nasdaq higher by 63. s&p 27 all on hopes that we might get a deal on the fiscal cliff. we might rise above. >> we'll see. >> that does it for the "closing bell." thanks so much for watching. >> here is "fast money." live from the nasdaq market site i'm melissa lee. stocks finishing the day solidly. fears over the fiscal cliff seem to have faded for now. the s&p continues to bounce back. it rose above the 200-day moving average to use the words of your brother. the rise above the 200-day rally. >> this is quite a rally. >> it was broad participation across just about every sector

you could look at. what we were seeing the most activity early on was in the financials. you look at bank of america, jp morgan. of all the sectors by far the most heavily weighted as far as options community was in the financials. looking for upside. the volumes on friday 21 million contracts traded today another 15 million contracts. volume has come back over the last couple of sessions, something we haven't seen, it is a good sign. >> we do a long time. >> at least. do you think this rally is phooey? >> we had an absence of malice between the two parties today. >> absence of malice was a fantastic movie. >> i didn't want to get you down that road. he plays a lawyer. >> the president is abroad. the congress is in recess. you feel pretty good. you are going to thanksgiving day weekend and why not rally a

little bit. >> i think there was some whoey to it. i thought it would have been if we had a show friday evening which we no longer have i think we could have discussed what is going to happen today. i don't think i saw this magnitude coming. clearly the action on friday was very interesting. kr jim cramer talked about what potentially could happen. we talk about you need to close a few days to a week below the 200-day for meaning. i think there is wooey. i think as long as we can maintain the 1,375 level you have a three or four day rally left in you. i do believe it in terms of the integrity. >> it is not a long-term thing. >> my view on the world has not

changed at all. i think things are -- dire is a bit of a stretch. i think in terms of the technicals friday did everything it needed to do. >> you have the inside edge on the political scene. do you think we are any closer to a deal on the fiscal cliff today? >> i don't think we are any closer to a deal but i think we are going to get a deal. i think in the absence of shouting and mean spirited rhetoric the market will lev tate up and i think you have a tax adjustment selloff where people were looking around saying taxes are going up. dividend taxes potentially going up and people starting to shed. when you look long term as people want to do into the thanksgiving weekend into 2013 there are a lot of cases to be bullish. >> the sectors on the s&p that sold off the most did the best in today's rally. telecoms and utilities and

energy. does today's rally change the way you view the markets? >> if you look friday morning when apple was at 504, apple is proxy for the market now. we talk about it as a stock of sentiment having nothing to do with what is happening in the company and how it changed ichb three hours and today another 37 billion dollars. another is going on in the company that is warranting those shifts. it is all sentiment. i think there is more to go. we did sell a little bit. bmw we held for a while and went back to its may levels. we sold some of that but i bought some of our hedge back. i think we could see a few more days of this. i'm not jumping in with two feet to buy into this rally. >> let's bring in dennis the editor of the letter. he joins us now. always good to see you. >> always good to be seen.

>> this morning in your newsletter you wrote that you were embracing equities. is this a long embrace or a brief one? >> this is probably a flirtation. flirtation can sometimes lead to love. i was very uninterested in equities for the past two and a half weeks. the manner in which the market closed on friday i pay a lot of attention to technicals. the fact that you have outside reversals, new lows, a stronger close, a close above the previous day's high in the dow and the nasdaq and the s&p and the russell, those things can't be just paid no attention to. you have to pay heed to outside reversals. this morning i said you have to look at the market and you want to be an owner. it may just be a flirtation. they want to go higher for a while. >> does the flirtation last until tomorrow?

to guy's point maybe some people were expecting this bounce but a bounce of this magnitude, would you expect that? would you be long into tomorrow or the next day? >> if you get 50 dow points lower i think you have to be a buyer of 50-point decline. i figured we would be up 75, 80, 100 maybe. we have to remember we came down almost 1,100 dow points and s&p points. you can get a 50 point s&p rally easily and be nothing more than a nice normal bounce. >> put on either your macroeconomist hat. how would you marry into this market? >> if we had somebody who said we are going to put simpson

bowls on the table and investigate it and take a look at it that would take flirtation and make it into a marriage. if you have resolution of things in europe that is not going to happen. that would take flirtation and make it into a marriage. if we had a change in its onerous view point on taxation that would change into a marriage. if we had the administration say the cash we know that sits offshore we will allow to come on shore that would change flirtation into a marriage. there is a number of things that can do it. >> the question i had is there is a ton of cash out there once the fiscal cliff issues get resolved and we have an understanding of the tax policy in the future do you expect large share buybacks in lieu of dividends going forward or can that create a boost to the market? >> if i were a corporate executive and i had that much

cash out there i am going to give it back to my share holders in some manner. probably i'm going to buy back stock. i would be surprised if we didn't get that to occur. >> i got to get your take on crude one-month highs as the attention between israel continues. would you be inclined to be long here? >> i was very bearish of crude oil. sometimes your best trades are the ones you get out of the way of. i said i understand what is going on in the middle east. this probably puts a bid to it. the term structure had begun to change. i covered shorts. i'm not long but i am not short. i was short. let's not mix words. i was short coming into this morning. i got out of the way very early. i think the fundamentals in crude oil are still bearish but sometimes getting out of the way of fast moving sleds is not a

bad thing to do. >> thanks for your time. good to see you. >> thanks. always good to be here. let's trade oil and commodities. commodities overall were bid higher. the thing i don't get the complex trade is a gold trade. gold didn't do much from fiscal cliff fears. all of a sudden people are happy that there might be a deal here and we have gold rally. >> i think down days in the s&p leads to down moves in gold. typically it is what has been happening. i am in the camp that thinks gold is going much higher. percentage-wise i think silver is the one you need to waumpt i think really the quiet one that is going to go up percentage-wise is going to be silver. >> there has been a lot of option activity out there. they started a return about a week or so ago. now we continue to see more of it today. they are not going out and

saying in the month or two months i think the price of osilver is going up faster. they are going in the to weekly options. the 32 strike extremely active. those refiners continue to work. they will continue to work i think. the beta names specifically. the option activity continues. >> you take a look at psx versus valero. you are going to see a dramatic sharp difference of how much the reaction has been out of phillips. you want to be in beta names. you might like the sector. >> quickly, if you look at a psx chart we have seen pullbacks in the name. it was a sharp pullback but we have seen them since june in this magnitude and the stock has had this increase. i think the next leg up pushes us through 51.

i think this stock hits higher. >> let's get through another sector leader, financials. bertha has more detail. >> if you look at the financials since the election they were down about 5% coming into today among the worst performing sectors. we got an upgrade this morning for bank of america upgrading from a hold to a buy. you saw jp morgan a strong performance. today it sort of moved more forcefully above its 200-day moving average. it is about $1 above there. not the best performing sector today but a real sign of confidence or a sense of confidence for today in the market. >> thanks for that. bank of america, you have been long bank of america in the past. the notion was the position improved recently and they expect a return of capital through dividends or buybacks. >> wouldn't be so shocking.

they tried that a year ago and then we are unceremoniously dinged. it is more the dividend yield will be minimal. it is not about a dividend yield. this was a hobbled institution returning to health. i think the housing data today is good for bank of america. >> you will be inclined to get back in? >> i have been in since higher. i am in. and i think we'll see it next year. >> i think it is housing related and that is why these names are beta names. take a look at the november calls. 28,000 contracts. the calls themselves of the 100,000 total contracts on the calls side in bank of america today. they are going for the weeklies and they expect this stock to be well past the 9 1/2 level. >> moody is downgrading france's credit rating to a aa 1 from

aaa. it is now down to a aa 1. we will monitor reaction we might see in the futures as well as the currency markets. moody's downgrading france's credit rating to aa. got to take a break here. it's a buyout for best buy finally on the way? the count down for the fiscal cliff is on. hopes for resolution are up. our traders are naming names of what you should be stocking up. [ male announcer ] how do you trade?

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wal-mart another big mover moving up into december from early january to avoid the fiscal cliff. you have another company deciding what they do with their cash and when they do it because of what might happen when it comes to tax policy. the other story are the planned strikes across the country before black friday. >> i think that is a bigger story. i don't know that the dividend diffial moves the needle much. it is a signal to try to be efficient. i hope that the other story doesn't end up being too much either because we have seen how aggressive stores are getting on thursday night, soon to be thursday day. i hope not. i like wal-mart here. >> you? >> i like wal-mart long term and i also agree on the dividend. are there companies that will

have a special dividend into december? one example of that somebody like larry elson who is a large share holder of oracle has to be thinking of a dividend. look at the people that hold the stocks. it's not impossible that some of the large holders will issue a special dividend. >> that is a great point because steve is saving himself something on the order of $20 million by issuing a special dividend and wal-mart a lot are big holders of the company. they are saving themselves that tax bill, as well. we have seen the parade of special dividends. >> just don't die before december 31. >> we hope you don't die. >> i'm talking to viewing audience. it is not worth dying to avoid the state tax. please continue to eat the fish

oil. >> morbid. will best buy buy out. he might be able to get it cheaper. the board is open to a bid of around 20 bucks a share. the minneapolis star tribune ignited the talks because they reported that there would be talks between schulze and the board this week to discuss this. >> i'm not seeing it in the options market which is what you look to first when you hear the rumors. ever since the stock got up and over the 17 and 18 level it is pulled right back again. one of the compelling parts of the story is they have great cash flows. they lose market share every quarter to the e commerce world. what can they do to switch

around this company to finally not start this whole market share losses that has continued? i don't think there is anything they can do about that. how do you convince private equity to bring you the money for the buy out? >> he is a fair amount of money. i think he really is interested but to get the deal done anywhere remotely close to this price gets you an enterprise value several billion dollars higher. i don't see that much leverage out there in the market for this kind of deal. so i would say do not play it for that. >> why wouldn't you wait until after the holiday season? unless you think that best buy is going to have a gang busters fourth quarter i think many people would doubt that. why not wait until they miss again and then put in a bid at a lower price? >> there was interesting price

action last week. and then on friday we make a 52-week low in the stock. and then today on a tremendous take with some of the rumors about the stock closed unchanged. basically right around the 52-week low. that tells you all we need to know. to me it is unshortable. if you want to play vis-a-vis options pete can probably speak to that. >> you say fiction. >> fiction. >> fiction. >> one more thing about this why i think it is fiction. when you get a deal like this you have probably a lot of people involved. you start to hear leaks. if this is leaking i don't know. that's not so -- >> the shorts have not been running to coverage. >> you really pommelled this thing. >> fiction, fiction, fiction. next trade.

>> three fictions. >> it wouldn't matter. >> anyway, next trade. apple climbs its way out of bear market territory and lifts the nasdaq with it. stock recording its best day since late april and had the second best day of the year. is the slump over? and are the shares set to rally again? i want to get the technical take. guy, you called accurately. >> we are here monday. we missed friday. i understand on friday this traded down to 505. i saw how awful it looked down there. with that said it closed i believe 5.27. we spoke about may 18 low a number of times on the show. i believe it was 5.20 or so. if you pull up a longer term chart although we did trade down to the 505 level it will look

like a double bottom. it doesn't do you good some $40 higher now. i'm not really sure because your stop can't be the 505 level. i think you have to pick a number somewhere in between. pete can probably give you a better one and then play for a trade. if you are an investor none of it mattered because hopefully you buy an apple when it trades lower and you are fine. as a trader right here this is a tough one for me. >> the traders were in this thing and were in it at the beginning of the day today. we traded over a million contracts today. the volume in the stock was also unbelievable. the weekly 560 calls finished over $12. 38,000 of the trades. to guy's point the trade was this morning. and unfortunately i think a lot of folks probably cleaned up positions today. i might see appleal maybe give you a chance today on a

pullback. >> are you getting a sense the hedge funds are liquidating the name? >> i think on the margin there is something psychological happening at amrigpple right no these products and copy cat products look very similar to apple and apple has not moved the innovation curve in the last year as it relates to the product cycle. i think you will see smarter money as a result of that. this is a share holder base that is constantly used to product innovation and the new new thing. coming up next it is a victory lap and a walk of shame for one of our traders tonight. still to some investors are hiding out in unibonds. could they be more dangerous than you might think? we'll take a deeper dive straight ahead. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong.

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stocks moved higher and volatility fell off the cliff as investors seemed to have less fear that we will not get a fiscal cliff deal with all of the positive comments over the weekend. we fell to a one-month low, a 7% decline today. we had risen up to 19 on the gauge after the election. it looks as though fear is now a bit on the back burner with the positive talk and perhaps maybe the lack of talk in washington. since they are on vacation maybe we should keep them there. >> that was the spot vix but i think it is interesting that in future monthathize vix also came in. >> that's right. it is obviously a bear market in fear. the big setup you look at the vix you spengted it to go to the upside it never could do that. you would expect the vix to be well over 20. when you find out no one is interested in buying options on

a day like today the few people that did buy options also the fact that we have a thanksgiving week and then a couple of days where nothing is going to happen and that lowers the vix. that is part of what is going on. >> good reminder on that. our traders shoot right on the target sometimes and sometimes they miss. let's play the good, the bad and the ugly. karen knows an opportunity to keep on trucking with cumins engines. >> i like cumins engines. we were all sitting here and they preannounced the stock is cheap. net cash and so the multiple here went well south of ten i think it is good to own. >> it has rallied about 12% since that call. do you think the stock could go higher? >> it could go higher er but t risk/reward is a little difference. i own less. >> a couple of months ago karen

gave us a trade of the day on mcgraw hill. take a listen. >> here is dead money coming to life and the name is mcgraw hill. they sell education. they have very high quality information services businesses. they have a very strong balance sheet. they trade at a discount. >> the stock slid about 7% since then. what is your move? >> i am definitely still long. i hope they do sell education but if it doesn't happen in the next weeks i think it will happen. i am staying long if it is bad or bad. >> could be ugly. >> i really like it here. i have made way worst calls than that. come on. in terms of ugly if we had my high school year book picture that would satisfy. >> market momentumkens despite a

looming fiscal cliff. are the markets optimistic or is some sort of deal inevitable. let's bring in managing director of services. good to see you once again. >> thank you. >> you believe a fix is in and there will be a deal but i think the devil is in the details, i hate that phrase but we don't know what a deal is. how can we recommend stocks when we don't know what the deal will look like? >> we are looking for a short-term fix. i think the big issue is the dividends. capital gains dividends we could see go up. the other aspekcts need to be pt in place. we are talking about extending the bush tax cuts. and then they will probably extend unemployment insurance also. >> what is the best case for you

recommending some of the stocks like wells fargo on your list. what is the best case scenario we have to see for you to say even though the stocks have run up and have been nice gainers and taxes will go up that you are safe as an investor to buy them. >> almost all of the stocks are from 4% to 6% post the election. that was the decision marker for us. when you look at the stocks best managed companies perform well in all environments. they shouldn't be down 4% to 6%. >> how helpful do you think cnbc has been in the rise? >> i think it is interesting to have some -- you all have a good voice and are putting it out there and advising. you look at the "wall street journal" and the ceos are saying the same thing saying get this

done. we can't have a double digit decline in gdp. let's fix it. >> i have a great voice. i think out of all of them to me u.s. bank corp is the most stable one. if you had to pick one of the banks for the people playing our home game which do you go with? >> bb&t. i think it is a well managed company. they were off by 5% or so. they had some fundamental issues but got really overplayed here in the down fall. probably 200 to 300 basis points as we come to the conclusion that the fiscal cliff is not going to happen. >> is 23% enough that it makes sense why people are selling off the dividend paying stocks or is that a level that you say on this selloff i am ready to buy? >> so that is a great question and brings in a different area. everybody is saying lops there

is weakness in there and under performing the market. that is tax policy reform. that is not happening until next year. the weakness today is unrelated to reform. and i say in the mortgage reach you see the same activity. we don't think the tax structure or code changes for those pieces materially. >> thanks for coming by. we appreciate it. the stocks were once beaten down on fears of falling off the fiscal cliff have turned around especially on today's session. if a deal is met what should you be buying? let's get the desk's best cliff hanger trade. >> i think the number one clearest option is microsoft. 30% of microsoft's market capitalization is in cash. it has a free cash flow yield of about 13%. and i predict that they will aggressively buy back stock going into next year. we know about the windows 8

launch, the new apple look alike stores in the malls. i think this is a compelling story for 2013 and beyond. it is very cheap and i think these guys will know what to do with their cash post fiscal cliff or i think this will be a safe haven. >> will they aggressively buy back stock if there is no relief? is there cash here? >> there is less cash here. i do believe that they want this stock to go up next year. i do believe that they have the product cycle story right as it relates to the operating system. and i do think that they will use whatever cash they have available here in the u.s. to soak up shares. you probably won't see a dividend increase. i do like the stock a great deal. i think it is very, very cheap. this is an aggressive buy for 2013. >> i like defense regardless. i think if they cut a deal i

don't think defense will get whacked. i think stocks will continue to perform. they have performed. look at raytheon. l 3 communications coming off a great quarter. i still think lll and raytheon go higher cliff or no cliff. >> can't lose. that's what it sounds like. >> you can lose big-time. >> you like hc as a cliff hanger trade? >> i do and we saw a bunch of call volume in this one. one buy 1,500 of the jan 2014. so the break even is 34.30. they expect big things for the stock. it is way above where it has been. if part of the deal is that

obama care is fully funded then all of the hospitals across the country ended up getting about 40 million new paying users, pag patients. good news for all of the hospital systems. got to take a break here but buyer's beware. unibonds may not be the safe haven you may think they are. find out what is at stake for this trade right after this. [ male announcer ] the markets keep moving. make sure the news keeps coming with thinkorswim by td ameritrade. use the news links breaking stories with possible breakout stocks, options with potential opportunity, futures and forex with in-depth analysis. it's an all-you-can-eat buffet for all things trading. thinkorswim by td ameritrade. it doesn't just deliver news. it's making news. trade commission free for 60 days, plus get up to $600 when you open an account.

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fears of tax hikes have investors looking for safety in tax exempt bonds. munis getting popular. according to our next guest the tax status is up in the air because of fiscal cliff deal could mean tax deductions will be limited and could keep the status only in those in the tax bracket status of 28% and below. let's take a deeper dive with president and ceo of laventhol

and company. what are the odds of this happening? >> before hurricane sandy there was a much greater likelihood of the tax exempt on the block. after sandy there is so much focus on the need to rebuild and the debt that would have to be issued and what local communities will have to pay in terms of cost to borrowing that it is less of a likelihood but i will say from the entire 20 whatever years i have been in the business i think this is the first time that the threat to tax exemption is stronger. >> are you finding that investors are coming to your office panicked? should i do something now? should i sell? >> yields have come down significantly so they are not panicking. what we had seen pretty much since the election was that municipals were rallying. the one thing we all have to

remember is that the likelihood of taxes going up is much more sure than whether bonds will be tax exempt or not. people will be looking at the likelihood of higher taxes. >> if you are an investor sitting at home you are thinking should i go into muni bonds. how would you walk through the basics with somebody? >> it is interesting. i was having a hard time explaining it. i think there is confusion across the board. basically you would be limited in terms of the deductions you can take and in terms of your tax exempt income to 28% bracket. in the past you could have obviously had so much tax exempt income that you virtually were in a lower tax bracket than 28. people should be thinking about that 28 number.

28%. >> also how many other deductions they might want to take. should everything get capped then you are crammed down in terms of the number you can take. >> exactly. right. >> it was very confusing time for a lot of investors. >> it was in every market. >> thanks for clarifying. jane wells is joining us with a look at what is coming up next. >> we are going to rename silicon valley. cdw has solution experts for everything.

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you can boost that if you turn around and resell the merchandise in the parking lot which i have seen. >> that's quick math. >> you should do that. get your kids to stay in line. >> i won't be at the mall of america standing in lines. >> what stores will you be attending? >> there are wonderful stores that will put it in certain kinds of packaging that is fantastic. >> i think there is somebody with a blue box. second, time for a rename. suggestions include apple valley, the app-ian way, self-centered canyon. >> app-ian way is clever. >> i like anything with canyon in it. >> today's celebrity trade.

are you going to disagree with me. short jenny mccarthy because she grabbed justin bieber's back side and kissed him. she is 40 and he is 18. that bothers me. go long kristin stewart as the last installment of the twilight saga bites. k-stew has succeeded in boring us so much about her affair that we no longer care. david petraeus needs to talk about it so much that people tell him to shut up. >> interesting tactic. do you know this k-stew stuff? >> absolutely. vampire movie. we had michael burns on. he said i was going to go to the movies that night. i think tim was sitting next to me. we held hands and had popcorn. >> disturbing. a crucial day for europe and greece on deck. we'll tell you how to trade it

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welcome back to "fast money" live from the nasdaq market site. moody's downgraded france's credit rating. to some extent a lot of traders were expecting action after moody's put the outlook to negative. should we see a big reaction tomorrow? >> i don't think so. kr think this puts moody's in line with s&p. this was always on the table and i don't think the market will be really surprised. i think the market is slightly long euros ahead of the 200-day moving average. >> the bigger event tomorrow will be happens with greece. how are you positioning in your euro trade ahead of that? >> i think we are at risk of seeing the euro trade lower. we are waiting to see what the

euro group and imf has to say about the package. on the other side we have concerns with regards to what is going on with the u.s. and the fiscal cliff. that makes me think the euro dollar is a very tough way to play the trade. i prefer being short euro yen at this juncture. i like selling euro/yen at 104 with a stop loss of 106 and a target of 100. tablet wars hotter than ever with multiple choices this holiday season. our twitter is tweeting away. >> three days left before black friday. we wanted to know which tablet device will be on top of your wish list. will it be the apple ipad? the kindle or microsoft surface. let's hear what the twitter had to say. first said the ipad mini is the

best hands down. other tablets feel cheap and flimsy. david says he is buying the surface. not everyone is picking a tablet. james says i'm sticking to the dell ultrabook convertible. and the only tablet i need during the holidays is cymbalta to calm my nerves. it does seem like the ipad is the winner. 26 million ipads to be sold this holiday season compared to the 15 million sold same time last year and 2011 apple wasn't able to address the lower tablet market. >> the 26 is mini plus regular. >> compared to the 15 it was just regular. where do you go on the tablet trade? do you think apple can maintain dominance? >> yes. because they have the application market. they have i books and cloud

storage facility. again, as we said earlier i think there is a lot of difficulty for the apple story going forward because tablets are coming up in terms of capabilities and quality and resolution of the screens. it will get tougher for apple unless they come up with a new invention. >> i go with cymbalta. >> cliff hanger trade. >> that's your pill. that is your tablet. >> on the tablet front? >> how many tablets can apple sell? if they sold 15 million last year and 23 million this year. how many can they sell? we talked all about apple on the friday show. you have to watch options action on friday. >> i did watch oa. >> you lie. >> i'm telling you.

>> snuggly. it was riveting. >> you have to visit the apple shanghai store to have an understanding of how many apple tablets they can sell because if you have 300 million people here and 400 million people in china that could potentially buy this tablet. coming up next cramer is getting serious with the fiscal cliff. find out who is joining. cramer plugs you into a company that is helping to repair the east coast after superstorm sandy all ahead on "mad money." got your first move tomorrow when we come right back. if you are one of the millions of men

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