What a shit show once again. The bears are relentless so far this year. Tech stocks got obliterated today, even companies with solid fundamentals that killed it in 4Q earnings sold off, such as FB (-5.8%) and GOOGL (-3.6%), and TSLA is trading at two year low now.
CNBC FAST MONEY FINAL TRADES 02/05/2016
Steve Grasso – Base on the retracements, Steve’s technical analysis tells us to watch for the 1863 support level, if we breach that level, bail on the market. The next stops are 1820, 1812, and 1765.
David Seaburg – Bullish on certain sectors. GILD is a stock to watch, they are looking to acquire companies.
Brian Kelly – Buy Gold and Silver
Guy Adami – S&P will test 1780 level. The job report suggests the Fed will raise rate, but they absolutely cannot be raising rates with the state of the market. This won’t be pretty.