13 year high. s&p all time record high of 1682. that will do it tonight. follow me on twitter and google plus at maria bartiromo. stay tuned for "fast money." it begins right now. i'll see you tomorrow. >> live from the nasdaq market site in new york city's times scare. we're here with steven p grasso karen finerman we're talking about the hottest stocks of the year. we start it off with tesla added to the nasdaq today, up 280% already this year. pete, still ride this one? >> i think you can but i think the one issue that i would have had is not only the fact that it's up 280% but what are the

valuations right now. projects are 141 pe. this gets pretty scary. the fact that they own the electric industry right now, there are reasons why you can be bullish on the stock. i would not own the stock itself, only through options. >> it's a great point on the options side but you're not buying fundamentals now, you're by a concept. i actually bought it today. >> you bought it today? >> yes. i have watched the trade up 30%. i didn't need anything else. i definitely didn't need tesla but i feel confident owning it here. >> what's the concept that you are buying from here? >> still a huge short interest a tremendous short interest and every time a stock comes in, it ratchets right back up. >> it's a technical sort of call? >> this is about perception. >> but grasso is this a trade?

>> it's a trade. >> you're a trader we're traders. this is "fast money." this is a great stock, consolidated. i think you want to play off that level. i hope it doesn't go there for your trade. this is not going to trade for a while. when was the last leg of this recent rally. he loves the twitter. he gets on there and anything he has to say that is remotely good for the stock he gets out there and says it. the last thing was something about hong kong. this story is going to have legs. >> he owns solar city. you have them and tesla and they both scream higher. you can't fight momentum. >> let's get more to this story. tesla shares ended lower nearly two percent today. is it the time to sell.

let's go to phil lebeau who joins us from chicago. >> reporter: there's not a definite catalyst. it's not like you can look at the calendar and say this is going to happen but there are a couple of things that people need to watch for over the next couple of months. one is what is happening with the order flow. they're not giving orders the way they used to when they have the orders calls. you get a sense of in terms of their production schedule and whether they're going to make their prediction. also if there is any kind of a serious spike in gas prices this stock will take off. that's proven with all electrical related entities. people immediately move into those stocks. that's likely to happen. we're talking about something where you would have to see it up around 450, 470 and then you would see people move into the stock. on the flip side there's greater risk on the down side particularly if the leasing numbers do not come in as many people are projecting them to.

in other words are they going to have as many people come in for a least in order to get the production moving not only to 21,000 this year but 40,000 next year. and then there is a slower than expected tape rate? they have been able to convert people into those show rooms. will that continue. >> phil it's karen. if gas prices move down considerably do you think that affects the stock to the down side and also do they offer financing for these cars? >> yes, they do. the whole reason they're doing is that is when you look at the luxury auto market particularly above $30,000 people want to finance with a lease. that's the whole reason they moved into that market. they've got the financing that's competitive with jaguar bmw or any of the luxury brands. they're counting on people to get into tesla. with regards to gas prices

karen, interesting that when they drop off, if they drop off a lot, you seeittl of a slowdown in demand and interest in electric vehicles but that core base is there. i think it's likely there for tesla. i don't think that's going away. >> phil we're going to leave it there. thanks for your input. grasso bought it today. pete would play it by options. dan you would trade it as a trading vehicle, correct? >> i think you buy it on dips. i think it's going to go for a while. >> i wouldn't touch it either way, long or short. >> could we put it in the speculative category. you want to allocate capital to stories like these? >> that is exactly correct. i don't need to command it. it's something where i want to be there. >> it had to make you nervous today, grasso to buy it? >> i didn't put a lot of money into it but i'm nerve eye when i

trade point blank. you know. >> i don't i don't know. i don't trade. >> there's always apprehension because you could know the story and be dead wrong. >> tesla is not the only momentum stock tonight. look at this list. these are top performers in the nasdaq 100 so far this year. netflix up 180%. best buy. let's first deal with netflix. >> no one knows the story there but it's about content. people have been tripping over themselves. we've seen it with hulu. netflix oengs content. you could still be a buyer there. >> i have liked it for a long time. i have battled people so many times about this debate topic from under 100 to 220 was the last time i debated it. i remain bullish because they have great content, great growth

when you look at the international and the streaming. this is the category where karen would say i don't want to touch it. this same, amazon there are multiple names. you are buying on perception. they've done a phenomenal job of gaining themselves on the original content and the gaining content. >> they're spending big time when it comes to house of cards, orange is the new black, all the original contents they're buying. >> when you include disney and all the ways they're gathering more and more content. the guy who has been right -- there are specific people that i always listen to -- >> who should we listen to? >> mark ma hany has been right on this name. even when the stock dipped all the way down to 60 he has been

right. >> i would put this in the speculative camp. because you talk about valuation and this is a stock that got halved two years ago they shot themselves in the foot over and over again. they have a crappy product. >> are you a netflix subscriber? >> i am. >> what perspective are you judging the product? >> the actual streaming product other than the two shows they have which is the original content. here's the play. if they can nail this thing and continue to make record show after record show like hbo did ten years ago, then this thing has a chance to grow into its valuation. right now it does not in that regard. hbo has a very different multiple. so people are willing to take a different risk than they would. >> latin america is a monster area for them. look at latin america specifically in brazil. there is a monster area there that they can grow. >> talk best buy up 150% so far

this year. karen, this is a retail turn around stock. a lot can be said for the new management team new focus. >> yes. a lot can be said for them that was crushed last year. part of that is a rebound from laes year. i would not have bought in one in the mid teens. the valuation is not crazy. one of the things under pinning is the old management and the old stocks moved too much to allow that to happen. margins were getting crushed. they're getting a little better. i don't like it. >> let's talk micron up as well. dan, what do you say? >> it's up 50% in the last two months. they saw an uptick in deram pricing. these are one of the largest providers in the world. why was it down in the dumps and

up 100%. it comes down to the exposure to pcs. this is a great example of a stock where it doesn't take a lot of good news. sentiment is so bad where you can get a double with a slight uptick. this is not a stock i would buy here. i actually bought puts a few weeks ago and there was no news on the news. it was down 10 or 11% last week. insiders were selling hand over fist in late june. >> i always button up this conversation here because we talked about four different momentum stock. if you had to choose because we were talking about in the speculative portion of your portfolio, forced to choose what would you buy? >> i like tesla. i wouldn't buy it on a day it made a high. >> tesla. >> pete? >> micron i think is going to $20 a share.

>> karen? >> don't make me do it. >> this is your worst segment ever. >> one very hot call on the streets this morning. bofa up to 1750 from 1600. we have the strategist here to talk about it. always great to see you. >> great to see you, too. thanks for having me on. >> you mentioned that over the last several years fundamentals sometimes take a back seat. how much of the other forces come to play in raising your price target to 1750? >> our call is primarily driven by fundamentals. but i would say this, sentiments and positioning are still fairly conservative and suggest a lot more upside to equities at this point. we're seeing a falling cost of equity capital. we think the risk of equities

has diminished over the last sick rsix months. we haven't necessarily seen the market rally on earnings. it's been all about an expanding multiple. whatever earnings growth we get from here is upside for equities. >> how much of the fed really plays into this for you? obviously we saw the market tick down below 1600. everyone got nervous they were going to revisit 1500 to the downside. how much of this is the fed in your equation because you said it's not all about earnings? >> i think the fed has essentially engineered what it was trying to engineer which was a recovery in the economy. the news about tapering it's not bad news that the fed is taking their foot off the gas pedal. it's actually good news because it suggests that the economy can actually grow on its own without a lot of stimulus from the fed. what's going to be interesting for the rest of the year is a transition out of bonds and

bond-like stocks and even the more secular growth stories that have gotten expensive. we could see a move to some of these beaten down stocks and sectors which everyone has shied away from because they're worried about the strength of the economy. i think the fed has done essentially what it started out doing in the first place which is engineering a real economic recovery that we're starting to see signs of. >> let me ask you something and i don't mean it sar cast clee. how much of your model changes based on where we are right now? >> you're target was 1600 and we're 1682. >> we have a fair model which does not rely on the actual trading price. that has gotten bullish on equities. last year i remember in the fall we launched our 2013 outlook with a 1600 turn on the market. i think we were accused of being

overwhelmingly bullish. the market blew through that and the market has hit a new high and we continue to think it could grow to a new high. >> thanks for your time. appreciate it. >> coming up next think tesla netflix and best buy were the only ones on our radar? think again. plus the read through on citigroup, plus a nice endorsement from barns. could the street be getting a little bit too ahead of itself here. back in two. de's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every step of the way. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade...

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>> now back to another one of our hottest stocks for 2013. amazon hitting another all time high today and rallying 23% so far this year. grasso? >> i've loved this stock forever. people hate you to be positive on this name. >> does that tell you to sell? >> it tells you to continue to buy it. everyone is afraid of what pete

said. >> that doesn't make any sense. >> don't follow it forever. just make a comparison on the viewers. you can't trade this one on valuation. >> you're sticking with it? >> you got to stick with it. >> i think the trade out of this is if you want to have that risk reward you're going to go with amazon. if you want less risky but composure in a similar space you go with ebay. >> amazon or netflix? what do you say? >> netflix. >> did we just start playing would you rather? >> i know you love it. >> we can. we'll try the next time. meantime next trade retail sales for june missing estimates rising 0.4%. courtney ragen joins us to run through the numbers. >> reporter: two-thirds of our

country's gdp consumer spending very important. while many forecasted a stronger second half of the year, now those payroll tax increases continue to show signs of improvement, congress latest data not so inspiring. stripping out autos and gas, retail sales fell 0.1%. there were areas of strength, particularly with larger purchases, sales of motor vehicles auto parts improved 1.8% in june. consumers spent 2.4 on home furnishings. department store sales one percent lower than in may. food and drink down 1.2%. miscellaneous category that posting a dismal negative two and a half% for june sales. the labor markets continues to be a drag.

a number of retailers, including family dollar have expressed concern. the consumers are getting by with largely the basics. we shouldn't forget that when we think about retail. it does make a difference. >> thank you very much. courtney ragen. karen, i want to go to you. >> you got to look at obviously companies get affected very differently. a walmart for sure that makes a big difference. something like a high end ralph lauren probably not as much but it's starting to get to the point where it really is going to matter for walmart and even for target which i love. >> for casual dining could be a concern as people pair back. that's what we saw the last time there was a spike in gas prices. >> when you look at auto sales and look at ford and some of these stocks in that category that's been strong. she talked about housing, bed, bath and beyond another 52 week

high. there are different areas. marketplace that are performing extremely well as far as retail. >> i'm still bullish on retail because we have improving employment. june is a throw away month. it's back to school where we're going to see. >> will we hear indications about back to school at this point? >> i hear they have more inventory which is a reflection of them being more positive. if things don't go well that doesn't work out for you. we'll get a sense in the next three weeks. >> top three trades for today. citigroup beating on both the top and bottom lines. barron's saying this weekend that city shares could rally more than 50% and investors should pay heed. are there any bears out there? we send out e-mails, all of you were bullish city which could be troubling. >> i had no position. if you had to play that would you rather i think this is what a lot of portfolio -- >> you want to play would you

rather. >> okay. would you rather, i think a lot of people are looking at jpmorgan and the sentiment that's been there for multiple years, since the financial crises. it's been a one way street. when you look at these banks and you look at how negative the world has been on citigroup for a hole host of reasons, a lot of things are changing there. since new management came in they have put up a lot of got quarters. when you think about it on a valuation basis citigroup is projected to have double budget earnings where jpmorgan is single digits. so to me when you think about restructuring and think about how they're going to get cost savings out this is where you're going to get that move that barron's is talking about. >> international exposure could be a positive or negative. they have more than any of the other banks. also, they have this city holdings which was all the krud or whatever from 2008 which they

have been widdling down down down. we're starting to see the light at the end of the tunnel. you can see how earnings would improve there on top of expense savings. more potential bank for your buck there. i like it right here. >> next up boeing after falling friday they clocked in as the top performer today. do you buy into it pete? >> i got lucky because i put a call spread on july and august. my rationale was that i felt like the sale of the stock was too harsh. it felt like it was harsh. when you looked at the fire it looked like it was not the area of the plane that would be the whole battery and you're not seeing mass cancellations of these dreamliners. since january when this first started to break and this fire this past friday i still think the stock is going higher. >> question how many more incidents on a dreamliner before

the fleet gets grounded again? >> it's a good question. i wish phil lebeau was here. >> do you want to book your next flight and say -- >> it wasn't boeing's fault this one. >> we talked about the material that they use in this plane. >> the parts suppliers, many of the suppliers got hit just as much as boeing. >> some of them did not bounce back. but dan, to the markets, i agree with you on your premise but to the marketplace the movement in the stock, every time you see a scare it's been a buying opportunity. >> that is horrible price action. it's great that it bounced back but that may have a problem with this plane. >> your argument here is more based on fundamentals that boeing at this point is a different story and different stock from back in january when

the fleet was grounded. >> the world loves it but come on. >> from first class seats to jewelry. sales tiffany. >> i'm worried for them about p currency. they have a huge part of their business that is in asia. i think that will more than offset any benefit they have from lower silver and gold prices which is probably a small amount of the overall cost. it's a great name. it deserves a premium valuation but it's got one already and it's got one compared to its own history of pe multiples. i wouldn't be a buyer here. >> it's running into long term resistance at the $80 mark. >> coming up next tomorrow marking quite the day for yahoo!. the tech name reports second

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>> big day for yahoo! tomorrow as it released second quarter earnings results. marissa meyers one year anniversary. can momentum continue? it's time for a good old fashioned street fight. pete najarian is the bull.

steve grasso is our bear. >> melissa, when you brought up this topic as a debate you talked about are they still a search company. they're not a search company. this is a technology company. they're a media company. they have shifted from what they were into the next level. marissa meyer is responsible for that. she's done an outstanding job one year in. everybody is talking about valuation. if they could break this apart what would yahoo! be worth. they have got these huge share buy backs. when you look at the valuation of this company, they have a lot of growths, hundreds of millions of subscribers each and every day that search this site. i think the stock is going higher. >> they want you to think it's not a search company because they're only 6% of search while google is 60%.

they redid the sports the finance but they haven't driven more people. they tried to do it with coolness but they didn't get it with tumbler. they're buying a lot of content but it remains to be seen. future earnings have to speak for themselves. >> you brought up acquisitions. one of the things that marissa meyer learned from the google side of her life when you are doing acquisitions you're doing it for multiple reasons, one is to gather more talent. >> tumbler is a blog a superiorsphere. >> dan nathan verdict. >> i hate doing this. i'm going to side with the option monster because i think the story has optionality.

what she's charged with transforming is a small percentage of what that existing market cap is. to me if you are buying yahoo! you're making a bet on the future of the core business. i think she's got the best shot of the five predecessors. >> dan would you rather google or yahoo!? >> i'd rather yahoo! right here. >> i would, too. >> you're probably getting the last five ten percent of google and yahoo! there's room to run. >> when you look at those charts everybody talks about google likes it's a miraculous company. the performance is almost identical. >> you look at google there's a vast amount of other revenue streams besides search. >> we want to hear who you thought won the street fight at cnbc "fast money," use hashtag

bull for pete and bear for grasso. let's hit options action now. what do you have? >> yahoo! had a fantastic year. it's at a 52 week high. one option trader is in pete's camp. we saw a big buyer of the october 25 calls. 4400 got bought today. this might be somebody throwing in the towel on shorts. they sold a bunch of calls on june 25. it doesn't matter if they're throwing in the towel or initiating a brand new trade. they see the break even at 2797. whoever bought the calls thinks yahoo! is going to be above that level. as you mentioned average move on earnings is about three percent but the option market is looking for a five percent move. options apply a five percent. if pete is right then we get a

brand new 52 week high almost to $29. >> we have breaking news. kate? >> reporter: we have just gotten an sec filing that third point is going to go public with its reassurance arm incorporated in 2007 essentially loungelounged last year. it's been a healthy business for them and one that they want to raise permanent capital with up to $250 million from the looks of it. they're joining a relatively small stage here in the sense that david einhorns fund has been public. few of them are trading through ipos so far. this will be an exception and it may give us added transparency

onto the third point results. third point essentially has a contractual right to manage all the assets that this reassurance arm has. as a result there will be reports on how third point is doing through these earnings calls. >> could the reassurance arm be a proxy for third point at all in terms of its returns? >> it will give us a little bit of color as to how some of the key third point investments are doing. however, it's obviously a totally different business model so the nature of the insurance and reassurance in which they're engaged will differ from what dan lobe is doing in terms of macro investing. because of the crossover i do think we'll get added information about each piece when the reassurance arm is reporting, for example. >> kate thank you very much for that news. kate kelly joining us from new york city. we'll hear more from dan lobe on

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>> welcome back to "fast money." live here at the nasdaq market side. ford trading at its highest level since january, 2011. pete? >> this is one of those names where we had the option action over the last couple of weeks and people looking for the upside. i think it's going to continue going higher. when you look at the auto sales if you believe in the housing market the way i do obviously the truck sales being as strong as they're, ford is going higher. >> next trade here bernanke on capitol hill all eyes will be on ben bernanke as he gives his semiannual testimony on u.s. economic and monetary policy. for more on this let's bring in power players to break it down.

larry lindsey and dennis gartman. great to have you with us. larry, i want to kick it off with you. before we get to bernanke's testimony we want to get to the question that all of wall street is playing a parlor game with and that is who is next in line to be the federal reserve chairman. >> it's up to the president. he has to decide whether he continues continuity or change. for continuity he can go with vice chairman yellen or roger ferguson who is a former vice chairman. both would be well suited for the job, respected within the fed. the fed has been really good to the president the last five years, given him everything that he could want in terms of support and so that's the case for continuity. i think if he wants a more dramatic change, someone with independent standing outside of the fed then i think larry summers certainly has that.

he did work for the president for a while. maybe it's the nature of their personal relationship that will decide whether or not larry gets the job. >> if it were up to larry lindsey, who would you say would be best suited to be the next fed chairman? >> they're all friends of mine. i've known larry summers for 35 years. that means we had cribs together at the hospital where we were born or something like that. they're all great and very well qualified. >> you would go with larry lindsey amongst all the choices -- >> i definitely would not -- >> larry summers, excuse me. >> i wouldn't even want the job. >> you would go with larry summers? >> i think all three of them are very well qualified. >> ever the diplomat. dennis gartman, lets say it were larry summers, how would the markets react? >> i think the markets would be per tushed if it were larry

summers. the position of federal reserve chairman requires a great level of diplomacy. i have my serious doubts as to mr. summer' ability of that. the chairman has to be benevolent, not men every lent. he tends to make people upset. i think mis yells yellen or ferguson. >> what do you think mr. bernanke is going to say? what should we expect here? >> i think the fed put itself in a trap when it started talking about forecast based decision-making. i don't know what that is especially if their forecasts are as bad as they have been in the last few years. that means i got to figure out what the guys intent. how is he going to interpret

incoming data. i think he backed away from that. that is the only way the fed can make a decision. i personally think the data is going to be disappointing. i don't think the fed is going to be tapering in september as many do. >> how do you position ahead of this. >> carefully. the trend in stock prices is upward and i think it will continue to be upward until it stops. as long as tapering continues to mean that they will supply reserves at a slightly lesser pace, the trend is probably from the lower left to the upper right. you have to stay long of equities, long of gold. i turned back to being bullish to gold a couple of weeks ago. as long as they are expanding reserves the gold market will continue to be higher. long on gold and equities. >> i want to clarify because we did have a graphic up that said

you are short gold. you are long gold dennis? >> i am and i expect i will be long gold for quite some time in the future. >> thank you very much gentlemen, larry lindsey and dennis gartman. how do we position ahead? >> i'm going to say one sector not in the options market per se but to me that's speaking to the fact that some people out there do not think the fed is going to be tapering in the next few months. >> you want safety. >> and yield. >> i don't know how much it matters if the fed taper is in september, october, november. just the idea that we are at a new point in the fed's game plan, that matters much more. >> if it were summers, what would the reaction be? >> it's hard to say. dennis is right, this market continues to move higher

regardless. >> it doesn't matter who or when? >> it does matter but i think the plan we stay on course and i think taper happens eventually people in the market know that but the market is going to continue to move higher. >> where are options traders spottings the ununactivity in the market. we did the math of the biggest movers and shakers in today's session. we'll tell you what they are in two minutes. it starts with little things. tiny changes in the brain. little things anyone can do. it steals your memories. your independence. ensures support a breakthrough. and sooner than you'd like. sooner than you'd think. you die from alzheimer's disease.

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>> welcome back. another super hot stock of 2013. google hitting another all time high in today's session. grasso, what do you do? >> i love it. i love it. i'm staying long. this is my favorite trade. there's google wi-fi balloons google fiber, youtube, there's nothing not to like. >> i agree, not for the reasons he said. >> why can't you agree with my reasons. >> okay, i agree with your reasons. i like google here. i sort of like their main business. the only thing i don't like about it is what a run itsed and how people think it's the next apple. >> unusual activity in the solar stocks. pete, what are you seeing?

>> this has been going on for the entire year. when you look at sun educationson and getting -- >> what stock? >> sune. >> ying lee, we had call buying those have doubled. this space has been on fire. the report out of china today talking about -- grasso is giving me flack. >> literally it's on fire. >> yeah. when you look at their projections for 2015 they say the spending sords solar is going to be quadruple. >> the biggest movers of the session, a drop for qualcomm down one percent. >> they downgraded their rating to a neutral. to me this is a story that's pretty well known. they're talking about qualcomm moving towards lower end phone

devices and so to me they see a lower multiple. this thing is unchanged on the year massively underperforming. i think it's a good own. >> drop for american tower down two percent. >> downgrade from isi. a lot of the revenues for at&t coming from leap. that's part of the reason stay away. >> radio shack moved 8% karen. >> it's a bounce off a scary name here. you have everything declining. i wouldn't touch it. >> pop for cliffs nature. >> every time you try to buy a dip a bigger dip follow is. i would not buy. i'd rather miss the first 15 or 20 percent before i get back into cliff. >> pop for pop flies. an all star baseball fan claims to have set a new record over the weekend for the longest pop fly ever snagged.

he caught a baseball that was dropped from a helicopter more than 1,000 feet into the air. it's a good thing the sun wasn't in his eyes. the ball was reportedly traveling at a blistering 95 miles per hour. ouch. >> good luck my friend. >> coming up cramer has an exclusive with the ceo of add co. can kroger go from stagnant to stealth. coming up your viewer questions. we're trading your viewer tweets. that's next. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office i can talk to someone who knows how i trade. because i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade. awarded five-stars from smartmoney magazine.

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>> not so fast chair woman. last month karen made a bearish call on one of the hottest stocks of the year, netflix. here's what she said. >> content price is going up and also tells you more competitors in the market which makes -- i don't know how fast the pie is growing but i got to think this competition isn't great for them. >> since that call was made netflix is up 19%. the call is to stay away but anyway you would still say stay away. >> what i meant to say was content is more expensive and so the stock will go up 19%. what came out -- >> you meant to say -- >> pete, this one is for you, are the miners going to catch up to gold? >> my short answer would be unlikely. they accelerated to the down side as fast as gold as dropping they accelerated faster to the

down side. i don't see a big bounce yet. my brother john has been dead right on gold. i have stayed away but i don't think you want to chase these miners right now. i'm going to stay away. >> grasso time to take profits? >> judging by the fact that you are asking the question it's never a bad time to take. you don't have to sell the whole boat, sell something, trim something. >> first move tomorrow when we come right back. stay tuned.

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to your doctor about all your symptoms. get the blood tests. change your number. turn it up. androgel 1.62%. >> who won the street fight? pete, the bull on yahoo! took the crown for the evening. let's go around the horn for tomorrow's trade. >> decker's outdoor. >> tesla, mentioned it before tesla. >> karen? >> citigroup. city bank, letter c. i like it. if you don't own any, you can own a little bit right here and wait for a pull back. >> dan nathan? >> i like call spreads here in august, i like call flies. >> i'm melissa lee, thanks for watching.

see you tomorrow for more "fast money." meantime "mad money" with the one and only jim cramer starts right now. my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends. i just want more days like this, my job is not just to entertain you, but to educate you and teach you so call me at 800-743-cnbc. they are just too darn negative! >> boo! >> that's the only judgment you can make about the