Right now and fast can't quit Powell market struggling to end their addiction to Fed speak and Fed policy stocks whips on through the session as a chair signaled inflation is starting to ease

But then hinted rates are still likely to rise. So where do we go from here?

Plus the president's war on corporate wealth from chastising big oil and how they use their profits to deny the state of the union call for a massive tax

on stock buybacks should American business fear Biden push into the boardroom and later smooth sailing for crew stocks the rebound rolls on for the homebuilders and Disney riding high the options action ahead of earnings.

I'm Melissa Lee. This is fast money. We're live with the Nasak market site. We've got a full house tonight here on the desk.

Tim Seymour, Bottle and Ice and Dan Nathan and Guy Adami. We start off with the roller coaster ride for the markets.

He has to be taking a big leg up as Fed chair Jerome Powell kicked off an event at the economic club at of DC saying the dissinflationary process has begun.

But a reverse course after he noted that continued strength in the jobs numbers could mean more rate hikes ahead markets regain their momentum late in the session ultimately closed near the highs of the day.

The three major industries more than recouping yesterday's losses and now positive for the week.

If the gains hold it would be the Nasak's longest weekly win streak since January 2020.

So did Powell really give traders a green light this time around and think about what what has happened since he last talked.

We got a hot hot hot jobs number and still he had the opportunity to come out be hawkish.

Yeah, well, he also tried to explain away the jobs number not enough people look so I get it in this dissinflation theme.

Okay, great job, by the way, and since the beginning of December clearly this market has been confused and I've been dead wrong.

But just a little bit of math because why not to start the show with some math.

So where the S&P closed today, $4165 thereabouts, you put an 18 multiple on that, which is historic decent.

You're talking about S&P earnings about $231, which I don't think anybody thinks we're going to get to.

It's probably about 13% overvalued and I would submit 18 times in this environment is probably two turns overvalued.

So explain to me how it makes sense just in terms of the math that the market's trading here.

On top of which, two's tens continues to invert to the tune of about 80 or so basis points.

I think on the way to 1%.

So the backdrop isn't great.

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