Everything is awesome. Apple with an announcement jumping on the trump train bringing jobs back and putting more money into the hand of the American People and turning on the faucet for Corporate America to spend and invest more it is a not just awesome a stkt ecstasy, a place where money seem the grow and grow the dow on fire, surging moore than 300 point a record close the s p 500 closing at a record, too. All last year we heard over and over the tax cuts were priced in as carpet america soaks in the benefits and starts spending, could this be the beginning of the run or as we are calling it stock market ecstasy wow hey guy quick would you rather, teigen and sarah versus barry white. Barry white, all do i language 24 hours ago we at at this desk and said that move we saw yesterday was eerily reminiscent of the contribution ebb on february 10th 2017 i didnt see today coming. I mean if people saw today coming good for them, because it clearly wasnt in this camp. Not that i was calling the top but i thought he would have followthrough on the downside. What does that tell you . Vix was up today, which i think maybe there is a warning sign there. But the things that have worked continue to work we have been on casinos now since steve wynn it was a 58 stock certain thing still work honeywell, still on fire banks earnings, i thought Goldman Sachs was descend. I dont think he deserved the move to the downside but i understand what people are saying is this the next leg higher . Im not certain. If the vic had been down maybe i could play that game but the vix is slightly higher. Is the vix trumping what we are getting from companies, they are using the benefits of tax refor to spend money and create a whole other halo effect which we may not be putting into economic tolls point. When apple talks about millions and new jobs and a headquarters, blah, blah, blah, it gives you a sense of where this could be. Companies couldnt give you the guidance and analysts couldnt do anything with it. The vix was largely about washington i wont so sure. But now that you get back to a market that is screaming higher with apartment least expectations that i think are absurdly high. Rates up to 260 again on the tenner yao we have inflation people arent factoring into the fedless mo. Those are the concerns for this market otherwise valuing as for a lot of Companies Look like they are getting better, not worse. I want to know. Yeah. Where are we in this run . What inning. The fifth. The fourth . The bottom of the four of the. Plenty of upside. Really. We reason is begun to scratch the surface of the next company. We her about apple today, and boy did that get everybody excited. Not just for apple but the stock market began to feed of to of that boeing the last couple of days yesterday was the highest volume trading day in options in the last couple of years i mean it was huge again today. 23 million options trading yesterday, 30 million. So far on the year we are averaging almost 22. 5 million per day. So the volume is there you get a 300plus movement yesterday. Thats why the vix is as high as it is. We had a 300 plus movement again in the dow we have a vix that actually is measuring what the movement is finally and thats the kind of moves we are getting in the market you are in the ecstasy camp. I am in ecstasy. Boeing is up 19 on the year. How is their cash flow . Dude, come on listen, okay its dragging the dow up right now this is absolute insanity. To be here saying we are in the fourth inning of this thing i am not telling you you are wrong. Feels like you are. Imim saying we cant get to the seventh inning before we have some sort of pullback here. What is going on right now is dangerous. I have not seen parabolic moves in stocks like this . Long time. When you start to see some of the revised earnings based upon whats going on from a tax perspective, what they are able to to about with that money. Some of the repatriation apple, thats what kicked thing off today. They said we are going to add 20,000 jobs. 20,000 jobs. Thats really insignificant. They are probably retail jobs at 14 an hour. 20,000 anal, to,000 this company, 20,000 that company. We are done talking about automation, all these things that the smartest people say its going to take over the work forces i think you are having the wool pulled over your eyes here 20,000 jobs here and there. Ultimately but it gets to you a megasport arena where on repatriation are we going to see m and a do we create jobs during m and a . Does that happen. Apple creates 50 billion of cash flow every year they have got 350 off shore. They are bringing it back. Take a charge. There is nothing bad about that. As an american thats good to see. Thats what they wanted to inspire. You are toth inning or seventh inning euphoria right now, Business ConfidenceConsumer Confidence and positioning in the market is extreme. There is no doubt about it i agree with that but the reality is that you have a dynamic on the economy side is something that people dont know where carpets are going. And thats a positive to the upside. Fascinating conversation. Really i have got to tell you something. I will say it again. The move yesterday was eerily reminisce end of a move we saw literallytwo years ago almost to the day if you remember that day 1810 on the s p. All of a sudden morgan at 54 you had the bond offering at Deutsche Bank and opec news. A three pronged attack and the market never looked back you didnt get the same negative news but the reversal was significant. And the elevated vix at the beginning and the end of the day said something the fact that the market is up 300 today, was it a lot of apples, you i have got to tell you after yesterday i didnt see today coming and financials yesterday. Suddenly you are looking bank of america is into the green. Goldman sachs stayed down. But im with you thats an interesting name i thought their earnings were spectacular. They missed in fit thats down 50 . I think we expect what is going to be bad. Whats going to be good . When you shine the light on Investment Banking for Goldman Sachs, 2 billion. I know its only 23 of what they do, but still there is something there. If that turns into thick if they actually returns, they have been wrong forever. Goldman sachs has been killed in that trading world they have been wrong, wrong, wrong, in the commodity space. It seems what apple announced today reignited the belief that tax reform has more juice and financials we forgot that financials were going to be the biggest beneficiary but maybe there are other legs to this and apple also saying its going to have 2500 in bonuses in the form of stock to its employees thats another leg of wealth effect the, right, for the consumer no question. I think its front loaded thats why the airlines and autos are kicking it because those are places where disposal income is going to go. Back to the bank,est this was not supposed to be a good quarter. We are getting rid of the deferred tax benefit i think the financial thes trade great. They are the easiest to argue in favor off. Those valuations to me look interesting. I think european banks which outperformed u. S. Panks by 140 over the last six seven years which outperformed them during this upswing because i think the Global Market is more interesting entirely. Beknow how you feel about the market but are you net long or net short on this market. After friday, i am going to have net shorts that are worthless. I saw panic big. Semiconductors up 3 Texas Instruments up 5. 5 today because an analyst raised think price tart by 7 it is a going straight to the market its not rational. I cant tell you when its going to en. I cant call a top but this behavior is insane its not ecstasy and it doesnt set up on january 17th as a conducive set up for double digit gains. Wouldnt you say the semis are inexpensive in the broad scheme if you look at Applied Materials that are feeding into the world they are inexpensive. But all those stocks were up 5 for no reason other than the fact that investors are panicking in the second week of the year. Dont you think its the broad come call qualcomm thing is falling apart which reshuffles who could link up and where the consolidation could be everybody has a target on their back. You brought up qualcomm i think in terms of their Balance Sheet and whats going on, broad come, xpi, qualcomm on its own should be higher than it is a lot of the problems they faced to he have the last years are self inest accused i dont think people were looking at the valuation of the Company Properly nvidia is expensive where its currently trading. I dont know we are talking about that on the other side of the coin. Micron and the tie log out of them that stock is cheap. You forget. Maybe you have short memories or you are getting old. Im getting old. I remember in the First Quarter of 2000, i remember early in 2007, people couldnt think of a single reason why the markets with go down i think we are in that phase im not telling you to go the cash or this or that or whatever there is risk. We know there are risks. But its never been like this where Interest Rates are what they are, volume till is what it is, we are going into global tightening phase we have a lot of geopolitical uncertainty. Jan 17, it seems irrational. Yesterday we were talking about the biggest reversal in two years. Panicking, saying is this the end of the bull run. The fact we can have the same conversation about stock market ecstasy and is the the end of the bull run in the period of two years, doesnt it tell but the fragility . People vuf plenty of doubt. If you think about the reagan tax cut in 86 and where we got to in le 7, there are analogues breaking out that do make sense. When i talk about being high and extreme, this is no question about. People talk about the retail guy, he is in the market, cash levels on the institutional level are place he we havent been since probably 2003 this market has done a lot of digging. The systemic concerns here are ones where frankly from a Global Economic perspective we have synchronized Global Growth it may be late cycle but it was a cycle that was basically going nowhere until we got fiscal ifthrough. We are losing monetary follow, getting fiscal the europe could be tightening for the right reasons. These are places to be excited and there are still places to find stocks that are not expensive. What do you think. The one thing i will say again, the vix i understand what pete is saying. Down 300, up 300, the vix is reasonablebly trading where it should tomorrow shapes up as a fascinating day. What do you do. Im buying thing that i think are going to participate in that next wave. I think if you want to protect yourself dan says its doing the roll off on friday worthless but you are not net shormt i think this is a great place for people to be defending long positions i did panic before the market sold off and i out some shorts semis had been trading around it of the it feels irrational. My discipline had me selling mr than buying in the last couple of days one of the names i bought yesterday was intel. I think its cheap i think when i look at the growth prospectives they have got and the acquisitions they have made, and when they repatriate that will give more money to do more m and a i think there are names out this that arent inflated and insane. Thats one of them. General electric and Goldman Sachs are the two dow downers getting crushed today. Someone on this desk says one of these names is emscreaming buy plus, the bitcoin currency having its worst two day stretch in three years tom ross will tell us whether he thinks its safe the buy the crypto crush. The money minute vikings heading into the nfc championships this wkeeend he has a stock to buy. The name, and much more, when fast money returns 1, 2, 3, push easy easy easy horn honking alright alright weve all got places to go weve all got places to go Washington Crossing the delaware turnpike . Surprising. Whats not surprising . How much money sean saved by switching to geico. Big man with a horn. Fifteen minutes could save you fifteen percent or more. But prevagen helps your brain with an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Gold medalman sacks posting its First Quarterly loss in six years. Shares of the Investment Bank falling 2 as the rest of the market rallied goldman warned they would take a one time hit on the new tax bill heres a breakdown picked income down 50 overall trading down over 30 . Equity down 14 . Should the ceo be trading more and tweeting less. Look at some of his recent posts. Guy adami, he upped his twitter game good for him. Lloyd can do whatever he wants. No, he cant. No, he cant did you hear me read off the declines they had across their businesses and you say lloyd can do whatever he wants . You know why there are declines in those businesses because spec trading has become a four letter word on wall street they are shackeeled. Book value went from 190 to 181. Thats disappointing but the quarter was fine we can pick on fic and we have done for the last six quarters it seems labor they are having a difficult time the pie of fixed income commodities hasnt been good its getting smaller w. That said, dont bet against what is going on at jay aaron and clemson commodities. Thats old school. Stock to book we talk about that in the financial world. We are looking at the stock and looking at the price, it looks cheap. P e, that looks cheap. Do they have growth . Do they have weakness . We know the weakness they have got to improve on weakness they lost a lot of the intellectual property. Three, they four guys, gare cohn comes to mind where they have lost folks that we thought were smart before, this stock was 217 in mid september we were 262 this morning before we pulled back five bucks. Still cheap. If i am an investor in financials because i believe that tax reform will benefit them and Goldman Sachss new tax rate is 24 and their old one was 28 . They are not benefiting as much as bank of america why would i go with them you could also make an argument that the guy who is are most effective at helping other companies exploit tax loopholes arent going to benefit. I think goldman in an area of less regulation and in an era of Global Growth and in a banking presence in a franchise that is still top in class is doing just fine if its cheap here to the group, you go after it. I would say thats the only reason why you would take a shot relative to the others the underperformance speaks to the fact how they used to make their living when they were earning 20 bucks a year, 2007, 2008, before the financial crisis the only way you would take that is if you thought volker and some of the regulations are rolling back this year do you not. Im a just saying. Then you do you think they fall to pressure. No. I think you successfully skushd your invite. You are back at the party. We have reunions every year listen i am not a goalman apologist. I was there for a long timele i have an absolute soft spot for good reason. Some of the smartest and some of the best people were people i worked with at Goldman Sachs guys and gals. I dont think pete mentioned to single out guys. You hear what he said, this desk included . Anyway. My point is if you bet against lloyd blank, fine. You do it at your own peril. Lloyd will figure this out is he in trouble its his job until he wants to do something else. Every one of pete najarians pitches have hit out out of the park he has an idea of what will be the next home run. He will tell us what it is you are watching fast money on cnbc the internet is the future of business we have to be on the internet. That was so 1997. Now its block chain and a. I and there is one dow stock thats cashing in on both. Well give you the name. Plus, yeah, that sums up the heat our bk has been getting on twitter. Rather than run hes going to face the fire and your tweets, live on air, when fast money returns. A basketball costs 14. Whats team spirit worth . cheers whats it worth to talk to your mom . Whats the value of a walk in the woods . The value of capital is to create, not just wealth, but things that matter. Morgan stanley your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 782 on home and auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Welcome back to fast money. Bitcoin sinking below 10,000 before recovering most of its losses despite todays comeback, bitcoin is seeing a market cap loss of around 156 billion since sitting highs a month ago. While bitcoin is having its month of hell it is not the only coin that slumped. Ripple losing 100 billion since hitting market highs two weeks ago. Eherian and like coin plunging from their ice downtown has been volatile the past few days have marked the first big selloff since many piled into the crypto currencies over the thanksgiving weekend. Is a selloff signaling more pain to come . It could be just like markets overshoot to the up side. They can overshoot to the downside it has been a speculative period for almost two months now. The run up that we saw in november into december, towards the end of december, maybe it broke. The fever broke, and now it has the potential to go lower. I think what is important to remember is the people who have been in there since 2013 they have seen these fluctuations for years. This is new to speculators, people like myself, who have been gambling in it over the last year. And thats what it is. And i just want to link this up to the conversation we were having a little bit before, in the stock market today, that we are starting to see, in my opinion, some of that irrational exub rabs in single stocks the me, i think that the air came out of crypto its likely to come back at some point. I dont know from where. But now we are seeing a little bit of that excitement in single stocks, which to me is a little dangerous. We