Years ago. But today every s p sector finished solid in the green. And also more big moves in bounds ten year treasury hitting its lowest level at 1. 03 , it did bound bounce back, but yields are still down 40 this year simply incredible day all around and the trillion dollar question that we ask tonight, very simple one, should you put your faith and your money in the rally that we had today welcome to fast money, im Brian Sullivan thanks for joining us. Your traders are at the desk guy, kick us off because we have this rally truly incredible. Ended on our highs are you a buyer . Remarkable, right im not going to pretend to say i saw this coming or any percentage of this coming today. But what we talked about on friday and i know it because it was only a few days ago, wechd you can take some sole police in todays action on the fact that couple things happened the market has bottomed on days where the vix has traded somewhere between 35 and 40. We got that in spades on friday. And we also pointed out if you go back to september of i think it was 2018 or so, fridays close basically was the resistance level of the levels we saw back in september right before the market sold off so weflag those levels thousand again, i didnt see today coming by any stretch of the imagination. So what is next to answer your question well, today is the where he is low of 2855 in the s p, recent high of 3393 on february 17th, a 50 correction puts you at 3125. So 1 from where we closed i think that it is reasonable to think that well rally tomorrow towards those levels and then fade on the back of what should be continued selling so if you think about today not only did any asset class work, but you also got this dynamic win, markets start panicking, policymakers start planning so the whole concept of coordinated Central Banks. And we can sit around being real frustrated about what Central Banks can duactually do, basicay how the market a lot of terms i wont use in terms of how the market need to say respond to the fed. But that is where we are what is very interesting, a lot of folks tune in tonight and they say oh, wow, is this december 2018 when this was a v shaped recovery. And here we are on a dynamic when were truly looking at an economy and we dont even know the extent of where the coronavirus is so i think investors again prone to go back to the old play book, im not sure this is v shaped, i dont even want to get out there with that, but it has to be where investors are right now because it all happened so fast. And liets be clear, were nt w throwing water on this, this was an amazing day but if you look at all the data, half of the biggest gains that weve had point or percentages also come in 2008, 2009, we can go back to the 80s, whatever you want. Was there an element of panic buying today which in many ways is not healthy look, there is no sense there was a lot of panic buying. There was a lot of panic selling. Markets were at a 9 rsi on friday midday. They hadnt been that low even throw the december lows. We know how oversold we were, this type of a bounce shouldnt surprise anybody but these events come in difficult and dangerous markets. If you look at the top five biggest percentage gainers of the dow in history, all five of those came in 2008 and 2009 this bear markets, you get these nasty rallies. I dont know if this is a bear market or not. I dont know if anybody can know that but you can get these nasty rallies. Next thing you look for is the g7 coordinated call tomorrow because it is really difficult to if they are going to have coordinated Central Bank Action and some sort of coordinated fiscal stimulus, which is ultimately in my view kind of the economic governmental response to all of this, that is really hard to stand in front of as a short if anything anything short of that what they do tomorrow, then i think the market fades like guy is saying. So i think tomorrow is a real critical day id just say if on friday afternoon you are looking to dump out of your portfolio, why not take a little bit off at these levels after this rally. I hate days like today. What . Even though im long, last week was a disaster, this is not healthy. Companies the value of companies did not move 5 today. Sentiment changed, right and the oversold tim was talking about is crazy absurd. So this kind of action i dont really like. There was a lot of things to like for the market to go up, a lot of fuel for the fire, coordinated g7, the expectation of a big fed move. I think even klobuchar dropping out of the ray and throwing her support toward biden helped. The biden buniden bounce. To the extent bernie has weakened, that was better for the market im not a buyer on a day like today. Id rather be a seller and risk being even more bloodied by the end of the day a lot of people buying into the markets as my southern relatives would say. But you think the market is up historic level in terms of dow points and s p yet the vix still has a 33 handle i believe which if you had asked a couple weeks ago, people would have said preposterous, but here we are. Again, it is interesting, im glad that you mentioned it because everybody when the markets go down like they went last week, it is always panic, the markets panic. Just you want to give that, that is fine the panic was there in spades on the up side as well. It is not fundamental on the way up and panicked on the way down. You have both up and down. And we had data points today where people on thursday and maybe friday bought some of these double and triple inverse market short bets. I wonder how much of today was that recovery. Can i Say Something about that with all due respect to the companies that have built those things, those etfs really dangerous. If you use them tactically for any meaningful amount of time, the amount ofrosion is very dangerous. And i dont think these are markets that you want to stenp n and step out i talked about where the closest market analog i saw was august of 2011 when we were downgraded from the aaa in this country, you had huge problems in europe. Basically you had some kind of dynamic in the first eight days of august and then you had this thing where markets went up 6 , down 6 , up, down. And then a wicked rally before dumping people right back where you know by the year end this is an environment where markets are trying to figure out what the Global Impact of this look at the pmis that came out across asia. China had a 35 manufacturing pmi. I know that is the center of the storm. I know that is probably abhorrent number, but i think those triple levered etfs are very dangerous for most people and to your point on whochin, we know that number is likely lagging. But now the question is, and again you dont know the answer to this, where is the demand going to come from is europe shut down . What is happening in the u. S. . Are those the demand factors that will slow down and even if those factors in china get back up and running, who are they producing products for that is the part that i think is unbelievably difficult to tell at this time and it is really difficult to trade this market because you just have zero information and by the way, im reading an email that we got from bob pisani who might come on, 9 984 billion changed hands according to Goldman Sachs some people got stressed out and i wouldnt pick on robinhood, but robinhood was down for most or all of the day. Didnt that happen to him the last time . Those folks, i dont know how many of them there are, but they were unable to participate in this day and so there 00 this another might have saved them from them but there is a risk to these high volume days where were learning that there are risks in other ways extreme price move reactions. And getting back to the Global Central Bank, to do what . Is cheaper money going to somehow stem the tide of people traveling . Just anecdotally, you talked about it, you were supposed to be at a conference the next couple weeks that is canceled. I had a conference scheduled toward the end of march which is at least 20 something days away that was just canceled as well for the reasons were talking about. By the way, im sorry youre going to have me at a desk without me im back i will be here because youre not traveling either. But lets connect the dots in the stock market the reality is, tim seymour, guy adami, bk, myself, who cares we get on the plane, there are hundreds of thousands of us going to cities, spending money in hotels, stwraurestaurants, t, whatever it is, that is Economic Loss i may go back to houston, but i cant go back in time. And we dont know how this will impact the price to earnings what are earnings going to be . We dont know, but i do think that companies will get a free pass for probably the First Quarter and the Second Quarter and then well see i mean, you know, we talked last week you said why wouldnt every ceo out there be guiding down or removing guidance. That makes total sense because they really dont know for one and why not give yourself a little bit of room back to the multiples and valuations money is free. And in fact your valuation based upon a discount rate, which is often priced off the ten year is now priced off of a 115 ten year and that gives equity pluls an an yae nor mu enormous amount of play. And this is a dynamic where equities become very attractive em the Big Companies that have room do what they need to do and i think this is what youre saying, but they are only attractive because rates are so low. That doesnt mean that they are attractive because the fundamentals are good. Which adds to the complexity you could actually you have economic effects of this that are greater than necessarily the Health Effects and that is not to minimize the Health Effects, but if everybody starts it quarantine themselves, then you have a big economic shock here in the u. S. But at the same time, if you have stimulus, fiscal stimulus, Global Central Bank stimulus, could you have the stock market go up, the economy going down. Are sound sounds like were g negative on an up day. What is positive is that today i would argue that the news flow around the coronavirus was worse. And you have a dynamic where i think investors have had a chance to digest the economic impact, the entirety of the unknown is out there for us all. But markets were able to find a little bit more rational on an irrational day a little more rationality. Good stuff. And i think everybody is being fair i mean, better than just saying great day, everybody start buying a little bit of skepticism is a very healthy thing all right. The biggest stock in america, a big part of this move. Apple. Surging more than 9 oppenheimer up graded apple to an outperform. 320 bryprice target. Saw a not report shows it surged 20 in january. Good time to getinto the stock or buy more of it if you own it . Well, im long, so i guess i would be a buyer here. But i didnt buy more today. I wouldnt jump in today and say this is the day that i got to buy it i do still believe though that 5g is the driver here. And that i think there is a very good chance that the 5g story plays out by the second half of the year. If you want to think about what the positives for apple in this environment is, if you think about Interest Rates at lows and even if you have some kind of economic shock or recession, you have apple which has a massive stockpile of cash, so they are going to be able to cover their liabilities, cover any dividend and then they almost have and you tilt effect where your cellphone is the last thing that you will get rid of. It is essential to most people so i again am not going to be buying apple up after this massive move, but i think in the next week or two, there may be a time to have a real good risk reward entry. And apple is a market proxy so apple will outperform on the way up just like it did on the way down so if you take the trough to peak, the trough from friday, 17 in the worlds biggest company. You can do the market cap swing. So somewhere around 250 billion of market cap was add he hpple and oppenheimer do down grade a bit out to 2021. Took out about 7 on some of the obvious factors. But at 320, this is a stock that the not only has up side so they can upgrade it from up side to target, and then they also just talked about the same things we talked about i think it does coming back to valuation and i think if you look at the valuation of apple, right here you are around 20 times 2020 numbers in an environment where they can do a lot with their Balance Sheet, i think you want to own it if we could throw up h, hyatt hotel, they are withdrawing their guidance for the year. But i think if you are a verizon guy or at t, verizon up 6 today, i think it had an upgrade. All of our brains are a little fried. But you are not shutting off verizon because of coronavirus it is the last thing that you are going to do. It is not a hyatt hotel. You know what your business is going to do. And there are clearly winners. We mentioned the zoom video like a 75 stock. And there have been some winners through all this as well but getting back to apple quickly because i know on the monday after they said that they would be hurt bay what is going on in china, the stock was down i think 5 and we commented, you know, it is surprising it wasnt down more the next day the stock was making an alltime high. We had a conversation on the desk saying it is not ridiculous to think that this stock should retest 280 well, not only did it retest 280, it got much lower than that but it did it on almost 200 million shares this is a stock that trades 30 million shares a day so i hear what everybody is saying im not saying rush and buy it, but if you are looking for something to trade against, those two days with extraordinary volume are as good as anything on the down side okay. Good conversation there on apple which had a huge day so much more to do on this monster monday up next, the one big group that mostly whiffed in todays record move what it is and why it might be worth a second look for you. And then wells Fargo Chris Harvey told investors to start buying select stocks looked like he nailed it again, you are listen to us on necnbcppnywhere on the fast moy a at outback, steak lobster is back. Oh no its gone phew its back, with lobster mac cheese. Its gone again its back, with shrimp now steak lobster starting at only 16. 99. Hurry in before these three are gone again. Outback steakhouse. When yowhat do you see . Itical issues facing our world, we see a billion more people breathing free. We see access to fresh food being the global norm, not the exception. We see homes staying cooler, without the planet getting warmer. At emerson, when issues become inspiration, focusing core strengths to create a better world isnt just a result, its a responsibility. 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[ barking ] welcome back lets now get you the very latest on the virus outbreak, the death toll here in the United States rising, does now stand at six with 105 confirmed cases. And the white house is loudly calling on big phrma to step into try to help meg tirrell with more. The president and the Coronavirus Task force meeting with the ceos of major drug and advantage e vaccine makers and research chiefs the president trying to go get a sense of time lines from these companies. We spoke just thousand about that with dr. Shiver who had just come out of the meeting. We hope to have a vaccine in the clinic within a year or so and hopefully move quickly into Development Past that as we all see how the outspread of coronavirus changes or grows and eamon javers asking the president if he would consider allocating difficult funds to speed the work and trump jokingly responded that the industry has too much money already underlying some of the tension from the president whoer persistently attacked the industry for its high prices, now depending on that industry to speed a vaccine or drug to market meg, thank you very much. So lets talk about some of the biotech names. And lets be clear, we made cleans, there are two different types of companies here. There are regenerons and then the small super micro caps there are just being traded by traders around this. And im going to avoid speaking about any of the micro caps but for example, gilead, gilead was headed higher before coronavirus if you go back and look this is sort of the tail wind for them on what had been a story that was improving with a Balance Sheet that had been improving. So that makes sense. Pfizer had been beaten up, that makes sense. Merck had a move from i think 95 down to 79, that stock has bounced. Eli lilly is its own animal. So i think big cap far made despite what the president says about them being too rip rich or ripping them off, i still think those stocks are fine. As far as a vaccine, they are talking becoming some a year away hopefully this is long over before that. Quickly, there was a scene if you recall in top gun when they were trying to get tom cruise up on ready 5 and one of the guys said it will take a few minutes and the commander on the ship said an expletive, this will be over in two minutes. That is the same thing here. You dont have a year to play around with this and i cant wait for top gun 2 coming up this summer. And a 5 billion acquisition today which increases their presence in the oncology and hematology the issue with that for a lot of the Analyst Community from what ive read, it doesnt necessarily move the needle on their 20 billion to 21 billion revenue line which is something that they are very concerned about and has been dragging gilead down because hiv is still looked to be drug pipelines that ar