Tonight on fast we're charting the comeback. Tech trading well office lows, but the chart

master says don't be fooled by this bounce by Carter worth sees trouble lurking in the charts plus a biotech bump.

Shares of aluminum jumping in the after hour session. The company presenting right now the JP Morgan Healthcare Conference.

Illuminous CEO will join us in a first on CNBC interview and later anti up why this map shows it is game on for sports betting and the boom there.

Welcome the fast money on Melissa Lee tonight's trader lineup guide Tommy Tim Seymour and Dan Nathan Karen Feiner and we'll join us in just

moments. We start off with a major tech turnaround on Wall Street. The Nas Act down more than 2.7% at the lows of the session.

Clong back the losses to end the day in the green Tesla alphabet Microsoft Apple all reversing major losses at the open.

Teak out gains on the day and while the S&P and Dow did close lower both were well off their lows of this session.

So does a late day action give you any reason to be optimistic I sort of like a Rorschach test guy we love these things.

How do you read this market message.

Yeah and I loved him and welcome back Carter Mel how are you by the way listen. I don't know quite frankly what to make of it today.

I mean I think you could look at this. I mean if you're the optimist to say listen we tested the lows we bounce meaningful bounce into drone pal tomorrow.

Great news ahead all systems ago I look at it and say maybe the market was just squaring up ahead.

Of pal tomorrow thinking potentially he could be more dovish than he's been which by the way he could have probably only be more dovish I'll push back and say.

There's a chance you hear actually more hawkish drone pal tomorrow as he testifies in front of Congress because inflation now is a big concern.

I'm not sure the market will come up so again I'm not sure what to make of it. I'd love to have CBWs take on it.

We're going to get it in a few minutes but on the margins. It's not a bad thing that the market bounce like it did.

I mean of course a big part of today's action was yields piercing last year's high on the 10 year on the 174 and right now it's

training about 176 is still elevated still above that level Dan. How do you read this all because it does seem like the 10 year yield wants to go higher.

Well it does until it just fell back to 1.75 after making those new highs Mel and you know I keep an eye on the Russell 2000 the small cap index where it was much higher back in Q1 of 2021 when the.

10 year US Treasury was trading back at those levels just can't get out of its own way and I think you know year over year it's just that what the equity markets are doing relative to where rates expectations are going right now is not particularly bullish for stocks and you know if you think about this kind of see saw action that we saw today in a way it's like the markets are really trying to price in all of this news that we know is coming at least as far as the taper contemplating what a roll off means you know we just saw Goldman Sachs go

expectations for four quarter point rate hikes this year I don't think they're going that way and I think that's actually why the yields came in towards the end of the day it's a guy's point about squaring off or at least the market squaring off before pal we had a little knee jerk reaction today and both bonds and in the stock market and we'll see I just don't expect him to go before Senate confirmation hearing changes tune we had that move last Thursday when the Fed minutes came out from last month here.

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