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tv   Fast Money  CNBC  April 23, 2021 5:00pm-5:30pm EDT

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>> particularly the big tech names tuesday, wednesday and thursday always a lot of fun when those come out. see if they disappoint netflix did this week. follow snap jumped significantly. look forward to next week. have a lovely weekend. "fast money" starts right now. i'm melissa lee, and this is "fast money", tonight as trader lineup -- we're trading the tech turn around, nasdaq rallying as we gear for huge earnings, and look out below, next stop for bitcoin, $40,000, why carter weather -- worth is seeing trouble in the crypto charts and later -- ♪ >> "fast money" friend cashious is living the fast dreams,
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despite the nightmare month for the market we start with $9 trillion countdown of big cap reporting next week tesla kicks off monday and nasdaq a percent away from its all-time high, will next week's result lay a new fire under this tech trade? guy, what do you say >> hi, mel. >> hi, guy >> well, light a new fire, i don't know if the old firefly fun hous don't know if the old fire has been extinguished. yes is the answer. alphabet sticks out to me. google made an all-thyme -- time high absolutely we can see a reacceleration of the names. >> doesn't hurt the ten year yield is below 1.6% and looking
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steady james? >> with the exception of microsoft and google's strength. the rest the things had a sideways move. they're not participating in the recent rally, new highs on the nasdaq, that tells us the companies with a big moa trks around them will keep trucking along. some of the other names, amazon, netflix, google, you know, they've pretty much topped out i think positive earnings surprise could give momentum to the upside in this group i like google and microsoft chugging along as they dominate with no competition in sight. >> we've had notable tech reports putting intel aside. if you look at netflix that was a huge disappointment. i think people vastly underestimated the amount of pull forward that company experienced during the pandemic. on the flip side, snap had
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fantastic results. gr grasso, i go to you, which do you think is more of an extrapolation into next week >> snap. you look at the different type of stocks, netflix was a true stay at home shelter in place play but when you look at an apple which i still own, a microsoft that was pointed out, these type of names are value and they're growth but when we look at going forward these are names that just hit it out of the park time and time again when you look at a name that's so consistently recreates itself like a microsoft, it's not old tech any more. it was seen a little bit as old tech and now it's not any longer a netflix has too much competition. was at the epicenter of
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everything we think is good and bad about stay at home trade competition is coming on i think apple will be sh okaying to the upside. by the way melissa, these air tags i'm going to load up 10 to 15 i'm going to put them on pets, i mean, going to put them in cars, for my kids, i want to know where everyone is, i'm going to track everything, 30 a pop, i'm probably going to buy ten myself this will be such a boost for apple. they're never on the cutting edge but they always recreate and everyone rushs in i think apple will upside on the stock momentum. >> do you lose things that easily that you need to buy dozens of air tags, come on, grasso, keep track of things. >> things walk away. it's tough to keep track of a puppy, now when this thing is running around i don't want to put a gps on him but will put it on his collar. >> somebody's going to put it on
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their spouse i'm sure. [ laughter ] we are going to show the board big tech names reporting next week, brian kelly, i go to you, i feel this is a game show, which will you take into earnings >> i can't see the panel but i will go with door three. -- [ inaudible >> i think we're having some audio issues with brian kelly. unless anybody can translate that, i don't think there's an app for that yet. >> i agree with steve grasso, everything he said. >> something to that effect, i'm sure guy adami, which on the board do you like of the big cap tech names? >> i can't -- i can't -- i'm sequester like the guy from game show i don't see the board. >> alphabet -- microsoft -- facebook. >> stop, stop, stop. >> you said you couldn't see the board. >> i said alphabet, google no microsoft is the next one because microsoft to me is the most important, not tech company
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in the world, i think it's the most important company in the world. and they've basically created that over the last five years. i think microsoft on that list steve said apple will have a huge surprise i think the same for microsoft. that would be my selection behind door two. >> james door two you like this one >> yes, microsoft's got it we pay attention to what's happened since the pandemic hit. i've seen more and more conference calls on microsoft teams. i find more utility with those applications and i find myself more and more embedded as an enterprise to do business using microsoft products and we know all of the innovation out of the cloud, microsoft has probably the greatest intellectual capital and pocketbooks to get what they don't have going forward. i like microsoft. >> obviously just the tech
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stocks reporting next week carter braxton makes a point it's very rare to have tie of the biggest stocks to report in the same calendar week, this is only the fifth time this has ever happened this is almost a quarter of the s&p 500, steve grasso, so obviously this is going to be important for the markets overall in terms of tone and direction. >> so, i think, yes, i agree with carter. and your set up is spot on. if you look at the ten-year i want to take this angle of approach here, melissa in august the ten-year was at 50 basis points, a half percent and then it rallied on a yield basis up to 1.77%. it's backed off to now 1.55% dare i say, again, that we are in a goldilox part of the market right now where you can have the gold, the reopening trade, and
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you can have growth all rally at the same time. the reason i say that is that obviously tech was spooked cyclicals were the reopening trade. then we had canada having shelter in place, japan having another shelter in place, india with cases through the roof, but here, from our view, we have record amounts of vaccines entering people's arms even with the johnny john issue or speed bump now you're starting to see where tech was nervous about rising rates. those rates have backed off just enough for tech to move sideways as carter has mentioned. in his chart work. and now you're starting to see those charts steepen just a bit. then you saw the i wrks -- iwm came in hard and that's rallying too. everything starts to rally. >> we got the gremlins out of b krks shots brian kelly want your take on this win, win, win says grasso for
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all the groups in the market, it's goldilox, not too hot, not too cold, just right for everything to rally, what do you think? >> yeah, i mean, well, first of all i'm glad i'm not mining any more i hope you can hear me mine fast money is not fun fast money at all but, yeah, listen,s all about rates here, right. that has been what spooked this market so if we can get steady interest rates and what we've seen from economic data is that things are good but not too good, that goes to grasso's goldilox environment, if you start to see some sort of inflation pressures again, if you start to see rates start to tick up, if things start to grow too fast, yeah, then we may have a problem i think going into earnings next week we haven't seen many potholes netflix notwithstanding that seemed somewhat idiosyncratic. going into next week the momentum is there, it's just up
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to earnings to not screw things up frankly >> fun for all of us maybe not for you, by the way, you play a mean cherades remember way back when. >> i do. >> it was memorable. we're going to do some homework for you, we asked traders to give us the non-tech name they're watching guy, kick us off. >> would be cat pillar are it comes out cat you have 30% growth trades around 21 times, they will raise prices for heavy machinery they're in the resource trade. the stock has been a monster people tend to say fade the move i say stay with cat into earnings next week, m-e-l. >> steve grasso which name you watching >> general electric. i'm still long the stock this was a stock really starting to ramp even back in 2020 and
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then right before the -- i should say soon as the pandemic hit in february the stock fell off a cliff like the rest of the market and rest of the stock complex. if you notice it started to ramp again. what stopped it this time was that one for eight reverse stock split mentioned. i think they're going to back away from that, even if they don't, i think we've seen the worst in aviation, that used to be the crown jewel i think you will see that become a tailwind you want to focus on debt reduction. and an increase of free cash flow i think you will see both those things happen. aviation will improve. i think the market is putting the reverse stock split behind it, hopefully they change their mind. >> bk, you're up >> ford motor company, and it's not necessarily -- [ inaudible >> the gremlins are back those darn gremlins. james mcdonald which name are
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you watching >> i like chevron for few reasons, it's well-positioned with oil prices stabilizing around $60 a barrel. chevron has committed significant cap exin the region and reduced outside the permean in the past year, which remaine in the u.s., i think the competition significantly decrease but bankruptcies and mergers and they have five year dividend deeld in last five years and you have people going back driving and a i think it's a low price. >> we're going to come up talking about the crypto collapse, bitcoin crashing below $50,000 at one point, chart master hits the charts ahead plus nightmare for spacs but esdon't stop one fan from
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living his spac dreams we take you inside the trade we take you inside the trade when "fast money" returns. need better sleep?
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$50,000 down 17% just this week and chart master says the bitcoin break down is not over carter is here to lay out the charts carter >> sure, you bet well, we don't send out a lot of research notes post dinner but last night it just felt as though it was about to get heavy and quickly. so, at 52 there's a critical level and so, hence the report went out let's look at some charts. they're five in total. this is the bitcoin chart and you see we were flirting with the line around supper time last night and we started to break. hence the alert, this looks like it's going to in undercut the line we did drop as low as 47 and change once breaking a trend line what can you look for as a reference point. that gets to the next four charts one reference chart is the
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january peak you can see the line i've drawn there. look at the next chart another reference point is the 150-day moving average. now take a look at the next chart. it's those all put together. they all triangultriangulate. they all come down to the $40,000 plus level look at the long-term final chart, bitcoin with 150-day moving average, over time it's served quite well as a reference point. so peak to trough decline we hit 64 and change, low 47 and change before the reversal today. that would represent about a 38% decline. our peak to trough now is 26 i think there's a little bit more to go. >> carter, is your sense that this is a correction within an uptrend? or the uptrend is actually broken
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>> well, what's interesting about any uptrend and most have them, they have corrections. and then once it is under way, hard to know whether it's the beginning of something worse or as you have inquired a correction that allows it to go higher which is my hunch. >> we'll see you on "options action." meantime we're going to trade some bitcoin brian kelly is on the good, old-fashioned phone. what do you think of this pull back on bitcoin, have you added to your position at all? >> no it's interesting, i haven't added to my position, what's happening in the crypto market you're seeing some dispersions out of bitcoin but not leaving the ecosystem. it's going into ethereum, solano and adams, all of names i'm long on this is a pause that could refresh. i don't think the bitcoin story is over, i wouldn't look just at bitcoin and say crypto is over
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but we are seeing a rotation to other crypto currency. >> we talked to pantera yesterday who said the non-bitcoin, non-ethereum market has vastly increased and his pick right now is polka dot. james mcdonald you're in bitcoin through an etf, i believe, how do you feel about this you pull back >> what's interesting about bitcoin there's so much mystique that it draws a lot of attention and can be controversial holding. what's different from that mystique is this is a dip and ripped type of security. on the 19th that big plummet did not get followed by buying that was interesting we can see here around the $54,000, $55,000 level support didn't come in so this is a new phase of bitcoin where pressure is coming in that money is going else #whereiroot. there's been a elsewhere. there's been a lot of headlines in other coins and people will
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continue to like this sector and enjoy the run up, doubling this year, will look elsewhere in the crypto space i think the dip in the rip trend stopped in bitcoin and is an indicator for weakness going forward in the short-term. >> bk, real quick, what's your favorite coin outside. >> by far cosmos adams i'm very long on that >> coming up, cashius is back in action, guy adami has no idea what we're talking about, we're definitelying into the space straight ahead first a message from investor and entrepreneur as cnbc celebrates financial literacy month ♪ >> when this country set its sights on traveling to the moon the education system was shifted to focus on science and technology this country today is facing a
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♪ you should see my journey ♪ ♪ now i get to watch "fast money" ♪ ♪ you should spend a day with m ♪ ♪ take a little vaca ♪ ♪ with me. >> that was "fast money" favorite cashous new song "spac
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just chilling" check out the chart, only ten spacs in april down from more than 100 last no. talk about falling off a cliff and since 2020, 134 are trading below the $10 floor that's 24% now under water. according to goldman sachs there's $129 billion in spac capital looking for a target, are spacs just chilling or are we witnessing a spec-tacular collapse steve grasso. >> i'm in wpf, foley spac and i'm in pace that's flipped to a new symbol these are for quanlity companies the slow down was for companies that were never going to earn and put these way out revenue
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target where's they're earning zero and saying they will earn 5 to $10 billion in five years but have not one dollar of revenue this is not the case with a pay safe or the alike. this is the case for a lot of names but you have to look at what you're buying this, buy the way, a spac is a great investment for the retail public. >> right. >> because you're stopped out at $10. you could not vote for it, you get your $10 back. or you could vote for it and get your $10 back. in the ipo world the retail investors, sometimes, or most of the times pays the high. the stock rips higher than the ipo price. only people who get rich off that are institutions, high-net worth individuals an the banks. >> yeah. >> so spacs will make a return. >> does this speak to something broader in the markets though maybe, guy i mean, the time when spacs were peaking some would argue there
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was so much froth in the market, you see spacs come down and bitcoin come down, maybe this is a good sign for the markets? >> personally i think it's a healthy sign, i was rocking out to my man cashous i think it's a good sign same with bitcoin coming down, taking the froth outside of the market is extraordinary healthy. >> cashious couva yrks four syllables time for final trade brian kelly. >> o'reilly motor >> steve grasso? >> i'm going for general electric as my final trade going to take out that 1441 level and start that march back to 20. >> james mcdonald? >> where can you find growth 52-week highs on the next big
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innovation ev throug batteries are go ablemare batteries are going forward. >> 5r9ist to the investors got a dip now mel. >> your final trade. >> psx there you go, by the way don't challenge me on air. >> that does it for us on "fast money" don't go anywhere money" don't go anywhere "options action" is up next.did, is now a health and wellness company? their groomers work wonders for my confidence. i trust their vets, and i'm known to have trust issues. they deliver high quality food the same day. i was outside digging, what'd i miss? just everything regarding our physical, social, and mental health. exciting. i'm gonna take a spin around the room. great idea. ♪ ♪ petco. the health and wellness company.
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welcome change. >> announcer: "options action" from the streets top
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it is friday, you know what that means, "options action", here's what's on tonight >> announcer: like a comet, or volcanic eruption, or looking forward to mondays next week will be only the fifth time in history it has ever happened, we'll tell you what it is, and how you can play it. then, out with the old, in with the neo, the electric car makers are at a cross roads and we're riding shotgun plus, about netflix, now, we did include a warning, but


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