melissa lee and the gang. >> i never watched "star wars" kelly. solar stocks getting pummeled because of the chinese sell offs. stocks are going gang busters, did we get the all clear to buy? >> that's a big question, straight over to you guys. >> "fast money" starts now live from the nasdaq market overlooking times square. traders are john, brian kelly, karen and guy. tonight, apple's dive and behind the sell off and if now is the time to buy, plus, three names that could be the next big fire tech takeovers but first, breaking news that could have potential to send shock waves to the markets tomorrow. let's head to at thens and get the latest in fast-moving developments in greece. michelle ke michelle car uso-cabrera is

live. >> reporter: we're awaiting details at this point. there the are reports the prime minister's parafy is split. the that would be a positive sign that suggests it could upset the extreme left to get a deal through creditors. there is expected to be a deal and that city is assigned to the germans to say we're very serious about trying to get this done. so bottom line, the proposal is in. we wait to see how many concessions they will make. the eros value, how much they are asking for and what period of time are the remaining details. back to you. >> do you read anything into the fact, michelle, we got the draft proposal way before the deadline which is really a thing from the past? >> it has to do with the finance

minister was more conventional. >> all right, michelle, thanks so much, the latest in athens. the grooeek news giving a boost. closing near the dead lows of the day. so given what we know, this happening out of greece, given the action today, what do you think? >> i'll tell you, if we get a greek deal you probably get a pop but that's less important to the market. what everybody is focused on is china. we talked about this at nauseam but the deal is you need to see if there is any spillover from china and the biggest thing for me if i point out one thing from the market, it was the weakness in tlt, the rising of the bond yields. you would think there is a flight to quality and had a 30-year bond auction that wasn't great. what concerns me is china is the biggest buyer. if they stop and reverse and sell, that's a problem for us.

so that's something you need to keep an eye on. >> why do you think they will reverse and sell because they off loaded the burden of buying stocks on to a third party, basically, insurance companies. they are not saying we'll go buy stocks. they said 19 billion u.s. dollars, you spend that money. >> right. >> you think there could be another -- >> right, it's a squirt gun and they need a gigantic bazooka. >> given what we saw, we talked about 2.25 on the way up for ten-year yield and resistance, what was resistance become support and guess where we traded back down to in ten-year. 2.25 and that's where we vacillated around. the bond performance not great and yields go lower but you have to respect the price action and the price action was not great. at critical support, we keep

flagging the 2054 level and close there. fascinating day. >> we'll start out in the red and rally up like we saw two days ago. i thought that was a descent recove recovery, another weekend with a big greek question mark. i like to buy on tips but i have to set this out. >> it will play out again. brie and brian talked about the turn arnound and the yield and the contract get to 62 and h hammer back down. nothing i've seen here including any deal with greece means rates

are going up because the greeks can't pay the debt. the greek people have been taking their tough medicine, whether they are tax cheats or anything else, the imf is going to have to address the fact that this is an unpayable debt and sooner or later, means a big flood of liquidity into bonds, which means bonds up, yields down. >> in terms of price action, what stood out to me is sectors that got hit hardest on concerns of china were terrible today within technology. take a look at semi conductors and a warning that really sort of walloped a lot of them but still, this is yet another reason for investors to say you know what? we got the stata point and seeing the action in all the names and with why that, that's yet another reason not to own these things. >> got to give dan nathan

credit. he's been warning on the chips and been warning and correct about an intel below 30. qualcomm cannot get out of its way. tremendous tail wind and activists and a huge buy back. it felt as if maybe the stock would finally get out of its way. has not been able to do it since $72. they have to prove themselves in the quarter coming up and hard pressed to believe they will do it. micron was going to be it, guess what? it wasn't it and that continues to trade horribly, as well. >> you still hold on to micron? >> micron so basically nothing but it was terrible. >> quickly, about that new york outage yesterday. you immediately saw money flow into but retail and i tried to say that and did say it on air yesterday that it was retail buying in the fire eyes, the palo alto networks. look at the turn you're getting today with barracuda. granted, this is not what

happened at the new york or united airlines or outages yesterday, but this is one of the stocks that people were looking for. many of you guys on the desk said boy, these stocks up 40, 50, 60% year to date are feeling a little fluffy. well, they are taking that flif out of the security stocks and i think barracuda is the canary in the coal mine. >> morgan. >> melissa, jack cohen will resign. he'll pursue other business interest and zillow is conducting a search. they are down 5% on this news, back to you. >> thanks so much, morgan brennan. what do we do with zillow? >> they went from 80ish to 100 and change and back to the level we broke out from early in 2014.

what do you do? you hope tomorrow is the flush. you hope it trades huge volume and huge four or five times normal volume. you hope it prints 80, holds 80 and see it bounce late in the day. that's how you trade it. trade the bounce on the long side if you get it. this is the level we broke out from early 2014. if you're looking for an entry point, you might get it tomorrow morning. hating on shake shack, sell and as the stocks are 45% below the ipo price, a look at what to get investors digging back and plus, one of biotech's top performers are ready to put money to work. the names gilliad could be look to buying. three reasons why the market is looking seriously over bought. that and much more ahead on "fast." we live in a pick and choose world.

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a first quarter earning's beat nine sents per share. a penny above consensus estimates. revenue of $78 million better

than the $77 million that the street had anticipated. gross did come in below estimates and the company issuing a current quarter eps in line but revenue guidance was light sending shares of barracuda down 17%. back to you. >> thanks morgan brennan. a lot of things to peak at but we're in a market environment where you ring the register on the ones that have gone up a lot, right? >> that's exactly the market we're in. we've been rain trading. if you get something up five, ten, 15, 20%, why not take profits? that's the prudent thing to do because we don't know what will happen this weekend. that reversal on monday, i thought, too, that wait, we're off to the races and it just completely faded. >> down 17% is a start to look interesting. >> yes, it does. i'm not nibbling in the after hours here but it does look interesting down there. i'll see what it does to fire eye and palo alto and the others in the space basically, how much

sympathy do they give it or were their bookings stronger? this was an inline corner. they had some sort of squish or soft dguidance. we'll see whether others follow suit or hold. >> shake shack losing falling more than 2% as another firm saying sell. goldman downgrading keeping the $37 price target. shares are expensive and that looming ipo lockup coming on july 29th. two downgrades, first morgan stanley to under weight and now today goldman to a sell. >> i mean, so we're at $50. we're at $52 earlier today. we're with them at $96. >> i guess valuation looked good then. >> exactly. i would take this with a grain of salt with these things. the lockup is a concern, certainly, i don't think you have to go out tomorrow and buy this stock but every shake shack

i go by has a line out the door. it's a buy down at the levels as they expand. i might want to see it stabilize a bit maybe after the lock jut i get back in. >> as much as we're concerned about lockup, i would think this is a bigger issue because the float is so small to begin with. so -- >> you've been really good with the stuff. we can name a couple stocks you've been spot on in terms of lockups. if you're looking for an entry point, the 52-week low, but $50 is where it spent a lot of time march, april, may and broke out from and that's where we're back to. i get the valuation is crazy ridiculous but again, if you've been waiting for an entree point for trade, this is about as good as it will get at least with a very defined stop. that stop being whatever today's low was. i think $50 on the nose. >> in the early days of shack trading as a publicly traded company, karen, you thought it

was interesting. >> i thought it was interesting. >> now what? >> maybe buying into, right, or right in front of that lockup could be, you know, a descent time. you had all of the street just turn on it. >> that's true. >> so i don't know what is left. i do think that now a downgrade at this level is embarrassing. really, it was and they had, you know, it was expensive. oh, okay, well it was expensive for a long, long time. >> way more expensive -- >> seems ridiculous. >> exactly. >> every analyst is come way off the numbers and so now i actually think it does look interesting. >> next up, netflix and no mura raising the target to 750 from 600 saying the license agreements will boost operating margins. netflix up more than 95% since the start of 2015. what happened with shake shack, the opposite is happening with

netflix. everybody and their brother is raising the price target. >> they are and, you know, the international growth story when pete is sitting here, the other guy that looks like me. when he's sitting here i hear him say it and wish i would have taken his advice and held on because i was lucky enough to get this on a nice drop when it dropped $120 a year ago on an earnings miss and on weak guidance and it's more than doubled since then. so i wish i would have listened to him about the international growth. i think this is one that even though carl exited, seems like people love it. >> the stock was up. >> i would be a seller of the stock. so i was mistaken thinking that when hbo came out with the hbo go, that would have competition and it would hurt netflix. it brought people into netflix. now everybody on the street is positive. you're seeing a lot more competition now that you have carl icahn out, you won't have

him in there anymore. to me you take profit. you don't have to short it but this stock absolutely ripped. why not take some off the table? >> the carl icahn isn't necessarily meant all bad things. we've seen many instances -- >> you can't fault him. he had such a home run, when you make $11 billion, you make some off the table. >> it's gone up so much, why not? why wouldn't you? >> this is another example of loved property duct. it's out standing and transforming the way we consume content but the stock price is hard to get. >> i don't watch live tv ever, ever, except cnbc. >> what a drip. [ laughter ] >> with that said, listen, i've been steadfasting this. carl's exit, he exited 300s, 400s. i don't think in today's world right now netflix can be replicated.

i talked about the international growth that's clearly there. i've been saying the stock will continue to go higher. it will rally in the earnings to believe he got in on the bottom and ring the bell on the top to me is too much. i think it's too much to ask. this rallies into earnings. i believe that on the 15th of july. next, proctor and gamble merging 43 brands for 12.5 billion-dollars. it's professional hair and color, cosmetics and fine free gran -- fragrance. >> this is a big transaction for them. the stock was up so this is just the combination. it's a big price. i've got to think png generally does a good job with the brands so i'm not sure how much additional there is to squeeze. a big price and adds to the

level of risk at coty. >> do you have any position? >> i do not. >> take a look at png down from 94 at the beginning of the year. if you look at the chart, to me this is a chart you want to see happen with shake shack where you have a big drop. now p and g and if you get back and it starts to turn. three times on up trend and it keeps going. >> what do they say in china at this point? >> you know, the consumer how they are dog over theing over t. you got to think anybody focus in china, something they would rather not put on the front page. they would rather wait until things recover. coming up, forget running with the bulls. this is looking like a game of running with the bears with june with the highest level of short

sells since a 2008 crisis. we'll hear from one noted short seller on the top three reasons the market is over bought. here what else is coming up on "fast". >> biotech buy list. gilead science is on fire this year and with a piggy bank full of cash, the company could be looking to go hog wild with acquisitions. we've got a prescription pad full of buyout targets in a special edition of stock therapy ahead, plus. ♪ ♪ >> the hills are alive with the sound of deals. julia boorstin is live on the ground in the heels of sun valley with a special report on why twitter could be the subject of the next big deal. all that and more ahead on "fast." vectorvest mobile is here and it's free! make faster, smarter, better trading decisions with vectorvest mobile. the most powerful app or managing your portfolio from the palm of your hand.

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reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive? welcome back to "fast money." the nyc melt down but are we in the clear. bob has the details, smooth sailing today. >> it was good. not quite in the clear but better day today than yesterday. trading resumed as normal and

the floor volume on the heavy side, an indication the floor had not lost any volume from yesterday's shut down. speaking of the shut down, the nyc release add statement confirming what we talked about yesterday, that the outage was caused by a software upgrade that went awry. the upgrade caused messages errors between the nyse and customers and when they attempted to correct that, it made matters worse causing them to shut down the floor for hours. there was a senior official was at the nyc today to review yesterday's events. that's a real sign the sec wants to know if they adhered to standard best practice princi e principl principles. they are also likely to inquire why it took so long to get the floor up and running again. this was a day of doing damage control. there were calls out to major climates assuring them this was a one off event. this shut down may end up strengthening the hand of the

scc. they are championed having many competing exchanges. they have been heavily criticized for fragmenting the market but that fragmentation is being viewed as a safety net. markets broken, markets rigged, the scc like lly begged to diff and this helped them in the argument. >> going back to the software upgrade, did they actually test it out before they went ahead with it? because you would think that would have been discovered prior in a dry run. >> right, so there is a whole thing called best practices on upgrading software, and you're supposed to test and it be able to essentially test it out in a v virtual environment. there were some pieces that obviously didn't work. believe it or not, you can test it out and it might not work for awhile and then work there are software glitches like this many, many times. this is why they were here i'm

quite sure. they have a new regulation where the exchanges, all of them are supposed to regularly test and upgrade the equipment. the standard procedures everyone uses and i think that's what the focus of their inquiry will be on. >> all right. bob pasani, thanks. >> because volume was heavy. there is a belief the new york stock exchange did not lose any volume. >> that's fair. >> yeah. >> i mean, but -- >> i don't buy that, actually. >> it's one day and you can't prove that otherwise -- >> i get it. >> well, you can see the volumes on the other exchanges, how did those do. in a big move like we had, you normally have a higher volume. it's a summer day but yesterday was a big move. i don't know. i think that's bad news for the new york stock exchange. >> you still think it's bad news, all right. one biotech giant is hoarding cash but now might be the time to cash in on a

moneymaker. time for stock therapy with meg terrell. what are you looking at? >> gilead and one of the reasons why looking at what gilead might be is because everyone is collectively holding their breath waiting for this, how will they spend the hepatitis c money. when we talk about gilead, we note the fact they are trading at a huge discount and 2016 earnings of ten. those are numbers that are provided. why are they trading at such a discount? because there is no real clarity as to life after hepatitis c. how long will that growth continue and market continue to be as large as it is? will they cure everyone and there will not be more revenue coming in. what will they do for growth? everyone expects them to do a big acquisition. what are they likely to buy? if we look at the history, they have done two pivotal acquisitions. in 2011 the acquisition where they got back into hepatitis c.

initially punished but since then the stocks went in. they paid $11 billion for that. if you look back to 2002, they bought triangle for hiv. they had an hiv drug but that acquisition enabled them to c w create the combo. now in looking what they can buy, gilead says they are looking in the therapeutic areas, liver diseases, hiv ex chan -- and cancer. at the cell gene deal last week, i was on vacation, everyone said where is gilead in cancer? they haven't done anything. people have been asking will they make big cancer acquisitions? asking around what are the targets? vertex was the one everybody brought up. the company shot that down a bit but some say it makes sense because they are in combination

drugs. they are the masters at combining drugs and cystic fibrosis is doing that. another people keep mentioning is huge, bristol myers. when you talk about cancer leadership, bristol myers is out there. now the company said they don't need to be immune oncology but buying bristol myers will remove the needle for gilead. another one is liver diseases intercept. we talk about them a lot. that's a smaller company. a lot of people talked about the things that would go together there for gilead and intercept and then i'll finally say one we didn't put up there but a long-time investor was telling me cell gene he thinks could be a potential. these are huge names. i should mention they may go for smaller, earlier stage deals. >> meg, real quick, do you think we could see anything similar to what we're seeing proctor and gamble and coty could we see other than buying bristol myer, could they do a deal with the

company for some of the cancer drugs they have allowing that company to concentrate on a different area of treatment and gilead would get what it wants, as well, the other company gets a lot of money and perhaps horse trading? >> we definitely seen that in the pharmaceutical company. however, with bristol myers, they have put their flag in the stand oncology, i can't imagine them trying to sell that and stay in anything else but it's possible gilead will look for that deal with another company. >> all right. meg, thank you. >> thank you. >> meg terrell. >> the trade is vertex, we've been on it for a long and gilead, the last quarter was ridiculous. meg mentioned the evolving numbers were out of control, the revenue there. that's not going away any time soon. they traded a discount, i get it. i think the stock goes higher. >> i'm on gilead. those are very big deals and i

know they are always looking to grow but i hope they don't use too much of their retucurrency. >> aren't you concerned this is a company that has to buy somebody? there is a huge risk they make an error here. their survival depends on buying somebody. they are forced into it. to me that seems like a bad -- i'd rather be into the smaller ones they might be other than gilead. >> at some point hhypotheticall smaller ones are priced for absolute perfection and gilead is priced like this is a melting ice cube. >> maybe it really is a melting ice cube. the same team that made the other acquisitions? >> i don't know. that's another stop therapy this week next time. >> that's true. apple heading a five-month low. why it could be the best time all year to buy the stock. plus, sun valley or some call it summer camp for ball nillionair

we're going live to idaho. stay tuned.

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welcome back, opening with big gains, the dow was up nearly 1.5% in early trading but closed

higher by just 3 three points. all three major averages remain down for the week on pace for their third straight week of losses. here is what is coming up in the second half of "fast money." stakes may have seen relief but a man who says three reasons why this market is totally over bought. ahead, he'll layout the not is sunny outlook. speaking of the sun, big waves from the tech and media world meeting at the annual sun valley conference and deal talk is the rage. we're looking whether twitter could be the next big company taking out but first, to the big story of the day, apple. shares dropping. shares have fallen 5% this week and touched a five-month low in today's session. rich ross is at the smart board with a look behind this drop in the stock and rich, looks like the 200-day moving average could be in sight for the stock. >> yeah, melissa, look, investors are making a big mistake selling the stock here. you're a day away from finally getting clarity out of europe

which holds the potential to set this market off to the upside and investors are reacting by selling the highest quality name on the board. let's go to the chart. i'll show you why i'm a buyer. first, we'll take a look at a two-year daily chart. there is the 200-day moving average you eluded to. it held back here. we had a 14% correction. boom, off to the races. another 10% correction earlier this year. once again off to the races. you see this very important test here. we settled into this well-defined trading range. 118 on the low end, not only is that just about your 200-day but it also corresponds to the prior resistance which is support on the pull back. i think that support holds. here is another way to play it. the weekly chart takes us back to 2008. it's been a great buy sell signal. you see a buyer back there on the positive cross. we're still in this trade absent a weekly close below 115. earnings coming out on the 21st,

expectation haves been lowered on the recent pull back and the market decline. this is where you want to be a buyer of the stock. apple doesn't give too many opportunities to buy on the cheap. positive catalyst coming tomorrow and this weekend out of europe. this is the stock. >> all right. rich ross, thanks so much for stopping by and doing the charting work at the smart board. rich mentioned europe in the stock market going off to the races but how about china? isn't that a big reason why apple has seen this leg down? >> right, think about it. china is not a new story today. we've known china is a problem. so anybody that's selling today because of china, it seems to be a little late and ridiculous. so i actually and the twitter verse will love me, i would buy apple. >> that's why you said it. >> that's why. completely pandering. >> china has been a problem for a long time but people are realizing the depths of the problems and the fact the stock market there is 85% invested by the retail investors and the

longer this persists, people that are supposeed to buy iphone 6s. >> that is a concern but what else is a concern that we were looking at today, mel, was that it turned overall most 80 million shares today, apple did. 60 million yesterday averages more like 35 million. somebody very large, perhaps a lot of somebodies pretty large were getting out of apple. they have driven down to this almost less than 2% from the 200-day rick was talking about. that's probably worth paying very close attention to, and i'll be probably setting puts if we get there. i'll take advantage of what i think will be fear there that is over done. >> a great job. it looks funny like the s&p chart. you're a couple carl icahn tweets away from this being back to 125. he's waiting in the weeds. you got earnings coming up. we talked about 1 22 being the

level. it's 120 now. if you look for an entry point, this is it within a couple dollars. >> is china concerned for you? >> it is. i think the pendulum swings and doesn't stop at fair value, swings way past. it's a great company but i think a no man's land right here. >> one group that benefitted from china's pop today were companies like jinco, jay, solar, each up more than 5%. should you bet on more gains in the space? these are nice today but obviously for the week, for a longer period of time they are down. are you in any of these names? >> i'm not. yesterday we saw a big turn around, mel, in three we bought yesterday on the turn. sold them. the solar stocks i did note and some folks on the blog we were talking back and forth with bought and held those, i did

not. >> i'm in trina and also in tan, which is a solar etf but a play on chinese pollution. that's a drag on economic growth there. they are going to put money into this. if you talk about rebounding or the government trying to get it going again, they will put money into solar. it's a long, long-materiterm pl all right. coming up, the shorts are back and market boasting. the highest level short sell since the financial crisis. after the break a major short sell that gives us the three runs that could lead to a crash and julia boorstin is live where a social media stock is attracting chatter. julia? >> with anthony and dick costollo, twitter in the spotlight. i'll have more after the break.

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welcome back to "fast money." what traditionally has been the scene of many big deals. one company many hope will make a deal is twitter but what are the chances? julia boorstin is live, hi, july

jew julia. >> reporter: twitter is the subject of deal speculation. google would be a natural buyer. and the twitter gang is all here. ceo jack dorsey, also a founder, we also have the ceo and dick cosollo. the big changes in the works, twitter is working on what it calls product lightning. it's a makeover of twitter with the addition of some human kerr ray tors. with the idea the service could be at a bottom in terms of being able to add a lot more users and revenue with the changes to twitter, my sources are telling me, it might make more sense for twitter to wait before it tries to sell. the hope would be that this would be a bottom for twitter. now, of course, the other question is who is going to be

the next permanent ceo of twitter? one of the candidates, adam bayne head of revenue is not here in sun valley but jack dorsey is, melissa? >> julia boorstin, thanks for that. pacific crushes had a note out saying they believe that a candidate will become a ceo by the end of the year and that will be a catalyst for the stock. you had a conspiracy theory here in terms of stock trade. >> without a ceo in place, this is the time if you are interested in the franchise to buy it now because i think the board, if they do hire someone else will give that person time that would seem only fair, although, i got to wonder if they start a big new initiative, isn't that hard to do without a ceo? >> right. unless that interim ceo had bigger plans. >> i still think it's too valuable property. i don't know if it's something that happened this week and ensuing weeks but it's below there now. 35 give or take has been your pivot point. i think if you look for an

entry, this is it. i know it's not traded well for the last couple weeks, but i do think there are positive catalysts on the horizon here. >> i agree. listen, i think at these levels, you have a window of opportunity where you either get a deal of a new ceo and have some sort of pop on it. if you don't get either, it's a problem. i would also mention, jack dorsey's beard, it seemed to be shorter. maybe he's preparing to be a little more involved. >> indicator? >> yeah. >> beard indicator. >> let's go to a goatee. >> it's go with a goatee, jack. >> even though we sort of chuckle about that, i think it is important in terms of investor relations and how the street perceives him that he shows up looking as you just said, brian, looking like he's more like an adult, like somebody that could run this company. >> still talking about the beard, i thought you were moving on to something else. >> optics are big. >> i agree. i don't think he should have ever had a grizzly bear thing

going on, my opinion. makes his case for the bears and three shocking charts you need to see and the one bank traders are betting on ahead of the earnings report ahead of the break. much more "fast money" straight ahead. it took tim morehouse years to master the perfect lunge. but only one attempt to master depositing checks at chase atms. technology designed for you. so you can easily master the way you bank.

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between china's slumper market, greece, bearish positions in june to the highest level science the financial crisis. brad is a co-manager at the ranger equity bear fund and editor of the market timing report. brad, welcome to the show. you've got three reasons, three charts why you're short the market. the first tracks the cheapest stocks over time. what are you looking for in this one? >> right, so outside of my hdge responsibilities, i have a newsletter, a market timing newsletter and it's very technical in nature, although, there are fund mental-type charts i put in there. the first chart we'll talk about today is the 25 cheapest stocks in the s&p 500 which are now showing on the screen. what you're going to find is when a bear market comes, the world comes or the financials or whatever it may be, tend to get

annihilated. your average of the lowest 25 cheapest stocks in the s&p tends to go, you know, into the teens, seven, eight, nine and you get down there very, very few times and those are great buying opportunities. unfortunately, we are in the sell area right now. so in 2000, we got up to 18 or 19 -- >> brad, i'm sorry. i got to interrupt you. we have breaking news out of greece. we want to go straight to michelle. >> reporter:. >> michelle can you hear us? all right. obviously we have technical difficulties. presumably we have more details. we'll get to michelle as soon as we can iron out that audio. in the meantime, we're going to

take a quick break so yes, we're going to take a quick break so more "fast money" straight ahead. i'm here at the td ameritrade trader offices. ahh... steve, other than making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place that lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim? for all the confidence you need. td ameritrade. you got this. i built my business with passion. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands

of dollars each year going back into my business... that's huge for my bottom line. what's in your wallet?

all right. breaking news out of greece. back to michelle curso-cabrera. >> reporter: details are leaking out, i don't want to go into too many details and the back tax and this, that and the other thing. i think we can generally say, it looks very complete and at the same time, perhaps worse, maybe even significantly worse than the proposal that the greeks voted no to just last week. they were going to have to spring forth even more measures because, remember, they got to make up for lost tax revenue because the economy ground to a halt as a result of the shut banks so they were inevitably going to have to sign something tougher. is there anything on the other side of the table with debt restructuring, et cetera. we'll go through these as they continue to leak out. back to you. >> thank you very much,

michelle, in athens. granted, we're getting sketchy details now, but in terms of the market reaction, how do you think the market reacts? >> i think the market will take this badly. this is a worse deal it sounds like than before. what needs to happen is there needs to be some kind of debt relief. i don't know how you have sales tax when the economy is in depression. it's not working. i think the market takes it badly. >> we've only seen one side, the other side of the offer, if it is worse, how can he survive? done that to the economy for ten days and then ending up being in a worse position. >> truth in the bond market. bk talked about it, if you see a rally in the bond market, that may tell you the deal not as good as possible. look to the bond market for guidance. >> the bond wills tell the story and flood of liquidity i've been talking about and talking about

and talking about and it's been working a little. it's about to work a lot because the people will ride off that liquidity. >> we're just getting headlines if you look at the bottom of the screen, the tax proposed to be 13% on hotels, 23 on restaurants. it's not the local people, it's the tourist industry. >> i guess that's one way to go around it but again, if your economy is in depression, it's not helping anything else because the hotels aren't going to be able to be fixed up and not get accept plies. we don't know what the details are. if you look at the eros, it's not doing a lot now but i would think just based on this and no tax relief, it's better for greece to leave the eros than take this deal. >> all right. j.p. morgan set to kick off big bang tradings and big moves.

mike has the action. >> interesting to see this much active so well ahead of earnings but saw over 100,000 car contracts, more than two times the average daily call volume and most of that was the result of a substantial purchase of the july 67.5 call spread. think brought 20,000 of these. they sold 40,000 of those. they had 40 cents. this is interesting because actually over the course of the last eight quarters, this is approximately the magnitude of the move that we've seen. this actually is a really intelligent way to spend a small amount of money, less than 1% of the current stock price to make a bullish bet the stock is up 5.5% after earnings. >> karen, you like this trade. >> i do. especially if you're already long because you do end up being short above -- >> which you are. >> which i am 7210 i believe it is. i'll look at this tomorrow. >> why are you snickering down there? >> you have little hearts and

put them over my head. >> has it worked? >> excellent point. please, have him on the show and invite him. you, too. take my seat, the whole hour. >> upgrade. [ laughter ] >> goldman sachs july 16th. >> mike, thank you for more, check out the full show tomorrow. time for the final trade, around the horn, dr. j. >> saw unusual activity in kate spade. the stock is half the price than a year ago. i bought that one on the call side today. >> brian kelly. >> tomorrow morning economic news which is business inventory. if you see those rise, it could mean businesses have too much inventory. sales ratio too high. how do you get inventory to the store? via truck or train. >> karen finerman? >> i like jamie diamond, mike co, you have a one two spread. i'm along the stock.

next week we have earnings. july 14th, i believe. >> so many things wrong. >> i know, i'm glad. >> it holds and buy the stock. my seat. >> i'll see you tomorrow. in the meantime "mad money" with jim cramer starts now. somewhere. "mad money" starts now. >> hey, i'm cream. welcome to "mad money." welcome to cramerica. other people want to make friends. i'm just want to make you money. my job is not just to entertain you, but to educate and teach you. so call me at 1-800-743-cnbc. or tweet me @jimcramer. i found myself shaking my head in dismay this morning, "sq