developments in greece. we want to see what happens here. obviously that's going to have a big, big factor in terms of monday's trade. >> and elon moore was just telling us 3:00 a.m. now, melissa. this thing could drag on. >> that's true. we'll want to here what michelle says out of athens because that vote is expected in just about a minute. >> straight over to you guys. >> "fast money" starts right now. i'm melissa lee. breaking news this hour, stocks surging into the close with more than 1% gains across the board. the dow soaring more than 200 points on hopes that i deal out of greece and the moment of truth for that deal is right now. cnbc's got breaking team coverage across the globe with michelle caruso-cabrera live on the ground in athens where the greek parliament is set to vote in the next couple of hours on a new set of reform proposals. steve liesman is in frankfurt with reaction from the germans. but michelle, we start off with you. what is the latest and why is there a delay in this vote here? >> so there was a procedural snafu we learned about very late

tonight. originally we had expected the voting to start right about now but now it's not going to happen perhaps for another couple hours, maybe 3:00 a.m. this has all been breaking just in the last couple of hours. in the meantime, somebody who isn't in the parliament building that you see behind me is all the parliamentarians sit there and wait for the procedure to begin, the former finance minister yanis varoufakis, who's also a member of parliament, isn't there. he was spotted by a journalist getting on a boat going to an island, one of the greek islands for the weekend. he had tweeted earlier he couldn't be in the vote tonight because of a -- [ audio difficulty ] >> he decided not to attend the vote tonight and there's been parliamentarians who've been criticizing him saying look we all had family pirnes said he had to spend time with his daughter before she leaves for australia. the next big thing here, melissa, is whether or not the banks are going to be able to get any liquidity anytime soon. i want to show you the headline

or a cartoon that's in the newspaper this morning. there's mario draghi. holding a hose over a very empty pool. some greeks saying please, please fill up the pool. this is obviously a reference to the lack of liquidity in the banking system. they of course would like it to return so that way there would be more cash within the system and maybe the banks could actually start to function in a nor normal manner next week. back to you. >> michelle, you mention td could happen at 3:00 a.m. is this vote going to happen at 3:00 a.m. no matter what? >> we are told yes, there have been questions of whether there could be some other kind of parliamentary snafu but i was texting with a member of parliament who told me he thinks it's going to happen at 3:00 a.m. there's very little doubt that the vote will actually pass. alexis tsipras, the prime minister, does have the votes even though he may not get them from his own party. it may be some of the opposition that supports him in this vote in terms of passing the support for the proposal. but it's likely it's going to

get done. we just don't know exactly when. >> mcc, are you surprised there's not more dissension among the people that actually voted in this referendum last weekend? remember we were sitting on this desk raft friday and tensions were high and the people, we didn't know what the result was going to be and they've totally capitulated. are you surprised that you're not seeing people out there really upset? >> yeah. i am surprised. there was a communist party rally here tonight. lots of leftist groups who have always been anti-euro, were always going to vote no. they don't want the parliament to support this procedure at all tonight. they would rather leave the euro. they were at least philosophically consistent, right? but when we talk to people, a lot of them said look, they were never going to push us out of the euro or you have to understand there's a historical meaning that goes along with the word no in greece. ohi. this goes back to world war ii. and if you give greeks a choice between yes or no, they're always going to say no. so to answer your question, yes,

i'm surprised there wasn't more protests but greeks are saying it's the way they are. >> all right, michelle, keep us posted on developments from there. michelle caruso-cabrera live for us in athens. of course after that vote it will effectively be in germany's hands. and that's exactly where cnbc's senior economics reporter steve liesman is. he's in frankfurt. steve? >> so let me answer a couple of the questions that you had for michelle. first of all, which they're wondering about in greece, the issue of will there be money for the banking system on monday? that's going to depend a lot upon what happens sunday in brussels. if there's a strong statement, if the leaders get behind the greek reform proposal, then what'll happen is the ecb governing council should meet on monday morning and could vote to increase the so-called e.l.a. to greece, which is the amount of money they have to lend to their banking system. and i talked to one analyst who said perhaps there will be a modest increase in the capital controls from, say, 60 euros to

perhaps 200 euros. it won't cost the ecb a whole lot of money, maybe something in the single billion dollars worth or single digit billion dollars. that's one. the second one is how everything has changed at all this week. my understanding was the greeks and maybe even -- sorry, the germans and maybe even the french earlier on this week were ready for the greeks to leave the euro zone. that has changed after the proposal from tsipras. tsipras may emerge here some of the thinking is in germany as a hero in greece if he gets the debt restructuring that is kind of the key to the political lynchpin here. if they get that restructuring tsipras could say look what i got from you from that referendum. and we have these other reforms. that's the deal we're waiting to hear how it turns out. germans have been glaringly silent all day after greece put its proposal in. >> steve, thank you so much for that update. steve liesman in frankfurt, germany. he said the germans have been silent on this. does that cause you concern?

>> no, not necessarily. i think at this point we're starting -- it seems to me as if the greeks have essentially capitulated. now, there may be some deal. what is probably going to work out is they're going to get a promise of debt restructuring at some point in the future. that's kind of the consensus out there. that's what i think the germans could agree to that as well when you look at what happened in the markets and the response to, this it's not a great deal for greece but i think there are a couple things. you had a bit of a stabilization in china something, kind of resolution here where we think we're going to get a deal and you had a market that was a neck short. if you take a look at some of the commitment traders report, people were net short the s&p 500. you had short covering in both the stocks and in the euro and i would call this a fomo rally, fear of missing out. >> i was going to say the german officials may have been silent but the german market was screaming achtung, baby. look at a dax that whipping, whipping off its 200-day moving average. been in a down trend since

april. 3% gain on the dax. then you look over in france, the cac is up another 3%. and these are not markets that really have had a good spring. they've all been locked in this really rough down trend. now they're all challenging the 50-day which could put them in breakout territory. i think the u.s. stock rally is obviously what's all in our minds but let's pay attention to how europe has now reacted to the fact that it looks like greece is capitulating. >> at the same time to b.k.'s point. could what we saw in europe overnight, could that have been partly also a short covering rally? you take a look at the move in the euro, at first it was really strong. it died down by the end of the day. it doesn't seem to me to signal anything too bullish. >> i agree. to josh's point. the european bourses had been in down trends. if it can't hold next week on the news, if they sell the news do that's troubling. the one thing is about the s&p 500 over here. we weren't too bothered with all this volatility in europe over the last few weeks. we were down 3% from the all-time highs made in late may. but just in general it's been a

pretty orderly period for u.s. equities here. flight to quality. >> trb, do you practice that line? i thought you rested just a little bit. good job by you. >> you know what that refers to? >> it's a u2 album. come on. that's right in my bailiwick. >> guy is like the head of dad twitter. i'm pretty sure he knows a u2 album when he hears it. >> last friday we said if there's some negative news you buy deutschebank when it trades to 28. it got down to 29. you've seen the rally josh just spoke of. i think you stay long deutschebank. i think technicals do matter. the s&p stopped exactly where we thought it would stop, 2050. the iwm got down to 121 and change, levels of being support. ten-year yields traded back down to 2 1/4, held and it bounced. so everything is lining up for the s&p to make a run higher. >> what's more important come monday? >> i think it's china. we've been talking about it all week. we have a chart up here. it held 3400. the shanghai composite. that was a massive level. look at that sell-off from monday's highs we went down 15%.

we basically closed up 5% on the week. obviously that speaks to stabilization. you've got to bounce. but like we just said in the s&p it was down 2% on its lows. closed basically unchanged on the week here. so i kind of think the chinese markets remain unhijd. i think they're going to continue to be volatile and if they break 3400 on the down side, that's when the s&p breaks 2050 and probably tests 2000. >> i pose the same question to trb, china or greece sunday night. what are you watching more closely? >> wow. so i think china probably is a much bigger deal just because of how long the greek thing has been happening for and how comfortable europe seems to have gotten with it whereas i think the potential for really nasty headlines coming out of china is probably a greater degree at this moment. >> all right. so could the drama overseas be a positive for the u.s. markets? brian kelly's got two critical charts he's taking a look at over at the smartboard, b.k. >> we were just talking about china.

but europe has been driving this market and more specifically the euro and the current euro currency over this year. a strong dollar has really been a headwind. let's look at the s&p 500 here. basically since last october we've been in this real nice kind of channel. well-defined channel. here we are down at the bottom right here. and that happens to be the moving average. if we take a look at the euro versus the s&p 500 here's your s&p 500 again. what you look at when you see, when you see the euro, these peaks are when the euro starts diving, the s&p 500 eventually dives, right? so we see this dive here. the s&p 500 dives. we see this dive here in the euro, the s&p 500 dives. what are we doing now? we're starting to turn up. whether it's short covering, whether it's people who actually want to be involved in the market. in the european market and need euros. either way, if this correlation holds, which it has, and makes fundamental sense because a strong dollar is a headwind.

so a rising euro means a weak dollar and that's positive for u.s. multinationals. on sunday night what do you look for? a rising euro and that's going to be positive u.s. markets. >> are you long euro still? >> i am long euro still. >> how long do you stay in that trade? >> that's probably a couple-week trade to a mop i think on the up side absolutely high side 1.20 but we've got to get through 1.14 first. that's a big level. >> beaks, real quick, beaks was one of the voices who said this whole thing could wind up being positive for the euro. beaks has proven to be correct. and in a funny way as many people now are long the dollar those guys and gals are going to get flushed out. so i'm in the beaks camp. i'm long b.k., man. >> how about in the beaks camp that believes that a higher euro will be good for multinational nationals? >> i think it will but i disagree with these guys. you think about it, once we have a greek resolution then we get back to ecb qe. and remember what they're trying to do over there. they don't want to see the euro rally against the dollar. so if you want to take it back to our market, what did we see this week as far as u.s.

corporate earn sngz we saw pepsi report better than expected. we note euro had a big quarter against the dollar. we may see that from some u.s. multinationals, a reversal of some of the stuff we saw in the beginning of the year. but here's the thing. pepsi didn't rally, people. at least it didn't hold the gains. it's actually below where they reported. so i think to me you've got to really keep a close eye on these. and some of them on my radar are procter & gamble. consumer staple obviously and maybe some industrials. >> up next crude fell 5% this week and that sent shares of one energy giant to an all-time high. plus big tech on deck. our traders give you the one name they see surging next week on earnings. you will not believe what it is. and later, the one dow stock that's most susceptible to the global chaos. we'll tell you what that is and how you can profit. a small busis expert from at&t? yeah, give me a problem and i've got the solution. well, we have 30 years of customer records. our cloud can keep them safe and accessible anywhere. my drivers don't have time to fill out forms. tablets. keep them all digital. we're looking to double our deliveries. our fleet apps will find the fastest route. oh, and your boysenberyy apple scones smell about done.

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sometime overnight. right now alex tsipras is address the greek parliament. we'll bring you any developments as we have them. meantime some big moves in refiners and that kicks off our

top trades. this as crude oil fell 5% on the week. valero, tesoro, marathon petroleum all popping 1% or 2%. the u.s. oil rig count was up again for the second straight week. >> obviously a little bit of a hiccup during the week with the tape but look what they did today. tesoro today, all-time high, approaching their all-time high. i think valero will get there. tesoro breaking out on valuation, ridiculously inexpensive. and the crude sukt sets up really well for them. i think you own them. you've got to stay long these names that continue to work. >> trv's with you. he is indeed. >> tso's going to a buck 20. >> whoa. >> telling you, player. stay long. don't see it at 100 and be like i'm going to ring the register. trust me. >> i don't sound like that. that's not my shtick. >> not you personally. it actually sounded a little bit -- >> just a little bit. >> anybody else in refiners here? where's the oil trade right now? >> i think the important part

was the rig count today. thain creased for the second week in a row. all that production that everybody thought was going to come offline, it looks like it probably has stopped and now we're bringing it back on. oil is probably going lower. i think in the very short term we get a weak dollar but once that dollar uptrend res yooumds again then oil can easily go below $40. >> we didn't even mention iran and a possible deal there. >> we didn't mention the 8% down day we had. i think it was mid-week. all the volatility we saw in risk assets this week, that was the one that really stuck out to me because it really speaks to what people are trying to dot the is and cross the ts as far as what china's volatility and their stock market needs for the economy. you've got iran, a weakening chinese economy. i think oil goes lower too. >> next up here another trade related to this move in oil and that's the major airlines. all the big airline stocks soaring today. american airlines also up with an update on their growth plans this year. cutting seating capacity forecasts for 2015 in an attempt to help support ticket prices. that's giving a boost to every

other stock in the sector today. some would argue this was really the driving force behind the move in the airlines today. >> yeah, that could be. and again, these are stocks that have been really sold i would say for the better part of the year. they started off really strong. then oil had a little bit of a bounce. then you had all these other issues come along. one by one they dropped off below their 50-day, in some indications below 2 hupp. i really want to stick with only the strongest names in the way they're behaving right now. jetblue is my favorite in the group. gets over 21, that's a legit breakout. inverse head and shoulders in the chart. and i think this is a stock that could be mid 20s in the blink of an eye. >> you guys are like trade besties. honestly. >> are you in jetblue too? >> come on. you clearly don't watch the "fast money" at 5:00. i'm with you, dog. that jetblue is on fleek. >> can i just weigh in here? next week we're going to have delta's earnings. these stocks have been in huge down trends.

obviously oil's been going lower here, so they had broke thaen correlation a little bit. i think the ones with a lost international exposure. you may see some of the adverse effects of kind of slowing international routes. i wouldn't be buying here. >> is fleek an accounting term or -- >> isn't that what the cool kids say? >> last year. >> quickly on airlines, b.k. >> the problem i have with airlines, lower oil's good but it's the international exposure for me that i'm a little concerned with. if you want to do it for a trade take a look at delta against $40. that seems like a good risk-reward here. but i wouldn't be long these for a long time. >> getting back to dan's concern about fx. ual was talking about fx in terms of a strong dollar making it less attractive for other people to travel. >> correct. >> yeah. >> we've got some breaking news here on reddit. let's get to sue herera in the newsroom. >> thank you very much, melissa. ellen pao is stepping down as reddit's ceo. that's according to our partners at re/code. and the co-founder, huffman, mr. huffman takes over. you may recall that ellen pao

unsuccessfully filed suit against kleiner perkins claiming gender discrimination. she's stepping down as reddit's ceo, a move that comes amid mounting pressure after a series of management mishaps that has angered a very vocal online community. according to re/code, steve huffman, reddit co-founder and original ceo will be taking over immediately. melissa, back to you. >> all right. sue herera, thanks for that update. in the meantime, here's what else is coming up on "fast." >> big tech earnings on deck. intel, netflix, google set to report. our traders say one of those names is set for a major surprise. we'll tell you the stock and how to profit. and later in the hour the vix is doing something that is signaling a major buy sign for stocks. we'll reveal what when "fast money" returns. you may think you can put off checking out your

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welcome back to "fast money." pc sales showing a sharp decline in the second quarter of the year. gartner reporting sales are down 9 1/2% since last year and idc seeing an even worse decline of 11.8%. that's a bad sign for intel ahead of earnings next week. time to take your position on

intel which reports on wednesday. dan has been negative on intel for some time. and remains so. >> before that report you've got to be really careful. the stock's down 20%. it's down a lot in the last few weeks. we've seen these disasters out of amd and micron. at some point the bad news is going to be in the stock. if the stock's below 29 i don't think you go short. i don't think you go long. but if you have a move on a just disaster like we saw on micron the stock is probably a buy in the mid 20s. >> intel didn't trade well today at all. >> again, give dan credit. sfot on on this thing. people will look at it on valuation, have looked at it that way since $33. has not traded well. none of the chips particularly have. the big tell is what qualcomm does. that stock's been under incredible pressure. for me if you watch one it's qualcomm. >> watch it because? >> because if ever they needed to prove themselves this is it. >> i think the thing with intel that's really important for investors, think about how many people are in that trade because of the dividends. oh, it's 3% yield. yeah, but you could lose 20% on your way to picking up that 3.

and obviously inteltion not alone. tons of other companies where it's tough to say why do i own this other than what it's yielding. and this is the latest example. >> there is a yield play somewhat in the space. if you take a look at microsoft, which has actually held up fairly well in this market. that has a very good dividend. i agree with dan that if you get -- intel has probably priced in a lot of bad news. so if you get a pop in intel i would look right to microsoft. that's the way to do it. >> next up netflix, which snagged yet another price target increase. this time to 750. previously 670. morgan stanley was the one doing it ahead of the report here. so i would say you know what? you're contrarian. do you sell ahead of the earnings? >> i don't. you also have that 7 for 1 split that's going to come next week. some people are going to get excited about that. for me i think the quarter's probably going to be just fine here. i'm just not a buyer of it and i think you follow mr. icahn on this. if you followed him on the way, in you follow him on the way ow

out, you don't buy on all-time highs. >> what do you think on netflix? >> i would not be a buyer. and if i did own it i would basically use the 50-day as my stop. i would trail this. 8% or so in risk is not the end of the world. but i would not be coming with new money. >> for the last month or so i've been saying you sell, you take profits in this, you don't have to short it but you do not buy it at the all-time highs. i know they have the split and people get excited that you're going to get the split. i think that's the most ridiculous reason in the world to own it. why not take some profits? >> the other day we said analysts are going to raise their price targets. it's happening. stay long into earnings. >> time now for the final trade. let's go around the horn. dan nathan. >> consumer staples i think you sell procter before their earnings in a couple weeks. >> josh. >> cne thrives on volatility. own this name it's break out. >> brian kelly. >> you mentioned the solar names earlier, that they had gotten killed and they have. but for a long-term play you buy some trina solar here. i bought some. tsl. >> guy. >> jetblue.

josh brown, smart man. >> you're trade besties. thanks so much for watching. sigh back here on monday for more "fast money." but do not move. "options action" starts right after this break. stay tuned. kids are expensive.

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cnbc's breaking progress on the crucial greek vote continues. you are looking at a live shot of greek prime minister alexis tsipras address the greek parliament as it prepares to vote on a bailout measure. hopes of a deal propelled the dow higher by over 200 points in today's session. a vote is expected to come within hours. cnbc's michelle caruso-cabrera, our chief international correspondent-s live in athens. >> alexis tsipras admitting he made mistakes in negotiations. also saying i realize i was not able to deliver on every promise i made during the election but we had no point. at one point the former finance minister yelled at him from a different party "you're lying" at one point. so it's been a little bit contentious. the vote has been delayed. it was supposed to happen around