hesitating ahead of its next move. >> how much of this dynamic is sellers aren't showing up? >> people know it's december, and it's just no kreincremental strong reason not to push back. >> people shopping mike, see you next week. that's going to do it for "overtime. "fast money" starts now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money. here's what's on tap tonight so long rate cuts? did today's stronger than expected jobs report rebound and market rally dash -- and what impact will that have on stocks? we're going to debate that plus, high-end headache. is this shopping spree in these name about the hit a wall? later, bitcoin's big week. jumping over 17%, and its surges help revive the animal spirit of

the retail trading crowd we'll go inside the numbers. i'm courtney reagan coming to you live from studio b at the nasdaq on the desk we have tim seymour, steve grasso, and carter worth we're going to start with what might have been a goldilocks jobs report. the s&p notching a fresh 52-week high that i know decks and the dow both joining the nasdaq in green for the week all three up six weeks in a row. the unemployment report did send rating higher. the ten-year treasury jumping above that 4.2% mark but also raise hopes the u.s. economy will be able to pull off a soft landing. is this the go ahead markets ned to rally into year end or will next week's fed decision throw another wrench in the rally? at this moment, i'm going to start with you goldilocks, silver locks >> goldilocks is a term you can use. it did have something in it for

everybody. the fact that the headline number came in higher than cons consensus, the fact that the participation right brought down the unemployment rate, those are the headlines, wow, really big number, but at its core it wasn't that hot of a number. if you look at uaw workers coming, in s.a.g. workers doming back online, this was 167 k jobs added. i think for a rates market that had the move we've all been talking about, we had the move we have been talking about since mid november i think markets were positioned for a weaker payroll number. the headline was pretty solid. what's it mean for equities? i think you have a dynamic here where certain parts of the market, which are interest rate sensitive continued to rally back the fact that banks are rallying in a lower rate environment and a higher rate day tells you that i think the market has to

understand that labor is not falling out of bed, though, and i think that's really what it comes down to. i think we have a window where inflation is falling faster than the economy, and that's great for stocks. >> so, what do you think, steve? is the fed doing its job >> i think the fed is doing its job. the fed's job, i'm not sure what the fed's job is at this point i think when the fed eventually starts to cut, you're not going to hear a word about cutting until the day the headline comes that powell cut. there's no sense of urgency for him to send the markets higher right now as a matter of fact, he doesn't want to markets to two higher he wants to talk the markets down he's going to be hawkish until the day he turns dovish. if he turns dovish, we don't hear about it until the day the headline hits. the markets can't be set up for it but markets are already trading around him twos, tens already trading around him we've seen it happen already

to tim's point, 169 is the right number. >> as opposed to the 199 we saw, because you're pulling numbers from the autoworkers and s.a.g. >> exactly you have some strike influence there. the big thing was the unemployment rate. that pops from 3.4 to 3.9. now it's from 3.9 to 3.7 all that is sort of in the mix it's coming out in the wash. to get to how you started the show, i think it is goldilock, and i think the fed, we're going to have a blackout period eventually i think the less he talk -- we're in one now the less he talks touchdown better for the market. >> have you ever read the story goldilocks to your children? >> yeah, i think i try to tell it from memory. >> wow i can't do that. soar to distract you. >> no, it's okay now that i'm thinking about it, what did i get right carter, was it goldilocks? have we secured that soft landing? >> the beauty of a big data dump

like that is you can take away anything you want. the cautious read would be retail, negative 38,000 going into the most important season for retail or average hourly earnings coming in. you can interpret it so many ways at least the market interpreted it positively, the s&p up on the day. >> what about the rates? we were talking about the yield on the tenure at 4.2, carter, when you're looking at the cross section, what that means across the board and looking at charts there today, anything jump out of at you >> sell-off on the dollar, in crude oil -- a substantial sel sell-off, and this important six-week give back in yields above 5% to 4% all those things i think of course signaling something is slowing on main street, and the only thing that doesn't seem to care about that of course is the equity market. we shall see. >> steve, what do you think, we're at 4.2 on the ten-year

think we're going below 4? >> i was in the camp of rates falling precipitously when we got to 5%. obviously the head wind for the markets are rates ticking above 5. that was the peak. when market -- when the rates come in, dollar came in, oil came in. so they came in to about 4.5 or so, had a little bit of a reversion back, but i think the rates front, i think we're going to see lower for longer, not higher for longer. and i actually think that rates will break 4%. i still think that's a tail wind for the market. >> i actually think the same things that put rates close to 5% are still out there that's a massive refunding, central bank buying. look at j.e.b. to the extend the boj is no longer targeting their yield curve and have reaffirmed what we're talk about, i think higher

yields in japan are going to pull up higher yields here i think the structural dynamics of who's in the market i also think positioning went from bearish to higher yields. after everyone went to the other side of the boat, i think we're at a range here. range bound. wouldn't surprise me to get back up to 450 on the ten-year. the economy was printing 3.8, 3.9 in the third quarter -- we know that backward looking, but the economy is not falling out of bed, and that to me is why you're getting some of the breadth in the market that you're getting it's in the as much as some of us would like to see but i think you have a dynamic here where i don't -- steve's right, the fed's not going to tell you anything next week. they're not going to do anything next week. but it doesn't mean that the economy is falling out of bed, and to me, that's the sequencing and dynamic we have had for the last year and a half, because as we said last night and the night before, no recession is now consensus. that's scary in its own way, but

i just think that the reality of the market responding to economic conditions that are about to fall off a clip is not going to happen. >> and it's also worth noting that most of the jobs came from health care and came from government, so is that -- that doesn't really feel cyclical to me is that a fundamental change that we're seeing in the jobs market so there's a lot of stuff that we can really dig into on that jobs number, but tim started off the show talking about the strikes. i think that was the biggest event with this number that's the biggest caveat, the biggest variable we're not going to have next time around. >> got it. we got the perfect guy to dig into nose numbers. >> who >> let's ask steve leaseman right now. how do you read today's data what does it mane the fed might do or not do next week, more importantly next year? we were talking about where the job growth was just now in the report. >> i tried to coin this term, courtney, silver locks, but

people didn't like it. they thought more about what your hair would look like. >> mine certainly. >> not giving it the gold. no, not yours. >> don't quit your day job, steve. >> you know, it's a good point i'm still pretty good with the night job, tim, as you know. >> i've seen steve's night job, and his night job is as good as anybody out there. >> play a mean guitar. >> thanks, buddy i appreciate that. let me get to the jobs report. we'll get to the music later, maybe. here's the thing, i think there were some things in there that caused the bond market to feel like, you know what? maybe this was not perfection, and i feel pretty good about starting off the week with this -- reporting on this bond rally and pointing out that the kind of cuts that were built in for next year as quickly as they seem to come, seem to be priced in, and as much as they need to be priced in, you needed the data to behave in a perfect way, and that was unrealistic to

expect that to happen. you had a longer workweek, decline of the unemployment rate wages still towards the high side in term of growth the economy is cooling it's not cooling very fast, but it's good enough, i think, for powell at least tomorrow -- sorry, next week, to push back, depending what happens tuesday with the cpi report, which is going to be very critical. but i don't think powell's going to be on his heels with a weak jobs report, if you would imagine this thing, say, for example, below 100,000 if the unemployment rate had risen above 4% powell would have been on his heels defending not saying we're going to cut or when he doesn't have that problem beginning next week at least how i read the data today. >> steve, when you look at the strikes, do they affect the average -- the wages as well obviously they ticked upping but as a hole when you compare where they came from, they're still moving in the right direction,

which is lower so is that blip -- how much do the strikes ending reflection just not only the headline but the innationards, if you will >> they will overtime. i don't think there's going to be an upward shift in wages because of these it will come in. by the waiting i took off 47,000 from that top, because i had 17 on the motion picture side and 30 or so from the auto side maybe that was a little overstated, but that's the number i have been using by the way, additions next month as well. wages are going to be an issue powell's going to watch that in general you've got the retail sales next week that's going to be potentially influential in terms of setting the growth standard for what's happening in this month and whether or not the holiday season continues to be -- got off on a strong foot for november. >> steve, if we didn't have 500

bases points to know we're going to have to pay for in some way and know about lag times, i would make an argument that all that's happening is we're working through supply chain dynamics, eastern europe and some of that dynamic what does that mean if you think about the economy that has been resilient and maybe there wasn't as much inflation as we all thought there was? i'm not going to say transitory was right, but we had extraordinary conditions and it seems easy to say. >> i think there's been oa lot f politics in people's assessments about the economy. people saying the whole retailer boom was based on the subsidies and extra cash pardon me. there was no talk at all about the idea that a lot of people were working and taking moment paychecks. that's been, i think, when you talk about the resilience of the economy, i think that's been a

key part of it, the idea that a lot of people are working, they have had reasonably different wage gain, and now you have inflation coming down. means real wage growth and spending can do a little better but not in an inflationary way you had this supply chain issue. the fed is also going to be or has already i think played a role in slowing the economy. and that's going to be a bigger story for next year. i think it's a bigger story inside the finances of a lot of companies, which is those companies that can't -- that need to refinance, especially startup companies and can't redo it there's going to be either m&a, some sort of takeout, fire sale, bankruptcy that's going to hit a little bit next year -- or a lot next year, and powell has to pivot, i think, in order to get somewhat in front of that maybe not in a hard way, but i think he's going to have to pivot. i agree a little bit with steve, although i think he's got a good argument as to when powell and

the fed say they're going to be cutting, and i think they're going to telegraph that, we're going to take a line out of the statement saying, we're no longer think about hiking. that will come out, and the fed will say, i think that's something we can think about in the meetings ahead. >> steve, before i let you go, didn't the expectations for the first rate cut fell today, around 45% >> yeah. >> pardon me i'm dealing with the a cold, on the back end of it. >> we all are. >> yes, they had been as high as 50%, 65% now they're down to 45%. >> okay, great, just wanted to confirm that steve thank you very much. have a good weekend. >> pleasure. >> carter, i have not forgotten about you. i know you're still there. based on what you heard from steve, from the jobs report, anything standing out to you that you want to make a change, you want to make a trade, you want to shift your thinking going into next week >> sure. look, there are so many ways the market is basically a

four-month round trip to nowhere. we were streaking higher in july consensus was, this is it. game is onle we'll two to new highs. we plunged drops almost 12% what we've done today is turned exactly to that july high. in fact, it was a thursday, it was july 27th, and it was 4607 and today we closed at 4604. there are two ways to sbrerpt that -- good recovery, now backing and filling, or four months of nothing and the year is ticking away. do we come in in december and go into a powerful continuation, an is it all bet off and people start harvest? i'm in the latter camp but we'll see. >> carterer while we have you here, les talk about the small cap. russell 2000 up 12% in the last

month, beating out the dow and nasdaq you say this rally could be about to fall flat what are you seeing? take it away. >> it's been volatile. i think you bet against vola volatility let's goth to charts and try to figure it out together in sequencing term, we have been doing this vacillation for 18 months the russell 2000 funds more than the s&p, dropping 34% from its peak versus the s&p at 27, and we have been range bound ever since. another way to look at this exact same chart would be to look at the rallies. we would have had four distinct rallies, intermediate advances greater than 15% and three sell-offs greater than 15% strangle it is good, selling and waiting. this is a weekly bar chart, pick up the plunge low in covid, the mas

massive recovery from '20 and '21. but we're caught between the trend lines. bull says it's going to break out, bear says it will fall. i think this is going to stay here this is a three-year comparative chart. the russell 2000 lagging inr, in orange look at a five-year. and then in turn, look at a ten had year the question is, is this an opportunity to catch that spread here maybe is the greatest issue or problem or data point involved final table. the entire market cap of all 2,000 stocks is actually 1,967 right now. exact same at microsoft. apple is even better does it even matter? it's a beta trade. if you want to be long this area of the market for a december rally, if you think that's what's coming. if you do notes you do not want to be long this part of the market. >> interesting stuff, carter steve, he's bringing up the

comparison of microsoft to the entire valuation of small cap names. what would you do? >> the mark, this is the biggest outperformance we've seen with mega cap stocks over the russell in forever, in the history of the two dynamics people want to buy profitable companies. the russell 2000, 30% are unprofitable we've seen since the collapse of the original banks, we've seen people run to free cash lou, mega cap stocks, the apples of the world, the microsofts of the world. if you go to the 3000, over 40% are unprofitable this is not the time -- maybe you'll get the gap narrowing into year end, but i think people want to buy profitability. >> i think we can go through july, because we have less inflation, less rates. look what happened today the dax in germany, international stocks, all-time highs. places that have no tech exposure i just think the dynamics here, which include an equal

weighted -- which outperformed the s&p november, almost the same as what small caps have done that's what's different i look at a 15% move in the nasdaq in three weeks, that scares me, the vix scares me. not scared yet that's what we have to think about in the price action we have today. >> fair enough coming up, one stock in need of major restoration. shares of rh plummeting. how a potential housing market freeze is giving investors the shivers big dive into retail next plus, looking for new year's resolution, how about shorting tesla. that's the call from one analyst who's unugngplgi in the ev maker in 2024. we're back in two.

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brands getting created with how they offload this inventory, making use of outlets and unofficial retailers some are trying to buy back merchandise from wholesale partners a lot going on here. tim, what do you make of the move in rh and the subsequent information we got what we know about the general resilience of the consumer but perhaps weakness >> rh was standing in the parting, and pocket was collapsing around them,which i a football term. the margin turn is getting pushed out, and they are going to have huge clearance in 4q they said some things about the housing market, which i thought was fascinating. we expect the existing market to stay frozen until rates and home prices falle they're speaking about their part of the housing market they're speaking about the spending on goods, and it's kind

of what steve leaseman was saying people actually spent on stuff because they have jobs and wanted to do it. there was some pent up and some nesting. i think there's a bigger issue for luxury i think rh has a bigger issue because of the industry they're in, and this was a stock that was inexpensive last year at 22 buck a share they're going to make 8 bucks a share this year. they're going to go to 20 and 8 and next year, probably 9, $9.50. that's what was spurring downgrades today this is a stock i want to own. i've obamaed it, traded it, and i think i'm going to get it lower here. >> home depot plays in a different part aft market with the consumer, but this have talking about how this is a year of moderation. that's what they expected after the boom in spending during the pandemic i'm wondering if any of that is happening here for rh. seems like a lot of their commentary is cautious and have been sounding concerned for some time without seeing that paying off in results but it did this

quarter. >> they said they had to see a collapse -- my words not theirs -- a collapse in housing process, and how you started off the lede here in interest rates. we saw them tick off to the 8% mark that was a death nail for a stock like this. but if you look at williams sonoma, that's the opposite. up 7% year to date depends where you're plotted along the level. i think rates are coming down, so i think the light is at the end of the tunnel for rh backed up to a 50% retracement stopped where it should have stopped, and it's probably not a bad entry in the name right now, but you have to believe rates are going lower not higher. >> you think it could be attractive you're also thinking -- >> i like the company, i like the stock, i just think it's going to take longer now to see that turn. i think one of theanalysts referred to there was some arrogance with how they

approached, and they have been opening new flagship stores, and i think margins are going to be under pressure. >> fair enough there's a lot more "fast" to come here's what's coming up next. >> announcer: a new year's resolution with some electricity. why one analyst says to short tesla into the new year. the details on why he sees a tough road ahead for the ev maker next. plus, media mergers on the horizon, the potential takeovers and teamups coming for the space. and who's best positioned to come out on top? you're watching "fast money," live from the nasdaq market site in times square. we're back right afterhi ts. after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" bacon and eggs 25/7. you're darn right. solar stocks are up 20% with the additional hour in the day.

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welcome back to "fast money. share of tesla have been in a bit of a holding pattern the

last few month after a revved upstart to the year, and one analyst says the best may be behind it. putting 150 price target on the stock, 90 bucks below the wall street average, and nearly 40% below today's close. here's what he had to tell our friends on squawk boxen why he's so bearish. >> people believe that growth is still in tact, and i think '24 and '25 are going to be pretty tough years for tesla. you do risk losing the growth narrative, and it's really hard to sustain a multiple like that if people are doubting your growth. >> carter, what do you make of this call? >> well, you're saying it's stuck for the last couple months despite the volatility it's the same price it was three years ago. i'm in the camp it's a better sale than a buy. >> steve, is the cybertruck really cool? i'm not a car person, but what the heck is that thing. >> >> i didn't like it when i

first saw it. >> what do you think is driving in that thing? it look like mad max. >> it's not growing on you >> i'm not getting in that thing. >> i preordered one. i didn't like it at first. >> for real? >> have you been inside of it? >> i don't think anyone's been inside of it. >> it's bullet proof. >> the reason is glass can't be bullet proof is it's too thick but the car is bullet proof. saw saw it on joe rogan. he shot a cross bow at it. i think it grows on you. the biggest bull case for the stock is all the things no one talks about. it's the charging network. everyone's adopted or signed on to their charging network. that could be potentially another $5 billion in revenue for them going forward, and if you look at what they gave up, if they cut praises to gain share, if you had to say the next best ev player, it would be

rivan, which i'm long, but it's a distant second they proved to be the only ones capable of turning a profit. >> so you're not really on board with this call from tony. >> no. if you look technically -- carter sees this, too -- it stopped much higher than 150 you've seen that break that declining trend line stops around 185, marked itself up, and i think you're going to see a lot of hiccups on the way down but anybody who has bet against elon musk is pretty much licking their wounds every time. >> seems like that tim, quick. >> tony's work is fantastic. when he makes a call and stick his nose out there, you have to listen car may be bullet proof, the stock is not his call is eps is being cut by 50%. yet from '22 to '23, re knews grew revenues are growing next year, but margins are shrinking. i argued in the early days of the price cuts, and i'm not sur

it's not the case, but this is tesla exerting pressure on the competition. they think they can come peat on price. they're so far ahead i've always said the multiple on the stock makes zero sense to me, and at 93 times next year, it make even less. >> coming up, a google gap the tech giant announcing a new a.i. model, but it's not all it cracked up to be demo causing backlash. first, a major move in paramount after a potential sale moves that should be on your radar, we're going to go through it when "fast money" returns test 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪

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welcome back to "fast money. stocks closing out in the green with the s&p notching a new high for the year the major indices now an a six-week win streak. booking holdings lennar, costco, all trading near those levels. meantime, paramount jumping more than 12% on a deadline report that there is, quote, a lot of noise about sky dance and red bird capital teaming up on a potential takeover through an acquisition of a controlling stake in national. let's bring in cnbc.com's alex whitman. what do you make of this deadline report, alex?

>> reporter: the original report comes from matt belany at puck who's been reporting this for several weeks now, that sky dance, a small entertainment company, now partnered with this private equity firm red bird capital to either try to buy a piece or maybe the whole thing of of paramount global, or maybe as you mentioned, just buy out sherry redstone, the controlling owner of paramount global, because paramount has a weird structure, where this holding company called national amusements, which is by and large owned by the redstone family, that company, which also trades publicly, actually owns the controlling shares of paramount global so you could do an alternative transaction or just buy out sherry redstone. you wouldn't buy out the entire company, just buy her and the family out, and i have heard

that from others that that is absolutely a possibility for her if she wants to exit the business the problem with that is that that doesn't do anything strategically for paramount global you're just handing off the problem of paramount global from one person to another, and what is the problem this problem is that this company, arguably, is sub scale in the media world it's now competing in a direct to consumer world against apple, amazon, google, netflix. you look at the market cap, it is nowhere near size of those companies, yet it has to compete against those for great scripted content, for sports rights you look down the road and you wonder, how can a little company like this compete against those giants >> that's a great point. this is just speculation at this point. maybe it won't necessarily come to fruition, at least the way it's been reported here today, but you think possibly there is some explanation for why

paramount may need to change its structure to be bigger, more competitive. >> it's almost universally accepted that it's going to happen the argument is when there is an argument that 2024 will be the make or break year for this company, and it will transact either way. john malone was on our air a couple weeks ago, the big media mogul mag gnate for years he suggests discovery may wait for a company like paramount to go into distress in order, if nothing were to happen, he projects its debt load will outweigh the equity value so much that the equity may start getting into bankruptcy like levels it's also possible that paramount global see an uptick if advertising revenue comes back, if the linear tv bundle stabilizes, and/or if he cut losses from the streaming

service that investors look more kindly on the stock, if that happens that would propel sherry redstone into a mind set where he's likely to do the deal now she'll say, okay, i'll sell the company. i think it's worth a fair value now. one way or the other, this company will probably transaction. the only question, is it at a higher value than today or much lower value than today >> fascinating stuff thanks so much for talking it through. tim, what do you make of it in. >> i think it's game on in term of the media space linear tv we know is dead. doesn't mean these assets don't have value also doesn't mean there aren't folks who are focused like red bird jeff zucker holds up their acquisition arm, one of the most talented names in media history. you have a churning -- this is

what these folks do. looking at disney, warns, companies, we know their streaming business is nonprofitable. we know there are assets worth more than what the companies are being priced at. private equity, able to extract value. media companies suffered from the early days of the fed hike cycle, and i think that was as much as anything facebook got sold off early. we learned in the last 18 months how profitable streaming can be, and disney's worn it on the chin netflix is at all-time highs because they're profitable i think the media space is sorting itself out i think we've seen the bottom in terms of where streaming has been unprofitable and where analysts are buying them i don't own paramountle i own warner brothers and some disney. i think it's a pretty exciting space, because i think there's a

lot of people picking over the assets cbs and abc could be in the same house at some point. network tv doesn't necessarily have to be divided anymore. >> fascinating i think there's going to be a lot of change to come. we have to pick and see what side we're going to end up on. coming up, goosed by google? why their gemini a.i. demo wasn't amus ch of a genius as the tech company let on. those details coming up as well as the trade we always thought that whatever we did here would be an emblem of what small communities can achieve. trying to give a better life to people that don't have the means to do it. si mi papá estuviera vivo, sé que él tuviera orgulloso también de vivir de esta viviendo una vida como la que estamos viviendo ahora. es electricidad aquí es salud.

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welcome back to "fast money. some a.i. controversy hitting google after the tech giant released a demo showing -- but don't believe anything you see just yet steve kovac is here to explain. >> reporter: google taking heavy criticism, because after we learned its demo video for its new a.i. model called gemini, well, it was manipulated to make it look more capable than it actually is. the video was supposed to show how gemini is multimodel that means it can interpret audio, visual, and written prompts in realtime. while the video initially went viral and wowed the tech world, it didn't take long for folks to realize it wasn't legit. instead, google edited the video to make it look like gemini was answering the prompts faster

google went a step further, feeding it text prompts but making it look like it was responding to audio and visual prompts instead. this is google's answer to chatgpt, and it's clear from this, it's not ready yet google spokesperson telling me the video was meant to be, quote, demonstrative of what it can do when it launches but you wouldn't have known that when launching the video, of course this doesn't mean google or any other company won't catch up to openai, but it's an example of how it got caught off guard with chatgpt. google closes down 1% today, but that's after the 5% hop over optimism over gemini. >> so excited about a.i., but does it work when we want it to how he want it to? >> we're going to trade google carter, what do you make of this we're super jazzed about a.i.,

but we're in the early innings are we expecting everything to work out gate? it's google, they should figure this out. >> the first thing that comes to mind is that guy with the truck, who rolling it down the hill, what was his name, nikola? aside from that, i like the pattern, and i would be long. >> grasso? >> i feel as if they're playing from a distant second where they're gun shy now. they had a poor rollout with their a.i. system, and now they're second guessing themselves whenever they're trying to release something else you can't be innovative if you're nervous you see amazon and microsoft amazon has outperformed. and amazon and microsoft have their own chip that they're actually producing and they're looking towards the future with. google just by this, the initial launch they were shocked as steve said, by chatgpt and then every other launch they're going to have a problem because they're trying to dress up the window, and for google it

seems weird to have them be a second place, where it's google and their own initiatives and there are other products, and they're always supposed to be the tech leading arm feels like to me they're playing from a weak second spot, and i don't think you can play a.i. from a weak second spot. as carter said, the stock on a technical level holding the 50-day, which is right around here, is bullish, andi mega cap i'm more in favor of that going forward. as far as a.i., definitely a second position player. >> okay. coming up, the krit toe climb. bitcoin surging roughly 70% in the last three months. what's ahead for the space in in24 cochairs meltem demirrors will join us ahead with the outlook

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welcome back to "fast money. strongest week in more than a year, and what are they doing with the money they're investing? they're looking for a bit more risk kate rooney is here to take us inside the flow. hi, kate. >> hey, court. december is typically a slowment for trading activity it's not the case this past week

traders invested $6.8 billion, and almost after of that went to individual stocks, so self-directed trades, highest level since last march there is also evidence they're ramp up risk one sign is that money i talk about flowing out of money market funds these funds and etfs have seen record inclimbs but flows into the etfs fell into negative territory according to vanda research they say they're seeing traders move out of defensive big tech names and riskier smaller cap names. and coin stocks. then j.p. morgan is pointing out an uptick in game to be inflows. often the poster child for risk taking finally, tesla analysts say if there's more retail flow and that could maintain trajectory in that stock and support the stock price. also embolden retail trader to take on even more risk,

according to vanda they say that's next to the portfolio wealth effect around tesla. >> interesting move. thanks, kate i'm surprised at the risk taking this time of year, and especially when we're seeing the return you could get on a money market fund right now. >> i think it's a combination of there are just trends and there's positioning and we're at a place where i think you have had the alignment of less fed, less inflation, and a lot of folks that i think is strong is the retail flow. i think some folks have missed part of the rally. we have had a 15% move in the nasdaq in six weeks, and we're -- i think we're going to get to 4,700 on the s&p early next year, but it doesn't surprise me to see the momentum follow through and what has been a real relief kind of a dynamic for the average retail investor. >> crypto, yet another risk on

trade resonating with retailer, surging 14%, on trade for its third straight week of gains hovering around -- with spot etfs and bitcoin expected some time next year, our next guest is staying bullish joining us now, meltem demirrors. a lot going on here. did we shake out a lot of the worries in the crypto market with all of the disasters and bankruptcies and federal charges that we've seen, or did that just reignite all the skeptics >> 2022 was a bad year for us. not a great look starting in june going through the end of the year with ftx. a lot of bankruptcies, nail yours, outright fraud. we just had the final shoe drop with buynance. also we saw an announcement that the founder of buynance settled

with the s.e.c as we look ahead -- i'm calling this the most hated rally. we're going into the end of the year baby, we are so back. >> you talk about 202, it was a tough year for you you've got a big smile i would argue the market traded like a champ we could have seen -- it's a winter for digital assets and bitcoin. it was desolation. is this rally about clearing buynance and some of the mishaps, the transaggressions, or is it more about policy it's back to the existential reason for owning a lot of assets step back from being aggressive. we're going to see the u.s. deficit spiral to new levels we're going to have see all those people question why at some point why there isn't a

reason to own gold or digital gold you tell me. this is my theory this is about stuff that's happening in macro that's the underminute pinning for owning the asset class. >> i think there's a couple things going on. macro is a big factor, risk on is i think at the moment with bitcoin it's price drives reflexive action we've seen q 3 earning report, they had $2.5 billion in bitcoin volume that's $30 million a day just on cash app there's a lot of retail flows. we track crypto flows. for the year up $1.67 billion. this is a 7% in crypto, and we're going into the halving the daily supply being mine second down going to go down by half there's new demand coming from the etf, fingers crossed we're pricing 90% certainty on

etf approval so there's a lot of factors buyers are pricing in here, but big traders, macro desks haven't started buying yet baby, we're so back. >> were they buying? was this something that was starting to happen, or was this a group of investors yet to get into the class >> i think there's a lot of investors waiting. for me it's when retailers are back and that's when the dogs start running. >> we have to leave it there meltem, thank you for joining us i know we're going to have you back, because you say we're going to have a big year. >> fingers crossed. micong up next, already time for final trades

it's time for the final trade. let's go around the horn and start with carter. >> tough week for precious metals, but i think you take advantage of the weakness and add gld and slv. >> tim >> fcx first of all, let me stop. thank you for joining us on a friday afternoon great to have you, and it's been a fun show fcx, we've seen stocks pick up gas. you've also seen the dynamic with the dollar giving a boost to copper prices.

>> stooe, what do you have >> when it comes to bitcoin, a th etherium, people want to own it in a trust ethe is how it my mission is simple, to make you money. i'm here to level the playing field for all investors. there is always -- i promise to help you find it. mad money starts now. >> hey, welcome to mad money. i'm just trying to make you a little money. my job is not just to entertain but educate and put into context. tweet me at @jimcramer. we dodged a bullet today when the big monthly unemployment member came in fairly high with