Of the year while the s p and dow had their worst weeks since march. The index is down more than 2 from the high. Weve seen these moves before and they have proven to be buying opportunities, but is this time different . Grasso no, i dont think its different. Weve seen this before weve seen support levels come in i think that the biggest risk basically to the market what is his rhetoric weve seen that be just rhetoric, not action i dont think anyone thinks that professionals, dont think that were going to war and i think the fact that china and russia professional whats . Military experts. I wouldnt put any stock on the desk as to whether were going to war, but if you have china and russia going out against us, youve seen them behind us, that is what makes me feel more optic and think its more of a buying opportunity versus anything. Yeah, i think as steve points out, hes had an opportunity to buy any of this. We havent really had a north korea es calation before of thi magnitude because of the players involved theres tno question its a con back to markets and what is this going to do to your position in apple. Nothing. I dont think this is going to change the spectrum of both worlds, if you think china gets pulled in and if you think this is world war 6, but i dont think thats where this is going to go. That is clearly where the market starts to take a play from being totally complacent a week ago to having to deal with the uncertaintie uncertainties. Its a 2 decline its massive and it is, in context of the fact weve had zero volatility. But its really just a 2 decline. This is barely even a pullback in normal markets, you might not ooempb be talking about it but for me, i dont think this, i still, i said last night, i dont think this is one day event. I dont think the its a one day event. I think u you have some working out to do. On the economic front, one thing on my radar is whats going on in europe. You have seen those indices come down as the euro has gone higher and one of the reasons why the u. S. Stock market has remain resilient is because moneys comeing back here. So that may keep a bid in the u. S. Mark. One thing i said on friday afternoon, im surprised the vix which was up 40 yesterday was down you know, a few percent today. That to me is interesting because usually, the vix would price in a weekend where theres no trading and it would be down a little bit any way just tells me that traders are on edge still and i agree with you. That the s p, 13 , thats it i dont think theres been any panic whatsoever i thought yesterday was orderly other than the vix when you look at treasury, the fact that you know, the tenyear yield, you know, but again, treasury stayed big, so theres stuff other than equities that i think makes sense to keep an eye on and at some point, we havent had more than a 3. 5 drawdown all year long. Its going to happen i dont know what the reason is going to be, but its going to happen just dont want it to be in a, whats playing out in north korea, but what i would point out is the s p is now below 50 hasnt been below the 50 or hasnt traded below the 50 for four, five successive tas. See what happens next week were talking about a breakdown in transports, industrials there are a lot of technical signals im sure guys like carter come on all the time. So, you cant tell me that the north korea is the event that the markets didnt expect that was a catalyst that has nothing to do but in the end, we were breaking down in certain parts of the market thats something well break sideways to lower. I agree, but that day when we heard the comments on President Trump was the real data when you saw the markets give back, so i think they were looking for a reason to sell off and i think they got one but to everyones point, this is not a real sell off yet. We havent seen where the real sell off is and every time were below the 15 day so, let me get this straight, you dont think this dip was deep enough to buy the dip not looking to sell either right exactly until proven different. Listen, you can have this escalation of north korea, but for now, its rhetoric, so as an investor, you have to treat it as that. More fear of missing out to the upside than losing to the downside at this point ju 2 why not risk a lot probably about 40 cash at this point, but im not ready to redeploy that cash when it feels really panicy and everybody is run ining around wh the hair fair. What id did it feel like . When i do it, it doesnt feel so good. I did it before the show appreciate that. I actually did some buying today. Emerging markets sold off 4 quickly. Underperformed the s p i think that trade reverses even though the obvious Central Point of this south korea is 15 of the index. You had a lot of asia thats had a big run. Our next guest calls the pullback, but is buying the dip . Equities strategist is back with us tony, good to see you. So, why is this dip deep enough buy . The same as every other . Im with the guys i dont think it is quite yet. You dont have, you had the vix bounce off that was kind of good. The percentage of stocks have come down, so truly, we wrote a note were going to highlight when i got trump the last time always called the nagging feeling, because every client that i talk to as this nagging feeling that somethings wrong that was written three weeks ago so, that had nothing to do with north korea. This is all about a market looking for an excuse to sell off a natural and normal healthy correction which is only ta way until you get it then you run around with your hair on fire unless youre me. Happened to you the last t e time happened once a long time ago, my friend. Heres a stat for you from my stats guy. When vix goes up 40 in a single day, youve never been higher on volati volatility a month later s p is up 11 of 14 occurrences with a 2. 9 average gain so were at 15. 5 or so, so that period later, we are not going to be at 15. Were going to be lower and youre going to have a higher s p. I think were all talking about the wrong thing. Kre corrections are are natural, normal and healthy what causes a 5 versus a 6 viewers think from all corrections in nonrecession environment, it comes county down to the perception if youre going to have a recession. When china saw a huge outknow of money and were in a commodity crisis, you think thats going to drag us into a recession. Theres nothing in the backdrop. Obviously, north korea, thats a different story. Absent that, theres nothing in the global backdrop saying hey, were going to have a recession. So, todays action was interesting because we sort of held on. Apple recooped from yesterdays session. What are some that you think are due for that swing trade back to where we were the day before yesterday . I think the thing that were going to have in the second half and Going Forward is going to be a progrowth versus slow growth trade. Theres a bid for tech over the first half of this year and even now. You know theres growth this tech, so you put your money there. The bond surrogate trade is a slow or no growth trade. Frds there is a pick up in Capital Spending thats going to accelerate and youre going to get a rotation out of growth and into the value fangs, industrial, industrial materials and even god forbid a little energy. So, when you look at earnings analysis, you see their post earpings report price action and to me when you look at that, it seems like the quantities. Its the companies that beat, didnt perform well after the fact does that make your change your stance it doesnt. I think it has more to do with yes, the passive investing is a monster. Im very familiar with it. However, i think this is more about a market that already ran up in anticipation of the profits and the profits were fantastic. If you take ge, which had nonrecuring items last year, you had 13 earnings this quarter you had 5 top line growth gdp is going to be 3. 8 for the third quarter. Youre seeing the spending move and we can choose to ignore it or not thats how this ends badly because all of a sudden, you get a rejuve nation, acceleration in the u. S. What are you going to get . Better growth and eventually, a shutdown of credit, but thats years away thanks. Thank you very much for me, i really wanted to see this market sell off in the morning. That to me would have been the buy signal so im still waiting for this thing. Maybe monday morning, we open up i might sell more on monday morning. We open up higher. Again, we are awaiting the president , so he could Say Something that could put us back on edge. I want to disagree with these gois about what was the spark that got this going. We were apt new highs on tuesday afternoon then down 2 in the s p 500. One of the things i find disturb ing as an investor and they should be focused on this. All year long, we talked about gridlock in washington even though theres been a lot of chaos, it wasnt a problem this situation here is one u of the most dangerous geopolitical situations weve been in for a long tile. Its selfinflicted. This guy doesnt really thougsh the president. He dialed up the rhetoric. Say we didnt react the way we were theres reports weve been back channelling in north korea for months now let diplomacy go why dial up the rhetoric this way. It makes no sense and its the sort of that i think this gets citizens on edge investors on edge. I think weve seen this before bill clinton back in the 90s. Said if north korea does something stupid, their country will cease to exist. I dont know how thats different than fire and fury zpl its the context i hate to say that and im being apolitical when i say that weve been here for years coming up, coming up, kohls surging this week as stocksab stocksabled. One trader will tell us how to play it. Plus, snap tanking today, but it was an awkward moment between the ceo and rich greenfield on the conference call. Well bring you the cringe worthy comments and carter worth sees trouble in the charts for one of the socalled amazon retailers. Hell break it down. Much more after this [brother] any last words . [boy] karma, danny. Karma [vo] progress is seizing the moment. Your summer moment awaits you, now that the summer of audi sales event is here. Audi will cover your first months lease payment on select models during the summer of audi sales event. Thats why at comcast were continuing to make4 7. Our services more reliable than ever. Like technology that can update itself. An advanced fibernetwork infrustructure. New, more Reliable Equipment for your home. And a new culture built around customer service. It all adds up to our most Reliable Network ever. One that keeps you connected to what matters most. Snap shares tanking today. The ceo addressed a number of issues, but things got a little awkward when one analyst didnt realize his mike was still hot lets get to julia in l. A. With more hey, melissa, well evan on a number of topics after he respond today a question from rich greenfield about whether snap was growth hacking by sending users notifications. He was overheard not statats fied with the answer take a listen. People as they become more reliant on push notifications have sort of relaxed the standards there. I think its important for our business thank you next question is from mark i didnt even understand his okay. Thanks btig commenti ining quote, te comment was not intended to be heard on the call as they had already introduce d the next company. However, it is clear nobody understands what is and what is not growth hacking a number of analysts have been critical of sthap, quote, the company has a suboptimal team lacking experience transforming a successful new product into a successful company, but on the other hand, compliments him for changes. Saying he was much more engaged with wall street and that snaps messaging about being the best place for advertisers to reach young people on smart phones was a positive improvement from a camera company, which was last quarter. Despite that, does have an underperform rating on the stock. Melissa. Thank you very much so, does he need to bring in a Cheryl Sandburg kind of person to help the company communicate . Theyve had issues how theyre perceived on conference calls. You talk to investors, i dont think investors who believe in story, a lot of people think that wow that is quite a slam eagle is the sort of chronic jack was back in the day they have good, talented people to run the business. Say look at adam he ran a business not too different. Would he be fannic guy to add to those . Yeah, this is not a huge company right now. They need to advance the theme that this is get away from the camera stuff really talk about products, new product. How theyre moving forward with some of the copy cat stuff that is hurting them now. I think the story could change if we saw releracceleration in users. Like the blend us feature hot dog. Exactly but i think that the problem. And that those kinds of features, they keep people more engaged. People spend ten more minutes engaged in the app than in the previous quarter youve heard these things about mark zuckerberg. That is a fantastic hot dog. We talk about various entry and what all the companies can do seems to me like this is not a real barrier to entry. Having said that, you hadfreudin slip there with a short interest, yes, it is susceptible to a bounce higher, spook the shorts out of the name, but i dont see a real incentive. Daily active users theyve got those. Still ahead, disney posting its workweek in more than a year after they said they would pull all conflict youre watching cnbc in the meantime, heres what else is coming up on fast. Theres no place like home. Theres no place like home and that certainly is true of soaring home depot shares. Until now. We break it down plus, its the question gripping the nation to be or not to be. No. Bitcoin or and mr. Bk will break it down when fast money returns. Bitcoin surging nearly 4 today hitting a new high of 35. 38. The currency continues to captivate investors as interest has grown over the past few months its also been a hot topic among twitter followers. One question that keeps popping up is what is the difference between bitcoin and bk is here and hes going to break it all down our new segment, the more you know about bitcoin i love the theme music. So, everybody wants to know, should i buy bit county, etherum. Lets look at the deaf rinsfere. Bit county is a currency i want to send one to melissa, fantastic. But what if i want to do something a little more complicated. What if i want to say if melissa mows the lawn, then i will send her one bitcoin. That is going to take Something Like etherreum that allows you to program the money whats a smart contract . Simply, pretend you rented an pormt with a smart lock on it. So, you now, if you pay your rent, the lock will open thats what you can do with it you can build on top of that, so, it has a lot more capabilities at that point in time than bitcoin does and thats the difference. I think they both can exist together theres a need for both. But ethereum has a lot more to do thats the next chart that we have and if you look at them, heres whats interesting orange line, bitcoin, blue line. They have been highly correlated for most of the year except for this last portion here two things are happening here, remember, we talked about the Software Upgrade it ripped. There have been a a lot of initial offerings and those coin offerings are starting to sell some is only up 45 , so the opportunity here is you want to buy it, you can still hold your bitcoin, but be overweight with the idea its going to get closer to the market cap and maybe even take over z so, i have a question about the contract aspect of it. When youre doing something conditional like if i mow the lawn, you send me bitcoin, whats the point of using it because youre going to input that i mowed the lawn, so in a more complex transaction, would it be more like if something, if a stock hit a price, you only pay this because im going to buy it what you use is an oracle if the stock closes. Got it. I just want to make one point. Do you sign any value to the fact pha if you took the market cap what does that mean to you in a risk environment . We talk about gold using this sort of thing. You go back to the work tom lee did. If bitcoin thanks for that my pleasure here this weekend, kicks off national stucco day. Assuming we dont have nuclear war, our traders are serving you stocks to raise a glass to tim . Youve got to go with the big daddy whos in the crest of the Global Spirits i am long. Grasso. Car, it has sold off drastically. Bk. Gdx, gold bud americas beer that does it for us here on fast money. Dont go anywhere. 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Heres whats coming up on the show i love gold after the week gold just had, theres much to love and theres something in the charts that suggest its going to get even better plus, its the question traders dare not ask is there anything you can tell us about what may have happened last night . No, not that question they want to know if its time to short home depot. Weve got the answer and how would you like t