Hey, everyone, welcome back to On the Tape. I'm Guy Adami. I'm here with my friends Dan Nathan

and Danny Moses. Listen, I am fired up today. And today we're going to be talking airlines.

We were talking to Biden economic policy. And later, we're going to go off the tape with a legend in the business famed investor

Jim Chanos but first I want to get into it right now fellas you know everybody says they're

always bearish guy blah blah you always negative I'm not always everything I'm always good looking

but I'm always honest as well and right now you're talking about an S&P 500 market cap of 190% of US GDP. Now, Warren Buffett

looks at a number of indicators. The one major indicator he looks at is exactly that. Market

cap of the S&P 500 over GDP. And typically, when it reaches 120%, he's concerned, well, we're at 190% now.

The warning signs are flashing.

I know Danny Moses has some thoughts on this.

I know Dan does as well.

I'm not here to be a cheerleader.

I'm just here to point out what can go wrong.

One of the first things I learned at Wall Street is, you know, prepare for the worst and hope for the best.

And I'm preparing for the

worst right now. I see a lot of warning signs, a lot of things that concern me, a lot of the

complacency that's made in its way into the market vis-a-vis the volatility index. All these things

are worrisome. And that's what we're going to talk about here today. Amongst other things,

I know Danny has some views on the airlines. And I know Dan Nathan wants to talk about here today, amongst other things. I know Danny has some views on the airlines. I don't know Dan Nathan wants to talk about Biden's economic policy. Bidenomics is a lot of

people are going to probably call it. But Danny, what are you looking at right now? What is interesting to you

as we go on the tape? Well, certainly everything is flashing red as far as any of these indicators.

That being said, there's still a lot of money splashing around in the marketplace,

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