 and over for generations. Remember, all Medicare Supplement insurance plans help cover what medicare doesnt pay. And could save you in outofpocket medical costs. Call now to request your free decision guide. And learn more about the kinds of plans that will be here for you now and down the road. I have a lifetime of experience. So i know how important that is. Welcome back to fast money. Susan lee has more. Melissa, this was always going to be a tough quarter for csx, because they had some pretty tough comparisons to last year and falling Commodity Prices to contend with. Revenue fell more than expected, down 14 and freight volumes were down 5 in the quarter. Also pricing what csx can charge for carrying cargo, declining twice as much as in the first three months of the year, which really highlights the demand weakness that csx is facing. Its also been hurt by falling coal demand as a bigger proportion of the revenue from carrying coal than any other railroad. Michael ward earlier on closing bell. The coal is very challenged. As you saw, we were down 31 in this quarter, and we expect a similar reduction as well in the Second Quarter of this year, and if you think about this, both the strength of the dollar and the low Commodity Prices, its impacting a lot of our markets. As you mentioned stock is higher. And analysts have been encouraged, and csxs stock has rebounded off the three lows, still, though, a third down from november 2014 records, melissa . Its thank you very much, susan lee. If we heard erv in that report except for costs coming down you would have thought doom and gloom. The data points were getting so far, alcoa yesterday, e p. S beat, revenue miss, jerusalem person that was a disaster they warned on. Gap a disaster as well. Everybody knows these things have been talking about. Tim talks about it all the time, so why is csx rallying . Its not a lot cheaper, but it is cheaper than norfolk southern, and a lot cheaper than a name like kansas city southern. You get the point. I think whats happening is people are saying, all right. I know the things that have gone wrong and can go wrong, but theres a lot of up sides if things can turn just a bit better. It sounds like the company has always been very well managed. If you look at their earnings, theyre printing since 2012 in between 11 and 12 billion in sales, so thats a sentiment think. I agree with guy, if you ever see a demand up tick, you would see a multiple expansion. We dont care that its all relative. The First Quarter volumes they firmed up in january, got better if february, year over year theres comps, csx to me has more Pricing Power than their peers, a lot cheaper. I this think the stock, the up side is limited. I think it can trade at 27, 27. 50. The cost cuts shows Good Management trying to get their arms around the issue, and then if they get a bit of revenue increase, theyll get some operating leverage from that that they didnt have on the way down. So we would have to see shoal shipments go up, not likely to happen is my guess. We need an up tick in the Energy Sector, continued stability and strength in the auto sector, i would think. You need the stuff going down. If youre sort of the peak if coal is still in trouble, then you know what . It doesnt auger well for the railroads, but if people are saying coal has bottomed, then to karen and tims point, these stocks, especially csx, im sorry, dan. Cmon. Are relatively inexpensive. I love dan. Sorry, dan. If you have to say you love dan, i dont know. Jpmorgan kicks off earnings toempl before the bell. But the one bank could see the Biggest Surprise of the quarter, you wont blef which one united states. Later, the gold trade that just wont quick. While one trader sees another huge run for the yellow metal next month. All that ahead weve got trouble in tummy town. Peptocopter when cold cuts give your belly thunder, pink relief is the first responder, so you can be a business boy wonder fix stomach trouble fast with pepto. We believe in the power of active management. Anagement, we actively manage with expertise and conviction. So you can invest with more certainty. Mfs. Thats the power of active management. Welcome back to fast money. The dow have been the best day in a month and many s p is positive again, as crueloid rallied 4 percent. Heres whats coming up in the second half of fast money. The big banks gearing up. And plus its no surprise our traders are twitter pros, how dan nathan is using twitter to make money. Hell reveal his secret right here on this desk in a special fast money first. First we start off with the markets. Theyre in rally mode, but our next guest says one key area is about to get hit with a rolling blackout. Michael is the head of highyield strategy at merrill lynch, and he is here, and hes known here as i dont want to say it. High yield hottie. Even without the beard . This is what say happened to oil in a bad way. I think it does a really good job of describing what we say. It startwood gold, metal and mining, then energy, a bit in retail. Remember, the coal story started two years ago. So the next question is what is the next sector that respects its blackout moment. Is it tech . Telecom . Media . Pieces of pharma . You know, i dont really know. I have some ideas, and i think some of those sectors has been tore the ones i would be keeping an eye out for, but the point is you dont need a recession to have bad markets. You can have they individual discrete events without having this big recession that was priced in between january 1st and february 11th. Why couldnt it be a black yao and theres no rolling aspect that has too hit another sector. I think thats a great point lend everyone standards have gotten tighter, and is it doesnt matter if youre a commodities issuer or not outside of commodities, theyre through the roof. This is much more than a commodities story, its just the weakest lynxes go first. Its difficult to argue with the argument that Credit Conditions are getting tighter. Im reading your numbers 22 billion last month, so clearly high yelled issue wand is back in vogue, isnt it dangerous to bet against they . I think what youre seeing in high yeefrld is a bifurcated market. Food and beverage deal, are definitely able to tap the market. The lower quality portion of the market is not shut, but is incredibly challenging, okay . This is subc . Triplec dead and some of the portion of single b market. So i think youre right in that its very bifurcated, and some companies will be final and other countries will struggle here. What could peel at home buy or sell to take advantage . Obviously they have the efs, large etfs. But in terms of how you might may interest the stock, what typically has that meant . What happens to the sector . On the equity side, i think we traditionally see equities follow credit more than the other way around. We obviously saw that late last year. So i think if high yield does go through the scenario im talking about, equities are going to likely follow suit. You know, as a strategy house, you know, i no savita comes on the show at times, were looking at the price target at the s p, and i think that Credit Conditions and high yield, its going to be bad for all risk assets. Rolling blackout, does it mean if it hits another sector, its done with the prior sector . Not necessarily. Not necessarily. Listen, i think you could have situations where maybe other sectors are recovering, but onit necessarily has to be that way. Michael good to see you. The highyield hottie. Thank you. Karen, does that make you worried about your Retail Holdings . Everything makes you worry. The retailers are generally in great shape, particularly the ones with a lot of net cash, so im not worried. The whole notion that a rolling blackout could hit a sector doesnt necessarily roll over and move on, but it can grip a sector and take another one, and hes saying that conditions are tough, so the likelihood of one most point. He talked about on a couple instances over last year, and then again in january, we had very sharp selloffs in u. S. Equities, between 2060 and 2100 on two instances, and it happened all at once. When you when we start have Larry Mcdonald and the hottie back on, get worried about your s p nice to have michael on when times arent so crazy. Theres no question that Credit Conditions are tightening, but think about the sectors where theres been irresponsible lending, and its in energy, even in parts of the biotech chain where a lot of capital is thrown at businesses where were not sure how profitable or the cash burn is incredibly high. Could the gold rush just be Getting Started . Why one raider is betting on huge base. All of our traders use twitter, what are they doing to get the social media edge . Oh, yeah, baby. Yeah, danny. Much more fast money is straight ahead. Super food . Is that a real thing . Its a great school, but is it the right one for her . Is this really any better than the one you got last year . If we consolidate suppliers, whats the savings there . So should we go with the 467 horsepower . Or is a 423 enough . Good question. You ask a lot of good questions. I think we should move you into our new fund. Sure. Ok. But are you asking enough about how your wealth is managed . Wealth management at charles schwab. Glee we have breaking news on pauly group. This is the ongoing ballots. Moments ago, a member of the board, james grassvel has resigned effective immediately. In a letter he says since the board meeting, i have been excluded from a number of quench board meetings, and therefore seen no youthful purpose of remains on the board. Shares of pulte have been flat, and been in focus. So an ally of bill pulte who was calling for dugas resignation resigned . I dont know if its tradeable espent. It seems like a back gonchacy event. For a wlong time . Ive been toe i was just trying to make a call for a sector. Again its a function of whether its supply or demand. A lot of these guys are in positions where its not any supply. The valuations are not bad. Were at peak housing hasnt by wee dont they have better . The results are not particularly good. I have to think that Home Builders are not far behind . I think about the fact that lending has not gone back to the place where it was . To be pulled through the system, but theyre not going to ratchet growth. I think theyre trading at multiples. Lets look at special pharma. Plunging to the tune of 26 , this after announcing guidance would come in far below the streets estimate. It really goes beyond that. Its a large percentage of their expected projected earnings, coming in the back half of the year. It is odd how three months ago they had a different taye, yet they would feel quite comfortable. Clearly the space is facing some terrible pr, but i think the Business Model is facing this really treacherous headwinds. I wouldnt touch it right here. I know its down 25 , but. We were just talking about valiant. I dont want to say murphy, but probably not really watched area of the market. You could say murky. Obviously this was a big move. This stock has been an extraordinarily volatile stock for the last three, four months. Anywhere from 5 to 8 moves a numbs, so do you buy it down 25 . Same way with valeant. I will say this metavation news is really interesting. Still 285 is cry that will that it gets through. That was carter wirths refusal that he said it got there and, but next time up, it was. 4 playable in and out people are starting to see, okay, we understand the headlines, the valuations are so com pegs, that the m a we put on hole. While the stock may be in the gutter, theres for secret but many have been asking you how we use it. Dan reveal his ways to kroo it. Check it out. Oh, hi. Im dan nate many. Im here to tell you how i use twitter during the trading day, the source information, and basically come up with trading ideas. I start my day with this, my iphone and the twitter app. Im using it bask his as a customized news feed i bring it up. This is the second way i use it realtime search. Disney announced news about you succession plan. I want toss what they are saying here. I will put in a hashtag with the dollar sign. I get a slew of things from all different news sources about whats going on specifically at disney. This is probably the most important throughout the trading day is using it to community indicate through other traders. Are skyrocketing. I put the catch tag win in here. Just links to the Investor Relations page. Theres an investor data tomorrow that would caught put primeuals to skyrocket. I could say here you go. Follow he at rich reversal. Thats like a giant trade school. What did you see today . Its interesting. I just put pulte in there and we get the realtime thing. Its the mobile application of it, and we dont have to be at our systems anytore to get information the way we did back in the day. Ill just tell you this. There have been very few tools that have helped me or made my job easier on a daytoday basis than using it for realtime things, really gauging sentiment. We love hearing from viewers during the show, tell us its that whatever, and then the. But then too bad twit errant monetize this. Twitter feed short twitter. Right. But i think what dan is talking about is the sentiment factor is also that who do you listen to, because theres a lot of noise out there. The curating what twitter can do, and listen to people and the markets perspective. Thats up to you to figure it out, but ultimately having a resource where you can go right to people, and this for retail trader is very powerful. Theres a lot of professionals on twitter to get their view out there. You make up your own mind, but thats the beauty of v it. I think the underbelly of all of this is that this generations chat room. Exactly. It can be. Not everybody can be a journalist or newscaster, but everybody can get the news. Thats the same thing with twitter. Not everybody has to be an active use are on twitter, but everybody can benefit from what twitter puts out there, which is why i said we have to stop this monthly active user nonsense, getting away from it. Its not important. Twitter will figure this out. But you can drop a rumor on twitter like that. Theres a lot of room for improprity, but i would say when it was all going on, heres the thing. If you care what i want to say, and why put premiums have gone up. If im not engaging with you, then im not a good tweet, as they would say. Thats a twitter person, tweet. So thats really what i think the Company Really has to, you know, get their arm around the facti not just a bull horn for kanye to rant people and not engage. Engagement has to be organic. Still ahead, jpmorgan kicking off earnings, but shareholders of one of the other bank stocks could get blind sided. Well sxlap. Plus gold hitting a threeweek high, why one trader is making a big bet. Youre watching fast money on cnbc, first in business worldwide. Lexus is 300 allwheeldrive. With twentyfive percent more base horsepower. Once driven, theres no going back. We believe in the power of active management. Anagement, we actively manage with expertise and conviction. So you can invest with more certainty. Mfs. Thats the power of active management. 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. No, youre not yogonna watch it tch it we cant let you download on the goooooo youll just have to miss it yeah, youll just have to miss it we cant let you download. Uh, no thanks. I have x1 from xfinity so. Dont fall for directv. Xfinity lets you download your shows from anywhere. I used to like that song. The answer right now in our earnings edge. This is jeff harte. The largecap bank we expect to price this quarter is bank of america. We expect it to be a surprise to the downside. We hef the headwinds are more than people think and credit costs may be higher to specifically balance again oil. This is jeff harte with fast moneys earnings edge. Karen, what do you think . A surprise to the down side . I think the bar is already low. I hope its low enough. Guy . Jeff harte, thats interesting he brings that up. That would be a surprise. He mentioned all the headwinds that he thinks is in the name, but a bank of america to the down side would be extraordinarily interesting for the broader market. Would it presumably take down a lot of the bank stocks, so therefore offer an opportunity to buy the stronger ones . It would, but i think that people are separating the different businesses, even the money side. Jpmorgan has a lot of room, and frankly i think theyre going to make beat it toempl. Some of the regional banks are looking quite interesting, so i think First Quarter tailwinds are better than people think with regards to some of the profitability. Well, if dan is missing, because hes not next to me, it can only mean one thing. He must be at the mars board breaking down a look at the gold. Call volume was nearly three times that of of puts. There was one tray i had that call might ute. 130, 138 call presents, paying 38 cents to open. That breaks even up at 130. 38. Heres the oneyear chart. We know that gold had that massive rant from the december lows, right around the if ed meeting where they raised rates. Playing for on move out of the that consolidation. Heres the tenyear chart. It just broke here. Traders continue to roll up calls. I want to make one last point about open interest in the gld. It is so levered toward calls, about 2. 7 million, about 965,000 puts. Look at the strikes where all the consolidation s. All about the 125. Were at 120. Traders keep betting for higher. Guy, just quickly. Going up . Theres a lot of reasons for gold to go lower over the last couple months. It hasnt yet. So clearly something is going on. Gdx with a high. Im with dan nathan. I find mimeself on which in his camp. Im in there now. For more check it out on capses action. Coming up, final trade. Here at td ameritrade, they work hard. Wow, that was random. Random . No. Its all about understanding patterns. 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