refuse to ask for directions? >> as acts comic of a bunch as are you. >> no kidding. i love it. >> yeah. >> it's good the see everybody. thanks, for being here this afternoon on closing bell. we appreciate it. "fast money" is coming up. we have to hand it over to melissa lee. what's on tap? >> you can be talking about cell phone restrictions for the tsa? did you know they will double in a few weeks. we will be told which airline stocks will be hit the most by these fees. >> over to you guys. >> "fast money" starts right now. in new york city square, i'm melissa lee. it's a down day for stocks. the nasdaq popped in as this worst performer after last week's record-breaking rally, one name bucked a broader downtrend, apple, close at its highest level, in fact, since december, 2012.

shares are up for the year. since the split, pete the stock is up 24%. that's april. >> yeah. >> it's better when they've made very interesting hires. i think from an innovation standpoint. how they're attacking, what they're going to be doing going forward into the second half of 20 freevenl you know, just last week, we talked about how active they were. traded 1.1 million positions. today a new record. 130i7b 23 million, at the beginning of the day they traded 650,000 contracts. later on in the day, we finished with 1.27 million. it's a trough of this apple trade, sirius logic. 80% of the revenue is coming from apple. they've lost the contract here and there. >> the paper in there, as a matter of fact, they're buying the weekly calls. if you look at apple and the front two weekly contracts right

now that's where the paper was trading in those first two weekly contacts. a lot of activity a lot of short-term activity. >> we got into it, actually, i probably would have been out here. i got to say it feels like there is a gravtational pull towards that 1300 mark. i know guy talked about it to get back to the old high. i don't know if you saw the paper around it. >> they're attacking everything, they're buying the 95s to 97s, the 100s. it's absolutely bullish right now. there is not bears out there. >> guy mentioned the new product category. this is not news, what is news they hired an executive to spearhead this so all of a sudden it makes it much more buyable. >> i think they didn't have the other iphone. quietly, for china the marks i'm looking at, this is a big, big

issue. the buzz on apple in china has gone. the innovation the larger iphone the capital market, the engineering that have gone on and the share price very, very positive baby cap rotation. that's what this is? i. >> i think this is a momentum where the moment item traders abandoned the stock 600 days ago since it was in that high making mode above 700. now it seems it's rediscovered. i don't think it's the watch, quite frankly. that might be today's catalyst. what is going on here is people are gradually feeling better about this being a total return play, buy bark dividend and the possibility of iphone 6 being a smash hit. it's nice to see everyone involved in the stock for different reasons all making money. >> one last point, apple is doing well. it had a lot to do where it didn't participate in the record run of the market.

i don't think they have overdone to the upside. >> quickly, that was also the earnings. we got a good earnings report. they also talked about some of the capital markets and the share engineering. i think the company is performing on the playing field and the drawing board and this is important. >> when you see reaching for the 100s, what expiration? >> weekly. >> weeklys? >> they're expireing july 15th, next friday. people are expecting move. out of apple. it's low, it's trading right about the average levels but there are buyers out there. very little activity in the puts, almost nothing compared to the legal call. >> our next dpeft says apple is only going higher from here. gene munster, gene, gould to see you. >> what is it behind the move?

>> well, i think it's part in the products we talk about. you brought up a good point, i think today is the tag hoyer higher put more substance in that they are getting more product categorieslet. not only that, other things are coming beyond the watch. another critical piece is the bigger number also. keep in mind the iphone in the march quarter is up 17%, that accelerated from 7% growth in december. we have seen some acceleration. i think investors are not only getting more excited about the product categories, also getting more comfortable about owning apple for their fundamental also, which hasn't been the case for the past couple years. >> do you also have a sense that am is still institutionally underowned? as we go into the sec half of the year, there this chase to put apple into a portfolio? >> this is something we measure. about two-thirds of the calls i get from investors are investors under weight apple basically trying to step back and see what their risk is in being under

weight. if you rewind six months ago, that was more like 80%. that number has gone down. it's the majority of calls of investors under weight. there is room to grow going into these product categories. >> what is more important? innovation or on the iphone sales and the larger keyboards or screen display and getting in the game with some of the players that were really eating their lunch and also talk about price points, will that ever be a place where they are also compete? >> they probably aren't going to compete with the burberry and tag moyer and the high end piece to it. to answer your question, i this i longer term it's innovation. clearly you need to have stable around the iphone. that's their current business. for the stock multiples, investors need to know there is a story. a person i talk to believes this is a longer term growth story.

apple colt out with thing in the next three to four months that change the longer-term growth in the next two to three yearsful that's the innovation peace that is not reflected in the stock. >> gene, it's karen. i normally don't like the idea of a multiple expansion to be a part of story, where do you think it could get to if it gets rerated? what kind of multiple do you think it needs to get? >> it comes down to what the earnings growth will be. investors believe this is a growth story. right now our 105 target is based on 2015 earnings. given the capital and the potential growth rate, i don't want to put a target out there. >> that could be adjusting our target. i could comfortably see expansion in that. >> you mentioned that in order for a growth story, you need one piece, an infoization piece, what would lead us to believe the innovation is, in fact, there. we know about the iwatch and

larger iphone, is that enough in your view? >> no, it's probably not enough. that's the product cycle part of the story. the real true infoization and true growth needs to come from more of a platform-type of a play. it's this whole home kit and health kit and using touch idea to get entertainment. it's something with more sustainability and growth beyond knocking great products off quarter on quarter. so i think that will be the key focus and investors will look at derryling how they are doing innovative. can they build a reoccurring business? >> gene, great to speak with you. great for your time. >> thank you. is apple if your view, josh, a growth stock or a tallying stock? >> i said before i think it's a return stock. there is nothing wrong with that. some of the biggest winners over the past couple of years were stocks too cheap, they're better than the mark had been giving them credit for. i don't look at hewlett packard

as a growth stop they can't find a growth revenue model. but the stock stripled, quadrupled almost off its low, just because people are realizing what a steady, consistent business it is, haempb forbid they launch what gene is describing as a few platform, television or whatever they're working on, heaven forbid that caught on, then you get a whole leg higher. i don't think we need it yet. >> do we hit a new all-time high by next earnings? >> absolutely. with absolute certainty i feel comfortable. >> is that 101? >> if you go out to august even, i know we said it's mostly in the weeklys. people are going up strikes well past 100 with some of the expectations going higher. long before the split, people were buying the calls. those were performing extremely well out in october. >> i think it's amazing, what has changed in the last 60

bucks, sentiment. >> really, it was one earnings quarter which said they were doing it on the playing field the promise of this stuff. here we are. it gets back to valuation. this was a company not expensive at the time when big cap tech. >> this is a stock that's evolved along the way. >> and that was more than. >> ritz amaid amazing how many have come out from heating and 3400. >> the analysts. >> the only things that's different they disappointed enough times they got in line which was realistic. now they get great press. great articleant steve cook and how he is -- people are responding. they read it, they say, i'll give eight sec look. that's what you sometimes feed. >> apple was a standout performer today but the big banks under performed the mark. goldman and wells fargo, all in the red. karen, what did you make of this move? >> well, actually not too

muchful i do definitely want to see what the bank earnings are. that's the most important news, but i think they have done a good job of earn fitalking some of the lemonts down. i don't think anyone is optimistic on trading revenue being very good. i think for some of the big banks, j.p. morroccan, you have big penalties in there. i hope we don't see credit deterioration. it's been so great there is not much room to go. but i think the valuations reflect the bad news already. so i like being long. >> i think if you look at wells fargo, where are they going to be making their money? mostly in the mortgage area, so it seems. they have been killing it. even today after this little pullback that you are seeing, this stock is right off the highs, this morning, early, it was on the highs before the pullback. i think they will absolutely crush it. >> by the end of next week, we will have heard from 40% of the s&p financial sector and most of the important names. there was a huge swing shift possible here. a year back, j.p. morgan had a

huge settlement that skewed the data. it was a series of one-time charges. you don't have that this time i think we could be surprised on the upside from the whole sector and j.p. morgan, in particular. >> i think the kitchen sink quarter, this was the kitchen sink year. i think 2015, therefore, anything we get in 2014 is bonus. the bar is very low, with the exception of wells fargo, therefore, it's interesting now. coming up, google is gearing up against amazon, the pledge for fending off its prime competitor. later, why dennis gartman is sounding the alarm on a summer scare for the mark. the changes he is making to his portfolio. back in two. i make a lot of purs for my business. and i get a lot in return with ink plus from chase. like 50,000 bonus points .

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[ music playing ] ♪ because you had a bad day ♪ you need a song to turn it around ♪ >> energy is having a day, peabody from a hold to a buy, the rest of the cold stocks sliding heavily on the back of that downgrade, tim. >> deutsche bank put out an upgrade in the call space. i think the rest of the sector traded well.

they needed the names but have had a good one. walter energy closed down two-and-a-half t. balance sheet is the big issue. looking at the whole space and the minors, stay with the industrial metal's minor, stay away from the alluminum. that's been priced in stay with free port, southern copper. even in cliffs because they came out with a downgrade, it's not a wholesale sell. >> to your point, i like the fact there is an energy component as well. so that southern copper. the box office dud, numbers were down, get this, 44% from last year. what is the name for movie theater stocks? >> i wouldn't call eight dud. >> you relished every permanent

from the first three. >> i have many millennial friends friends, they are increasingly moving things from popcorn time. >> did you write that down? >> i like to tape record them when they talk and bic pick up the new ling go. i think this is starting to have an impact. some of this stuff is geared towards them. i think that's in there. if you look at the theater stocks is cinamark. use today's low as your stop. i think you can bite, maybe pick up a buck or two as they rebound. the truth is not great for this weekend. there is still lots of movies to come out with. >> you are saying there is a secular change? >> it could be. >> okay. >> i'm not an investor in digital movie theaters.

i'll tell you that. >> why did you do july 4th that became news, they realized friday was july 4th? sfwr in faye are opened. >> even imax, there is technically it's been stuck at this $28 level for almost six months now. i think it should not be a surprise. >> you know what else millenials are into. they like these gums zaifr flavored like dessert. he gives me key lime piaa gum, dude, i'm not trying to like -- >> that sounds delicious. >> all right. you want functional gum. >> yeah. >>. next up, google is reportedly setting aside money for same day delivery service nationwide taking direct aim at amazon, karen. >> you know, i'm a google

holder, i don't really love this. it's not $45u6789 million. they can't see more territory to amazon, i think it's not a big positive for amazon, either. i still like google. i feel google is much closer to an old line technology multiple that has so many aspects of social media, so i'm going to stay long, but this is a battle that is going to be expensive for everyone involved. >> coming up next, an in-depth look at the big name hedge funds that delivered the most alpha in 2014? it stacks up, the details on their sec-half bets next. plus, gopro options, we have the 3411 on how best to play it. stay tuned. .

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our live coverage of the alpha conference is next wednesday, july 16th, where some of the biggest money managers are set to convene ahead of the conference. how have they performed so far this year? kate kelly is back with the details. >> it's been an underwellingier with the average head fund up about 2% through may. while we won't know tomorrow what the figure is, anecdotal figure says it was shy of the s&p t. benchmark up 6% in the

first half, both the s&p and dow hitting the highs next week. a number of hedge funds were in the red. in the macrospace, managers bet on movements using any number of different products. in that area, people got burned in the spring by being long in the nikkei or short at a time when neither went the expected way and more global and tudor global found themselves down late rt in the end of june some of the more key players found themselves on par with the markets, which is to say better than their peers. green light capital was up 37% with stocks like the williams companies and sun edison and microron rntively reping them get there. greenview were up and pershing square manager mil bill ackman is up about 25% on allergan and

on fames like canadian pacific and burger king him we should hear more in 22 weeks, melissa, but i'm curious to hear directional outlooks as we get higher to interest rates and the volatility kicks in again as it did today. >> kate, i guess i would be wondering, larry rob bins has been a particular winner over the next couple of years. it looks like he is bouncing out, is flex tronnic as part of something bigger? are there a lot more technology companies at glen view or is this a more one off situation? >> that's a good question. like you noted, he has done particularly well. his funds were the best performers. i believe his smaller more levord funds was up 80 odd last year, his standard one was up 50% or more, this year obviously doing well, nowhere near those gains from last year.

i asked those questions, i think they're preparing their investor letter and they're being mum, but it's an interesting diversion from the health care names he is known for these days. >> i got a question about pershing. they pledge their stock in this allergan takeover. can investors withdraw and would they get shares of, what would they get? >> if ij advisors withdraw from pershing square you mean? >> yes. >> that's a good question, pershing square is an eight-quarter gateing situation. so you can only get 12.5% back per quarter. there is a fair amount of foy you have to give. i think those options have been converted into stock. so you would be getting, i'm not sure, actually. what would a typical playbook be, do you know? >> gateing i think is a good answer. i think that tells you something. i'm not sure what the critical

would be, actually. >> kate, we will let you go, kate kelly. we are looking at delivering alpha, ahead of that, let's trade these names these guys had in their portfolio at this point. >> i like talking about japan, if people believe that inflation is going higher and the dollar, which has also been another pay trade which is long and going through an ascent, you will see japan kick up. it will be about industrial growth i think a lot of guys are getting ready to rotate back into this trade. >> karen. >> you know, i'm always impressed especially when they take giant bets, that's where they make huge money. you got to be structurally built that way. >> i think at the performance side of things, micron, i think there is a lot of upside, you look at the forwarded p, the acquisition they've made, the positioning into the apple product line. i think for that reason that as well as canadian pacific. that's worked well for ackman.

he has done an incredible job with that name. i think it has upside based on what tim is talking about, this oil, gas, shipment of autos, everything, if we get any resurgence with coal, that name is gage lot higher. >> be sure to catch "fast money" live from the alpha conference next wednesday july 16th from the pierre hotel, john paulsen whom i will be interviewing, a few of the names set to speak at the conference. you won't want to miss that. coming up, the real reason why apple's manufacturing partners fell more than 15% on today's session, later, we go pence the britain of a trader the result of one new study shows the high earners may exhibit the most unpleasant emotions. "fast money" will be right back. tdd#: 1-800-345-2550 trading inspires your life.

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welcome back to "fast money." we are live with stocks pulling back. according to our next guest the summer slow june is just getting started. let's bring in dennis gartman, the editor of the "gartman

letter" live from virginia beach. always good to see you. >>uless good to be seen, ma'am. >> so you are on the sidelines now, as of today, why? >> i'm on the sidelines. i'm neutral. i'm long a lot of alcoa. i will take it into the earnings. i am long on apple. i am sitting tight. i have calls against them. i have derivatives to bring that net position back to almost net neutrality. i am long only a co a and apple. it is still a bull market. there are times it's weiser to be moderate in one's approach. i think this is that time. i don't think we will get much of a correction. this is called "fast money". >> that means sometimes we're long, statement we're really long. sometimes year net neutral this is that time to be net neutral. i have been bullish the past several weeks. mid-week last week i started to say, you know what, it's time to be less long. it's in my own account. i'm comfortable with that

position. >> what is this? is this a valuation call? some are concerned if you look goldman pushed their forward, so what is this? is it a valuation call? is eight macrocall? which is going to trickle down to stocks? help us understand that. >> it's more a psychology call, tim. a little concerned we got a little buoyant on the upside, markets get ahead of the calls t. notion that the fed may have to after last week's non-farm payrolls after tax receipts, the movements of numbers i have seen from a trade going through the various ports of the country. those things are likely to settle down a bit. i saw some numbers. i was amused and interested in how much money is made in the first four or five days every month and seasonally, how bad things tend to get from the middle of july into september on a historical basis. there were a number of things that made me say, it's probably

a good idea to go to the sidelines. i can't say it was one individual thing that made me move to being a neutral again. it was a compendium of things. people heard me say this in a bull market you can have one of three positions, really long, modestly long or neutral. it is no time to be short of the stockmarket. it's time i think to simply be neutral. that's all. >> dennis, for most investors who have a time horizon of more than 20 years the best thing they can probably do is not draw those distinctions, net neutral, long, really long. for that investor, what would you say about what it's like to be fully invested with valuations where they are, which are not crazy but they're definitely on the high side? is that the time they should be adding fixed income alongside their stocks? what would be your advice for those people? >> i can't imagine being long or fixed income at all. i think somebody who has a

20-year time frame, that's pretty particular time frame. i'm not going to be here in 20 years my time frame is two weeks. statements it's two hours. if you have a five-year time frame, i think you ought to be 7% invested. it is a bull market. you need to err on the part of being bullish. if you got that perspective, if your perspective is the next month, i think perhaps you should haved a most 50 or port% invested. if your per spengttive is the next five years ago i think we will have a great five years. i think we will be surprised at how strong the u.s. economy is going to be and how strong the global economy is going to be. so it is a bull market in the long run, they can that as you see it. >> dennis, good to see you, thanks, for your time. >> thanks. always good to be here. >> is it going to be a great five years? we had 2,100 on the s&p 500.

jeremy siegel last week saying the dow could break through 20,000. >> if you asked most participants in 1999, is it going to be a great year? the answer would be everything looks great the economy, the markets. i think it's tough to make that call. >> people are very nervous because the evaluations were blown out. >> for the way out other than tech. >> i kind of agree now. i think the pathway to glory is largely here. the risks have been taken largely off the radar screen. >> let's not forget hour high those valuations were in the tech world in '99, there is no comparison now to that time frame. >> big movers of the day, we got a drop or go lashlg down 23%. karen. >> i don't think it was too specific. they did a secondary last week a. pull back of the market. >> drop for king digital down 5%. >> this name is absolutely

spectacular to if upside on june 27th. those were unbelievable performance. today stock was over 23. it was a pop, now it turned out to be a pop i'd stay away for a while. >> up 6%, josh. >> this is up 60% since june, if you have been in the trade, congratulations, i think you are staying with it. you are not getting any signal you into ed to do anything different. if you are new to this story, i would cool it. >> drop for tesla down 3%. >> a tesla bull i am not t. model s car involved in a high speed chase. it split in half, caught on fire should not be reason to sell this stock. a lot of people want to push this company around and they there are all kind of technical and safety issues. this is not one of them. >> goetz get some unusual activity and talk about gopro options, it's the first day of trading. pete, what did you see and how does it compare to other times we seen first options?

>> i think the thing that difference shats this stock is the anticipation of facebook, twitter and these other names. first of all the volatility started out high, the market makers probably set it way too high. that was sold almost immediately, pushed it down towards the mid-60s. that's where it closed the end of the day, probably a better spot for where it should be trading. from a volume perspective, day one, 26th, 240 contracts. day one, mid-way point traded about 12,000 contracts. so a huge difference, when you look at the stocks traded similar to twitter. even that, that's about where the similarities all end. it's very interesting. john talked about some zero cost powers. those make a lot of sense. you can protect yourself to the downside, limit your upside, lock in some of those gains. we saw some of those types of trades.

>> were you surprised at this pop today? >> yeah, based on the fact, few look last week, it's a volatile week in the stock. it went very high, came back very rapidly. this is the stock because of how many shares were released on the ipo, i think this will remain a volatile stock. it's going to get pushed around a lot. once people short it and so forth, i think we will see the way the stock can trade. >> let's go to a news alert sandy it back to mary. >> the web storage company is issuing a press release confirming a report earlier by dow jones that it received a $150 million investment by tgp growth, in addition, tpg growth is going to be appointing a director to the box board of directors. the dow jones reporting earlier, of course, the funding comes ahead of what could be an ipo buy box as early as next week and value it at $23.34 billion. that gives it more time before it, indeed, goes public t. company saying it has received

money. back to you. >> thank you very much. coming up next on "fast," every ever wonder what goes on in the minds of a trader? we are tracking brain activity in high and low earners. first, your next flight could be more expensive. how new fees could put big pressure on bug carriers? more "fast" right after this.

you are about to pay more for airline tickets a. special fee on the administration goes into effect july 21st. airlines stock stalling the major carriers closing in the red, following the story, bob macado. the fees are doctor 5 right now, come july 21st, those fees will be more than $11. so as a percentage of a low cost fair, that could be quite a bit. who will this hurt the most in terms of the care whiers? >> in terms of the carriers, i this i the customers that feel

at this time most are the ones in the short haul, they will probably avoid the travel and drive. if you have a 400 mile or 2350 mile ride, will you do that rather than drive. if it's a spirit airlines from dallas to florida or something like that, you will not drive for that. it is the short haul customer that's noticing the change. >> can we walk through that and what you anticipate a hit might look like if there is a hit even if it's for short term? >> i think it would be modest. as an investors, i won worry what it will mean for this particular quarter or the next quarter. over time, these fees keep going occupy u up. we have this fee today, talk about changing what the airports canble charge, you put it in perspective. you look at southwest airlines. short hall flights, dallas,

houston, their customer counts are down 40 and 50%. that's what will happen over time. a single five or $6 didn't make difference to hit anybody. i wouldn't worry about it from an investing point of view. xhefrs will notice it. over time, more and more of these people have to adjust. it makes a difference. >> let's talk about stocks this year you were cautious on united airlines, why would you advise clients get out of it? >> united has been dragged along like the rest of them. they're having issues relative to how are they adjusting their network? what are they doing to maximize the returns as a combined carrier of united and continental. i think it depends on the things on their lift to do are interesting but not sufficient. if i was trying to make money in the airline business at this point and playing the legacy

airlines, i'd much rather be in america or delta. >> all right. bob. we will leave it there. good to see you. what's your airline pick, tim? >> it's delta. people got concerned about the capacity issues on the international flights. few look at the entire space, these guys are figuring out a way to run these business on an operating margin, delta is the best in the business. this is a $50 stock next year. >> i love that stock. i would throw in alaska. everybody talks about these guys are the best. i'm concerned because i'm a united guys, also. i think this is a name that can work to the upside. i thought the synergys would come together. now, bob's got pe concerned about this thing, it's not just performing. he is right that. i have not performed. they have lagged. you look at delta and american, they vbl able to get the synergys of these big huge consolidations together. united has definitely lagged.

>> so now what will you do? >> i am in it. i have to start to consider this whole thing, delta by far, richard and the gang is doing an outstanding job. >> shares of gt advanced technologies, down 15% today after two firms downgraded the company, ups taking it to a neutral or a buy, downgrading from a hold to a buy. this is a stock that's had quite run this is the maker of sapphire glass on smartphones. >> apple has made a big investment to win partnership with gtat now the thing that's so odd is why all of a sudden today do two first siegely come up to the exact same conclusion ability their being left sapphire shipped than people previously expected. i can't help but have the conspiracy theorist in me go the company has tipped their hand to

lower the expectation. that's kind of the way to the game is played. it's out. i know there are reports the end of last week on news and rumor.com. that's somebody else's supply charngs can't you get a sense if are you talking to another area where manufactured parts are happening, they have some sense of how many units are being chip i shipped. >> you don't know how much sapphire glass is in each phone. >> what is interesting is today they come out with an annual barometer, all the people are well ahead the second quarter are returning above. this is not a case where the entire industry is suffering. >> they are also solar. so part of the story is the glass that goes into the high phones and ipads and other devices, not just apple devices. >> the other interesting thing about the fact in this dropped. it flatlined the rest of the day. you wonder, 32 million vair

shares trades y 8 million a day. >> it gets traded down. >> it hovered and held those levels, makes it, you wonder some of the short. to me, 20% short are some of those folks, they move to the downside, do they start covering? there are some buyers scooping those shares back after this big run to the downside after this stock. coming unnext, we are taking a look at what makes traders tick? we break down the mean blowing study and they could hold the secret to why some traders perform better than others. that's next. works! it's a complete checkup of the services your vehicle needs. . you do a lot of things great.

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. >> have you ever wondered what goes on in the minds of a trader. they tracked the brain activity of a number of traders. cnbc's meg ferrell is here with a deeper look into the science what did they find? >> they actually stuck people while they were trading into an mri machine. that's one of the unique things of this study, people haven't

been able to do this and get a time sync on when they are buying or selling. they looked at that time people's broken activity as they let out to a peak in the market. what they found is this is highly activated in everybody as they let up to the peak of the market. what they also found is there is a differentiation among other traders him some were success e successful. they got a signal that acts as a warning to them. hey, maybe things are too hot. you may want to put the brakes on. they started selling two cycles before the market peaked. what the researchers showed from cal tech and both virginia tech as well, actually, they think this could be a good predictor of bubbles and over rationalization of exuberance, when people get hot, can you see this in people's brains. they think this can be a training tool, maybe this is learned, it's not innate.

>> the more successful traders is like a risk management function in their brain? >> yes, absolutely. >> i'm curious, when they study women and men, women typically are more successful traders because they take less risks. >> that's really interesting. >> i wonder if your fri will be another page if your book. >> that was a conversation we had. could this be like part of your testing for getting a job, showing you have the signals to tell you when to lay off? >> interesting. we should note that pete nagerian participated in the study. here's a look pence his brain. >> that's surprising. >> fast cars. crickets, too. >> football, no surprise. >> what else is in there, pete?

>> oh! >> wow! >>. >> this is fascinating. was it all men by the way? >> it was a mix. >> it's so obvious. >> that was for stopping by. >> i don't make a move without an mri. >> that's the least to buy a car the other day. >> what did you pick? >> the mri said, just leave. >> all right. second quarter earnings season gets started. alcoa is set to report tomorrow. what are the option traders expecting? in there it was interesting. we saw well above average options volume. but the trade i saw that was most interesting was actually the one perhaps the women traders were making, were expression a little cautious. they were spending a little less than 15% for less than 1% of the current stock price.

if you take a look at what this stock has done over the course of the last year, spending 1% of the current stock price to insure a 3% downmove on earnings seems like a pretty good bet to me. >> thank you so much, mike co-. we come right back. stay tuned. ♪ when the world moves, futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with paper money to test-drive the market. all on thinkorswim from td ameritrade.

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it's time for the final trade. let's go around the horn, ambassad ambassador. >> a chart reform. >> i agree with tim. i love moo for the second half of this year. as options start to take off. >> valiant is turning up the heat on allergan. >> we started off the show talking about apple. this pure logic up here, that itself got me interested right now because of all the paper. these are your options. giddy up this thing is going higher, it's breaking out. >> i love how you point to the square. very brady bunch. all right. i'm melissa lee, see you again

tomorrow, more "fast" before we get to "mad money" kimm tim kramer, we want to show a upical hard working interns. josh brown is abusing, i pine, mentoring him for this summer. >> these are my boys. that's cole billington. >> have a great summer to all the sberns. "mad money" is up next. 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 creigh mere ka. i'm just trying to save you money. my job is not just to entertain you but educate you. so call me. up day, down day, flat day. something you need to understand. investing can be like comedy in both