hat's up in the double digits. it was a tough day at the office. the dow jones industrial average town 225 points nasdaq down 63 points, s&p 500 gave up 24 points. have a great night. thanks for being with me on "closing bell." "fast money" begins right now. live from the nasdaq market site in new york city's times square, i'm melissa lee. our traders tonight are karen finerman, steve enp. grasso. we're tackling the summer swoon. >> summer started out hot. >> we're going to have records here again. >> but was it all just an easy money mirage? can the rally go without the fed or does the cold hard truth lie in the bell weather blues from the likes of macy's sysco and

walmart? >> that is a crucial question tonight. are you comfortable buying the dips in stocks? >> i'm not comfortable. i'm going to be selling the rips here. a couple things that happened here, what sysco did yesterday was expose the flaw in this market. they have been using financial engineering to boost their earnings and sysco is going to lay people off. there are other companies out there like that. the cash flow is 70 percent. that's historically high that's not a lot of room for error here. >> paul i think earnings were better. they improved. >> over all they have improved. that is the best we've seen in the last five quarters. folks on sysco and walmart make the headlines.

it's a different bull market. these stocks have not been leaders. sysco has outperformed this year but throughout the bull market it's been a dog, four times dropped ten percent and the markets kept going higher. i wouldn't worry about sysco here. you can avoid retail. apparel hasn't been strong. autos have been strong. you're not going to be buying apparel. on a saturday what are you doing? you're going out looking for a car. going out looking for a house. you're not going to buy apparel. i see why that's weak. >> that actually doesn't quite make sense. realize most people have a fine night amount of amount. you don't buy a car every year. >> it's not about a yearly think. it's about a quarterly thing. >> you don't go out to dinner to

buy the sweater. >> but if you agree with the premise or don't agree with the premise that's what is happening been happening. >> what we're looking at in the retail stocks is the second quarter. while housing was good at the beginning of that quarter, retail was very good. >> housing, what were people starting to worry about, rates rising. people focused on buying the car and the house versus -- >> exactly. >> the market is freaking out. we have a 200 point down day. if you look historically this happens about once a month. so i wouldn't get too worried about a one day move. we have had very low volatility and that makes people worried when we get a high volatility day. this is sort of to be expected. >> it has become too con census

to worry about the fed worry about taper. that's about the main focus of the markets and that's what the market is looking at. >> the market should be worried about higher rates. >> we dye jested it to a certain extent. >> three days in a row we have had triple digit markets. what the bond market is doing is possibly having a stronger economy. look what happened when bond yields barely ticked up we're talking about minor ticks here. imagine what it's going to do to the stock market. >> let's bring in our next guest. raise the red flags for the rally on our special bear-nado show. >> it's hot fast money. money begins to spread out and look for opportunities elsewhere. i'm uncomfortable paying 16 17 times earning for numbers coming

down. i want to pay for numbers going up. thinking this through the next leg is contrarian and not only bearish on the u.s. but opportunities elsewhere. >> let's welcome back nick. the myth you were discussing was a notion that people were paying too much for earnings. and here walmart comes out and lowers the forecast. >> basically they have to take place through the second half of the year. numbers in the back half still feel high. revenue for q 1 was flat q 2 was flat. those numbers have to come in and earnings have to come down with them. the point you made about sysco laying off workers is it problematic of companies pulling back the reigns on capital spending as well. >> nick i know you're talking earnings here but we have above average pe ratios.

what room do you take into multiple expansion this year? >> my worry that we talked about two weeks ago it was fueled by a lot of fast money. the money has begun to come out. i worry about multiples that are fairly healthy yourself normal long term range. rates are rising not a good thing and rates are coming down not a good thing. >> i agree with you but let's take the other side of it. at what point do you say we've digested it, time to buy. >> first of all you want to see the fixed income market get to where it needs to be. we just don't know yet. that market is moving. in my conversations with clients today that's the number one thing that they're confused about. they don't get how to factor in a three percent ten year. they understand it's not good

for the consumer. if i had to put one pin in this topic it's fixed income. >> when you talk about three and change percent, that money that's causing those yields to go up that is money loving the fixed income market. where is it going and not going into equity? >> it's very low historic rates and it feels like it wants to go into equities. we're seeing a bit of a buyer strike. it seems like that money is going into cash. it just isn't coming in yet and there has to be confidence that we see volatility reaction in fixed income. we're not there yet. >> what's the bottom line in terms of heading into fall. we have rash ha shanna right

after so it may be delayed. in the next few weeks or so what should investors expect? >> more of what we've seen today, big numbers, liquidity is not there to have buyers stem that flow. i think the near term is down. past rash ha shanna going into the first week of september, i see more volatility coming. >> you would recommend moving into cash for now? >> absolutely. >> nick, good to see you. thanks for coming by. >> thank you. >> would you agree with moving into cash? >> not necessarily. i think there is going to be low volume but we're going to see volatility on the upside and the downside. sitting in cash isn't the worst idea right now but waiting until after the holidays but the market, again, we are expecting multiple expansion and the market to do better through year end. >> think about rolling into cash for basically a month. so the average investor if you want to trim trim. but you're talking about a month

here. it's a little silly. dell beating on revenue by a penny. john fort has the story. >> eps beat by a penny nongap to 25 cents. dell doesn't have an earnings call this evening but a few things i've been able to tease out. it seems like probably state and local government business is partly to thank for this revenue. i would note that historically q 2 is a month where state and local closes and tends to come in. we saw that in sysco's report idea saying that state and local was up yesterday while federal was not. we've got sequestration issues. we don't expect that to be a big pop for anybody. also a low tax rate seems to have helped dell in this quarter

on the eps line and pc revenue was up but on price cuts operating income actually dropped versus last year even though revenue overall was higher. some better news than a lot of people expected on dell. >> thank you very much. not too much people are trading actively in dell at this point but there are lessons to be learned. >> there are. you're not going to make a ton of money trading on dell but you can glean what else is going on. we know the pc is dying. you don't want to be in this space necessarily. you can probably say this is negative for microsoft, look to short microsoft here. maybe it's a positive for apple although apple has had quite a run. those are the same names. to buy it now you're not going to make money. >> let's check on after hours moving here is.

applied materials lower on weaker than expected earnings missing on both the top and bottom lines. fourth quarter guidance down more than two and a half percent. it's the most talked about story on the street. we'll take a look at the egypt effect on the wild moves in both gold and silver. the dis appointments of both macy's and walmart officially in the books. we'll hear from the ceo on how he thinks the consumer is healthy. back in two. including the gs and all-new is. ♪ ♪ this is the pursuit of perfection. this man is about to be the millionth customer. would you mind if i go ahead of you? instead we had someone go ahead of him and win fifty thousand dollars. congratulations you are our one millionth customer. nobody likes to miss out. that's why ally treats all their customers the same. whether you're the first or the millionth.

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>> let's get to a market flash on a name that is moving right now. welcome to the cnbc familiar and "fast money." >> it's great to be here. let's watch shares of retailer nordstrom lower in the market session. sales fell just short. they also reduced their full year earnings guidance and reduced same store sales growth estimates. they said that they did see moderate improvement in sales trends but they were still worse than expected. >> thank you very much.

karen, given macy's yesterday, not entirely surprised? >> not surprised. they did get hit a little bit on the macy's collateral damage. this is a retrade of similar news although you don't like to see it. they do talk about not seeing margin growth for several years. in macy's trades down on this tomorrow i'd rather own macy's just on valuation. >> as the back to school shopping kicks into high gear our next guest says consumers will be spending. dan, good to see you as always. >> good to see you. >> what can we glean from macy's and walmart and now nordstrom? >> it's tough out there. we are in a price deflation naer

environment. there really is no inflation on the horizon. competition is tough and retail is a game of winners and losers. >> do you think consumers will be spending but at the expense of retailers in margins? >> possibly. consumers are going to spend more this year in back to school than they did last year. the question is who is going to get that market share. the pie is not growing so the question is how big of a slice are you going to get. some retailers will be right on fashion, price and their promotions and some will be wrong. >> would you rather be in a teen retailer or somebody who is more broad line? >> i would much rather be broad line. teen business is treacherous. it moves very very quickly. you are one television show away from being wrong and you had to

place the orders nine months in advance or six months in advance. broad lines are a much safer place to be. >> i see a lack of a fashion trend so i'm sure that you have seen that as well. that's not moving the market in your space but best buy, what are they do with their square footage? are they sha hinking it? >> no. one of the things that's important in our business is shop online, pick up in store. if you want to do that and be that type of retailer to the customer, you have to be in stock. so you may actually shink your retail square footage but keep the total square footage because you have to be in stock. >> they're not paying warehouse prices. they're paying straight up retail. >> they can afford it. it's not that extreme. if it increases your sales and

margins continues to go up it's not really that big a burden. the occupancy cost is a percentage of sales is not their issue. when tenants come to say and us we need to lower rent because occupancy cost is too short, the answer is raise your sales. >> not my problem. in terms of ddr, your yourself have been essentially placing a bigger bet on the higher income areas in the country, chicago, boston washington d.c.. black stone lost about $1.5 million in may. can we translate that into where one should invest should be the higher end retailers? >> it's in the more dense markets, the markets where you're always going to be fall out. the best shopping centers are going to lose tenants. the question is can you fill it properly.

in the denser markets, they already have advertising, a lot of costs already taken care of that space is worth more. >> last question back to school, at this point in time right now, which retailers do you think are poised the best? ? >> when you see conventional department stores cut, that tells you it's going to be better for tj max and others. that's where i think the consumer is going to be putting his dollar. >> always good to see you. tjx, one analyst note said that they are still a great buy because three quarters of the u.s. have never gone to a tj max or marshals which is shocking to me. >> that's a very high number. >> would you go off price? >> i always do.

>> not personally shopping. >> you mean for investment? >> yes. >> if you are going to be in the retail space that's where you want to be. >> i'm a bargain shopper. >> i know you are. grasso, in terms of fashion trends you seem to be the expert on that these days. >> the problem is apparel is going to have a tough time going forward, going into the back half of the year. i would stay away from it. my retail play i play deckers but it's a little bit of a sheep skin play. it's pure. their new product and they're knocking the cover off the ball with margins. we've seen that depreciate quickly. >> i think to your point that the tj maxes of the world will benefit from excess inventory. is apparel losing much here? is that trend as far as people buying apparel online impacting

clothing? >> that has increased over the years but also they return a lot of apparel online too. they return a lot of apparel to the stores and when you return the apparel to the stores you get an upsale opportunity. it's not really a threat to the apparel business as much as an opportunity to expand distribution. >> that upsale kills me. i always buy something else. time for pops and drops. the biggest mover of the day. pop for estee lauder. >> good earnings actually a surprising -- you saw elizabeth arden a couple days ago get crushed but this company always performs. >> drop for ford. >> i thought it was interesting. they said they weren't going to add anymore factories in north america. on a tough day with somewhat negative tiff news this got hurt. $16 in your support. >> drop for micron down four

percent. >> tech space under pressure as of late. this takes lead from deram pricing. if you think it's going to be higher and i do you want to be with this one. >> birk shire hathaway. >> they haven't changed much but only one stock has outperformed the s&p this quarter and they're down five percent on average. birk shire has held up. >> a pop for day glow bunnies. they're rabbits that glow in the dark by injecting jelly fish dna into rabbits. these not so silly rabbits are part of a study to treat illnesses and answers the age old question what's up doc? that was terrible. i apologize for reading that. >> i thought it was the question of what happens when you inject bunnies with radioactive dye.

>> coming up next home builders. as rates rise is the home builder set about to bring a lot more pain. why one wall street watcher thinks sysco is fairly valued and says to stick with tech for the long term. back in two.

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[ male announcer ] come to the lexus golden opportunity sales event and choose from one of five lexus hybrids that's right for you, including the lexus es and ct hybrids. ♪ ♪ this is the pursuit of perfection. >> welcome back to "fast money." i'm domenic with some breaking news on joseph a banks. speaking of retailers in the news today. the company lowering or at least giving new guidance on second quarter earnings second quarter

fiscal 2013 earnings will now be approximately 49 to 53 cents per share on average. analysts were expecting 68 cents per share, falling far short. neil black, the ceo saying in the statement, customers did not respond as well to some of our he'll promotional high sales marketing campaigns. we are focused on further improving both our gross margin and market efficiency. down three percent in a light trade in terms of volume after market so far. >> thanks for that. unwinding some of the gains we saw on the back of a letter sent to the board from beacon capital who we interviewed about this show. i would think that poor results would give you an upper hand. >> i think it should. i'm long the stock so i don't like to see it trade down.

i do think it gives the activists some more strength and hopefully forces this board to have a little more of a dialogue which they do not have at all which i think is really one of the weakest things about this company, that they don't engage the street. they don't want to hear it. hopefully they'll start to listen. >> let's switch gears and talk about the housing index. it's in bear market territories. today we've got a street fight on the home building sector. bull case is paul hickey. on the bear case is brian kelly. 90 seconds to make the case. >> home builders everyone is negative on them. we see it as a win-win trade. rising interest rates are occurring about the economy is improving. that's going to improve the overall demand for housing. on the negative side if it economy doesn't improve the fed is going to keep rates low which will help the housing sector. it hit an 8-year high today and

you look at the correlation to the home builders index, they've tracked each other for the last ten years up until the last four months due to the fact that people are worried about rising interest rates here. i think it's overdone and that's going to see mean reversion coming forward. >> let's look at that. the last thing you want is the person selling you the product telling you this is fantastic, it's going to go higher. that believe that the cash is more valuable than the house. we have had rising interest rates just today. prior to that look at mortgage applications. with just the tiniest of upticks applications have been plunging on the refi the purchases, everything. this is prior to this interest rate rising. with the home builders down 36 percent i think they're still overdone. they were trading at valuations above the housing bubble valuation. so there is still a lot more

room to go. don't sell them short tomorrow morning. wait for a rip. >> the stocks are down 36 percent. >> for a reason. nobody is buying homes. >> it's priced in. >> i would say that's right if the interest rates were going back down but they're going up. >> gavel came down. grasso, what's the verdict? >> i'm going to go with paul because i believe the market is the best leading indicator. it has factored in to a certain extent. these stocks have been oversold. in particular, dhi. that's why i bought it. >> paul hickey's first street fight looking good. >> no more. we want to know who you thought won the street fight. that's the true verdict. @cnbc hashtag bull or bear. let's go to the housing trade.

>> dl horton all bought the trend. but the dl horton chart is really ugly. you have to wonder if the move today doesn't mean that it's put in a bottom. one option trader thinks dr horton did put in a bottom. they bought 3,000 of the november 21 calls paying 51 cents, meaning their break even is 2151. they expect the stock to be back above that level at that november expiration. big move today, this would require another 12 percent but even then the stock would be well below the high from as recently as may. scott, thank you for that options action. stocks in the tech unable to move from red to green as weak earnings weighed on the markets. for more let's bring in ryan jack objacob.

did you use weakness today to add to your position? >> we haven't yet. we were a little concerned that the stock had gotten a bit of ahead of itself after the previous quarter and so the results today, we're currently going over them. we haven't made a decision on it. >> what's your reaction to can you recall icahn taking a position and he said within your shop he's the least bullish on apple? >> that's a fair statement but generally speaking apple is trading at such a compelling valuation here and the fact that we're in this kind of an air pocket in terms of new products that we find it pretty hard to believe that 2014 we won't see rising revenue growth and also earnings growing from apple. when you overlay that with the current valuation, i'm not surprised carl is interested in apple. it's pretty can compelling. >> what are your biggest

positions in? what do you have the most conviction in? >> one of our most recent holdings was facebook. this is a stock we've watched for a while, since the ipo. we made a call in terms of not getting involved with it and waited and waited. i think we were fortunate in terms of getting into the stock once we were more comfortable with the mobile business was starting to show decent monetization. also in terms of the future revenue opportunities, whether it's the video or monetization of instagram, we think it probably has one of the biggest runways right now. >> ryan, thanks for your time. let's trade sysco. we had dan nathan yesterday saying we would go in today and buy it and you said no wait a couple days. >> i also said it's the first day rule. you never want to buy something because of that whole implosion is going to take a couple of days to work itself out. dan if he got in i bet you he

got out today. >> was this drop today down 7 percent by the end of the session typical of when sysco misses? >> it' not uncommon -- it's been a lagger. it had several gaps on earnings. if you look at the overall market reaction you send to see these one day negative reactions but the broader market recovers every time. >> "fast money" goes abroad to europe. a look at some of the biggest names with the highest exposure. why one portfolio manager says now is the time to invest in greece ireland and russia and he'll tell you why straight ahead. ♪ ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ ♪ all on

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>> welcome back. we are live at the nasdaq market site. the unrest in egypt moving gold and silver on the rise today. silver posted its strongest gain since the 1960s. you've been watching this. >> this was a big move today.

somebody came in and bought about 1. 3 billion. that's a massive trade. it tripped a lot of stocks. you saw gold move first and then you saw the currency markets move and it moved the nikkei futures as the yen strengthed. this was a multi-market move and it was an extraordinarily large trade. some people were talking about how it may be related to some rebalancing. i'm not sure. i think we find out as the days going on. >> in terms of the silver moved, gold led but at the same time silver has been on a strong uptrend in the past ten days or so. >> it has. it was up five or six percent today. if you want to play one versus the other or one or the other, silver is the way to go for the "fast money" traders. you get so much more bang for your buck. >> silver had 18 moves at 4 percent since it peeked two

years ago. biggest move since 1987. that was five years into the 25-year bear market in silver. i wouldn't read too much into it. >> gdx versus gld. of the we have had some debate did minors verse the actual metal. on the way up the minors moved a lot quicker. >> u.s. stocks hitting the wall. is it a better bet to look abroad? >> europe showing signs of life with its latest read on gdp. the pros say find u.s. based companies with euro exposure. the companies break down geographical sales. we were able to find the companies that generate the highest sales in europe. these companies are outperforming the s&p 500 on a three month and six month basis.

earnings have also come in better than expected this quarter. revenues have grown by 1.9 percent. earnings risen 4.8 percent. while this is lower than the average growth rate of the s&p 500 this data is encouraging. some of those names on that list include newmont mining. gilead sciences and others. >> we put out a similar report yesterday on short term shifting focus towards european exposure and highlighting names there. the u.s. companies have given their performance relative to european companies in the past four weeks. if you look at the manufacturing from the last month, the u.s.

was higher than any other country in the world and the rate of change was higher by a wide margin. >> you wouldn't say, well u.s. companies with european exposure and go to the european companies like a siemens or s&p? >> sticking with u.s. centric companies like a priceline or mcdonald's. that's for the short term maybe one or two months. optimism over europe is one thing but longer term is we think a multi-year performance trend. >> what about some of the most unloved trades. our guest is dipping in toes in some of the most unpopular plays on the planet. let's start with greece. why? >> if you are looking at the valuations around the world starting with the u.s. we're the second most expensive country we track. this is on the long term basis. we're looking at ten year pe

ratios. it's not horrific. it's around 24 after this rally but on the opposite side is the bombed out a lot of the countries in europe greece spain, italy, we include russia. a lot are trading at single digit pe ratios all the way down to greece which is trading at three. >> i guess the obvious question is, greece is trading at a three pe for a reason. what makes you think that's going to change? >> well one of the things about buying when there is proverbial blood in the streets rs you're getting a margin of safety. we've run a lot of tests, back tests, all the way to the 80s where we show that buying the cheapest countries outperforms the broad universe about by four percent a year. it's not just you're buying the cheapest. you're avoiding the lowest

countries. >> just to button this up and give the viewer at home perspective, what does your portfolio look like? it's not all greece ireland and russia, is it? >> our global tactical etf trades everything. we're long in stocks and foreign stocks. we would be more long foreign as trends improve and they have in the last few weeks. we have some in real estate commodities were underallocated and then a good chunk, about 40 percent in cash and bonds. >> good to speak with you. thanks for your time. would you go and invest in greece right now? >> if you have a ten year time horizon, yes. it's probably the place to be. >> it's not "fast money"? >> it's slow money. >> coming up next could the release of the new jobs film

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executive edge. >> if you are go to give the money to the shareholders that way, it's because you do not have anything better to do with that money. you don't have something you want to launch. you don't have something to buy or invest. >> i think the headline here is -- let me read this right -- updating forecast for net sales to grow between two and three percent for the full year versus previous range of five to six percent. >> it's going to come down. >> things are looking pretty strong from your perspective and if things are not far off, why lay off 4,000 people? >> it's because the market is moving so fast becky, if you have watch what we've done the mistakes i've made is when i either move so slow or move fast without process. >> index, 9.3. empire a big eh miss. we were looking for 15. >> we've got a double whammy going on in the stock market

right now. ton year yield at two year highs, that's a real problem forth market. we're not seeing the third quarter growing. >> carl icahn treated. he's taking a shot at bill act may have been man. his actions prove something is wrong with ackman. >> biggest one day decline since late june. >> those are some of the memorable moments today. brian kelly? >> the one with walmart, that's really what started everything off this morning. the futures were down but when they came out with the forecast that put a dam per on the market. that set the tone of the day. >> how about apple. if the best allocation of capital is the corporate

repurchase there is something wrong with apple. that might be great from a fundamental point to rally the stock but we're looking for new products, not buy backs. >> with apple there are a lot of expectations coming into september. they better produce something or it could be back down to new lows. >> karen? >> i got to take the other side of that. >> i wish you would. bring it on. >> she is. >> first of all they have so much capital it's not an either or. they can do other things. >> they can. >> we don't know what they're doing with it. they have enough to buy back which they're doing. it's very easy mathematically. we don't know. it's up in the air. >> the problem is that we don't know. >> i agree with that completely. >> coming up next the tweets making the cut. we will trade them live right after this.

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>> since he made that call the stock skyrocketed about 56 percent. it's no microsoft right now. >> it's definitely not a microsoft. it's quite a name here. i don't know. i've tried to call this name three or four times in the last 12 months and 100 percent of the time i've been wrong on this one. >> basically you're the contrarian. >> pretty much. next time i talk about facebook do the exact opposite. >> what's your take at this point, paul? >> we've seen some marketers, if you look at different social media, they're saying that facebook is still one of the better avenues to take as opposed to twitter and other social media. >> we get to your tweets. this one is for karen. what's your take on blackberry? >> my take on it? >> yeah. >> well they are up for sale again which i thought they were

before. i don't know if that time it was sort of an open house and if we get a great price and we'll sell it and now it's kind of an auction. it seems desperate for me. it wouldn't be shocking for a take under. i wouldn't own it. >> grasso thoughts on first solar? >> it's not my favorite space. if you look about five years ago operating margins were roughly 40 percent. they're cut in half now. i would not be looking towards this space. if i was, i would go with elan musk, solar city. >> say it like you do tesla. >> solar city. >> great call on tbt. do you think it will go higher? >> i do. i would say that the risk to this trade is as we get into september, if the sentiment says we're not going to get the taper, then i think there is a risk to the trade. the numbers today, the economic

numbers today were enough for me to say a september taper. >> dollar down is it good for cat? >> we think the dollar is going to continue to be strong and in the mining sector it's going to continue to be weak from a strong dollar. i think you want to avoid cat here at all costs. >> the other tweet was does grasso smell as good as he looks. >> the answer is? >> oh, no. >> solar city. >> karen, you're also short cat pillar? >> i am. we talked about this a little bit the other day. to me it's a little bit of a concern about some of their -- how they account for some of their sales. i'm not saying there is anything fraudulent here but they're serial missers. why do they guide and miss so seemly short after. >> first move tomorrow when we come right back. stay tuned.

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>> dr horton. >> paul? >> tropics are heating up. gender act. >> karen? >> mdy puts. >> sell fcx. >> special congratulations to the ambassador on the birth of his baby boy yet to be named but very healthy. it says mom, baby and older sister are doing all fine. everybody is happy. 8 pounds four :00 pounds, four ounces, 4:44 p.m. congratulations. see you back here soon. >> looks just like him. >> especially with the blanket. i'm melissa lee. thanks for watching. we'll see you back here tomorrow at 5:00 for more "fast money." i'm going to be on vacation so i'll be back in a couple weeks. enjoy. "mad money" with 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 him welcome to "mad money." welcome to cramerica. if you want to make friends, i try to save you money. my job is not just to entertain you, teach, coach you, all me at 1-800-743-cnbc. you know what we haven't had in a long time? a day like today a. day where