"fast money" is coming up. melissa lee, what do you make of this? >> there is a lot to trade. there is one standout the stock that underperformed the markets even when the markets were at their intraday high. that would be apple. >> apple. wow. all right. wouldn't have guessed that one. >> check it out. thanks kelly. "fast money" starts right now. overlooking new york city's time square, i'm melissa lee. tonight, facebook amazon netflix, google all soaring into the afternoon. did the fed put the bite back into fang? janet yellen sounding the alarm on emerging markets in china, in particular. did the fed change the em landscape and is now the perfect time to get in? we'll start off with the fed chickening out, kicking the can down the road. we don't know how long that road could be. steve liesman is live in d.c. with all the details. how do you interpret janet

yellen's language? >> i think what she is say ig she is going to give it time to let the economic developments and financial developments work through the system and the economic data and give themselves more time to be more confident in the outlook. this was the historic fed meeting that wasn't. we thought they might raise rates. it's about a 50/50 shot. i want to share the operative phrase. "recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term." how long until you feel you'll get a good read from the data and get that confidence you're looking for to raise rates? that's the question i asked janet yellen. >> there always be uncertainty. we can't expect that uncertainty to be fully resolved but in light of the developments that

we have seen and the impacts on financial markets, we want to take a little bit more time to evaluate the likely impacts on the united states. >> we did a flash cnbc survey and found 6% of folks believe that the federal reserve will raise rates this year. we had about 25 respondents in the few hours after the announcement. about 30% believe the fed will hike rates next year. the forecast from the fed were a little bit dovish but i think janet yellen tried to walk that back a little bit and keep meetings in play the next couple of months. >> you asked the exact right question. it also led at least for me to a little bit of confusion. while you made the point that the fed will want to see all these different issues around the world work itself out. yet still by the end of the

press conference you walk away with the notion the fed wants to do this by the end of the year. at the same time they want to see it work out, but they want to see it work out by the end of the year. >> i think so. you can start off by not thinking about what the fed thinks but thinking about how china economic weakness will play itself out through the u.s. economy. my read on that i talked to a lot of economists about that. there is not much gdp effect. it may be some initial inflation effects, but those tend to be transitory. i think that's what the fed believes. i think it wants proof that things are not worse than they could possibly be. i also think the recent market volatility was scary. not only to veteran wall street people who are scared when they came out monday morning and saw thousand-point drops but themakers and that it's last they want to have happen.

>> steve, great job from d.c. the basic question everybody wants to know. what do you do now? by explaining what we want to do now, we understand where you stand on what the fed does next. >> emerging markets. china was a focus. global growth seems to be very much back in question. em though supposedly was so concerned about tightening conditions and what the fed was going to do em rallied substantially. em did not like the fed policy two weeks ago even though it rallied back off the august lose. it's not going to like it tomorrow. em will rally when the fed starts to hike. janet yellen was bullish on the u.s. economy in her speech today. we came out feeling better about the u.s. economy. the housing is what you stay long. housing stocks rallied today. housing data fantastic this morning. single home construction starts cycle high. we are in a good place for that sector. that's independent of what happens globally.

>> em was a 10% move from the recent august lows. >> rallied much more than the s&p rallied. >> exactly. >> it was up off, in fact above where it started in august where most other indices are down. you have to play this move. build for a low you get in october. all markets are are going to bottom in october. your i going to get another shot. >> i tell you for me i look at the banks today and i like the banks here. >> why? >> bank of america, look at the being a of bank of america. >> terrible. >> banks have been correlated. correlated to the two-year. there was a massive divergence of that once we had global fears set in. it's going to tighten up again. we saw tightening today. bank of america at $15.50 is a layup for a trade. get a couple of bucks on it, no problem. the top end of the range is roughly $18.50. for a trade, i like that. utilities should be sold here on the spike. they are going to need to raise

rates. they are going to move on rates come december. maybe earlier. i'm making the call they are going to have to move. we are not a zero interest rate economy. >> i couldn't disagree more. completely on the banks in particular. >> he is saying just for a trade. >> here is what bk will do with the banks. he will sell them and when he's done he will sell them again. the yield curve is going to flatten. i don't see any way these guys can make money. we've seen earnings warning from citibank and other major banks, particularly regional banks are going to be hurt in this environment. there's a lot of people that bought into banks thinking we are going to get a steep yield curve. it's not coming. in february we had a zero percent chance of the fed raising rates. >> i disagree. they have to move. >> why? >> confidence. they have to retain confidence.

they clearly said they had to. >> 25 basis points is no going to put confidence back in the economy. >> when we saw the fact there could be a possible move in october, the market ripped then it sold back off. >> banks are down 20% off the highs coming onto today. to say they haven't priced in a slower fed policy, i hear what you're saying. i wouldn't sell the banks after having sold them. i'm not sure what strategy that is. is. you're bearish on the yield curve. these banks are so cheap. the u.s. economy is getting stronger. >> i don't think the u.s. economy is getting stronger. >> do you feel worse about the economy today after the fed's nonmovement and dovish statement? >> i felt bad coming into it. >> u.s. or global economy? >> both. >> the big word today was global. >> you can't delink the two.

30% of u.s. growth earnings growth comes from overseas. not only that, they say china's affect is only 1.6%. there are bigger knock-on effects. >> financial market conditions. >> absolutely. i think we are going into a global recession. we have the risk we end in a deflationary spiral. the two things i'm doing, one, you don't fight the fed. fed wants oil prices higher, you buy oil. you buy gold and sell the banks. >> sounds like you're buying canned food. >> i may be. >> welcome to the show. >> i actually agree with a lot of what bk is saying. they added a whole other dose of uncertainty. i don't agree they have to go in october or december. i think what's going on overseas specifically in emerging markets is troubling for the fed. they said it. they told us that. throw that on to another list of would worries. i want to be defensive here

domestically in the u.s. i agree with tim on housing. if you have to own something, buy the itb. they look like they are going to break out. that seems okay. xlu, this is one we talked about on friday's options action. the sell-off from the highs now is discounting a lot. it's very defensive. when you look at the top holdings in the xlu, they have 3%, 4% yields on average, trading at market multiples. what i would say on the sell side, i think you have to take profits here. we got to 2000 in the s&p. if we got to the breakdown level at 2050, i've got to lay them out there. >> the s&p entered the meeting of 35 points this week into the meeting. we held it. >> and intraday trade down to 1988 on the s&p. there was a lot of intraday vol

fell 20% and back up. the trade is to by vol. expectation is it stays rocky into october. >> holding its 10-year average. fang all moving higher in today's session. did the fed put the bite back into fang? at the smart board with a look at the chart, what do you see? >> this was a day for perspective change. there was no change. that's the definition of status quo. which means you stick with what you've been doing. you stick with what's working. some bullet points. no hike what now? fed's on hold. that means stick with what's working. fed on hold favor growth over value. this is an important thing. let me show you for instance, another way to go. what's the number one performing sector year-to-date? consumer discretion. what's the number one performing industry group of 138 in the

s&p? it's internet retail industry up 57%. amazon netflix and priceline. what was the single best performing stock in the s&p 500 today? ex-lilly? amazon. best sector best subindustry group, biggest stock amazon number one performer in the oex. here is growth over value. you see this tremendous outperformance of growth over value. it really kicks in in 2013 when qe-3 started. if it's fed on hold, more the same. you want to stick with this as a premise. let's talk about that industry group which is leading all others in the s&p. here it is. you get a big move pullback big move pull back. my eye sees that. here is the biggest weighting in that group. this is the same thing. a big move, a gap and then a

pull back a big move and a pull back. we take out the highs. the highs associated with the earnings in july were about 5.80. 7%, 8% stick with what's working. >> that is convincing to you? >> i rarely disagree with carter. i don't like it here. he said not much has changed. i think a lot has changed by the fed not acting. if you are going to these fang stocks you're here for the death rattle in a way. you may see some squeezing action in the near term. if we go back and test the lose and have a period of downward volatility, do you not want to own these things again. >> carter? >> these stocks held up so much better than the market did. in the swoon of august 19 august 25 why would we expect them to do worse? the world is starved for growth.

the world is literally in a deflation problem. you want to go with something working. you don't want to dig around in the trash and find a beaten-up industrial. >> if i look at the charts of amazon and facebook they were struggling before august 24th. those were sideways moves. they are backing a the highs, great, but now time to fade those moves. >> that's what makes a market. >> it is. good discussion. carter, thank you. coming up next siri 1, cortana 0. the video you've got to see. >> which names could be next? a special report. one noted short seller who called the subprime crisis is back. he's got a bigger prediction for the markets on the back of the fed's decision not to move. much more "fast money" straight ahead. (vo) me? i don't just wait for a moment. i watch for the perfect moment. the one nobody else sees.

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can it tell the doctor how long you have to wear this thing? ♪ ♪ can it tell the flight attendant to please not wake me this time? ♪ ♪ the answer is yes, it can. so, the question your customers are really asking is can your business deliver? adobe. >> shares of adobe are falling in the after hours down by 2.5%. last check shares down 2.5% on

at least around 406,000 shares of trading volume. they did offer their current quarter guidance. last quarter results came in better than expected on strong subscriptions to its creative cloud unit. all doing well here. earnings and sales did end up beating. it was the guidance on the cautious side that has some investors taking a little bit of profits off the table. shares up 10% year-to-date. 19%, 20% over the past 12 months. >> thanks so much. what is your trade on adobe? >> i look at the stock. it's a crowded long. subgrowth was the most important thing in the quarter. it was concerning. they are taking this stock down for right reasons. i'm a seller. not a stock you want to buy at these levels. >> interesting night for microsoft last night. the ceo taking the stage. talking about microsoft's role as an industry collaborator. showing off skype, powerpoint. not everything went so smoothly

for . >> let me try it again. >> okay. starting with month. >> one last time. let's try it. show me my most active opportunities. this is not going to work. sorry about that. >> and we wanted to point out, this isn't the first time microsoft missed the mark. take a listen. >> movies and entertainment look great, as well. excuse my just a second. >> dear mom, comma. fix aunt.

delete that. >> it's going to load the appropriate drivers. whoa. >> awkward. >> listen that is awful but not necessarily a reason to sell microsoft what concerns me is the way it's traded over the last month. they are doing a lot of things right there. they are changing the company. they had a couple of product come out that have done quite well. their cloud is going well. the way it's i traded since august does not look good. in august on the big drop we broke an uptrend line that goes back to 2013. now today we rallied up to the 200-day moving average and it was rejected there. for me take profits in microsoft. i'm not sure i want to short it. this is not a place to buy

microsoft. >> do we see its recent high of $50 again? >> they have $95 billion in cash over 20% of market cap. a lot of investors think back to over a decade ago when they did that massive special dividend. they may have to do some acquisitions. i'll tell you why, those videos there. they don't innovate here. this is a company that is going to have to use that cash to make an acquisition. sell the stock at $45. around here it's a bubble market multiple. >> when it comes to the surface, that is not very innovative? transition to the cloud? >> it's transformational and will move the needle. it's not the cash cow. it's a case where the multiple of this company has more to

caught up where people say it's not cheap any more. 3.5% dividend is a good place to own it. >> i think we agree on something first. i say $40. coming up next, on a day when the nasdaq was up, one major tech stock was down. apple. what it is that had investors hitting the sell button. you're watching cnbc first in business. the man who called the collapse is back. this time around he's got a much more dire prediction for the markets. >> plus -- >> emerging markets. >> knows two words has blackrock banging the table on one group of beaten-down stocks. and a gentle wavelike motion... ahhh- ahhhhhh. liberate your spine... ahhh-ahhhhhh......aflac! and reach, toes blossoming... not that great at yoga.

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welcome back to "fast money." time for today's buzz kill. apple down 2.5%. you made the point janet yellen is concerned about china. tim cook is not. >> not so bothered. tim cook is talking about a bigger theme talking about this emerging middle class in china. here's the only point i would make about apple.

we saw the stock turn down before the market did. now the stock is very closely tied to the performance we know they've been growing year over year in china between 70% and 120%. the last thing investors are going to want to see is any hiccup especially after cook put himself out there. >> i completely agree. i would say apple, i said it was dead money the past couple of weeks in the show. i think it will continue to be dead money. no new innovation that will drive it going forward. the iphone builds. they were absolutely 10% below the last refresh cycle. that is going to be a major indicator where the stock is going. >> was the down turn because people were concerned about increasingly concerned about china because of yellen and increasingly concerned about apple in particular? >> i think there were two things. china was a catalyst. difficult comps on the refresh. we've been talking about this a long time. on china, china is an importer

of commodities and unfinished goods. they are not buying finished goods from the state. when apple talks about demand i don't think it's any different than it was a month or two months ago. people have china wrong in terms of the impact for u.s. multinationals. i think apple is a case where their demand has only started. their comps are not that difficult to get above based upon potential. >> you would be a buyer? >> i own the stock. i don't think it has 20% the next two months but going into the holiday season i would rather than long than not. >> if i'm tim cook i'm not worried about china either. it's a long term play there. in terms of short term market players, i think people can get spooked in this environment. it is simply a spook. there will be a time to buy apple again. i don't think it's today. the famed short seller who called the subprime collapse is back with a bigger call after the fed decision to stay on hold.

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between gains and losses. dow ending down 65 points. s&p ending in the red while nasdaq managed to squeeze out a small gain. other asset classes feeling the effect. the 10-year pressury fell significantly. gold jumped more than a percent, as well. here is what's coming up in the second half of "fast money." one trader a big winner. how that trader cashed in on the fed's decision later this hour. >> plus there is a big event for one biotech stock that could send it soaring. all the details in a special edition of stock therapy. >> stocks volatile following the fed's decision to leave rates unchanged. one man said fed policy left markets vulnerable to a sell-off. bill fleckenstein joins us on the fast line. how did you interpret what the fed said today? >> i don't think anything is different than what i talked about in august. the market is trapped because the fed is trapped. fed policy shasn't created new money

in a year. today the fed couldn't raise rates once again. the elephant in the room that doesn't get discussed, do the fed policies work? do they promote economic growth? is there a plan to drive the stock market higher to drag the economy along is working? i would argue it's not. yes, they have gotten the market higher and created jobs. all they are doing is misallocating mountains of capital as they did in the prior bubbles. the big problem we face despite the fact everyone is in love with the fed is the fed is the problem. the fed can't, they won't stop doing this but it doesn't work. so they are trapped. we'll see what the market wants to do as we go onto q3 and 4 wp people's high expectations. >> your poised to start your short fund october 1st. how does the market set up for

you and being a short seller in this market? >> i think the market continues to be uniquely vulnerable. we had a nasty break. the market repaired itself. not hiking isn't the same as more free money. i am looking very closely for how stocks are going to start to respond to the news. i think there is a lot of companies that have problems. they think they are going to go down. everyone thinks the market is going to right itself. my view is the market is going to head down and continues to be uniquely vulnerable. i think that the stage is set for a pretty nasty decline. >> when you're saying just before you were looking at different stocks to see how they would react, what stocks are you looking at? are you still short the semiconductors which is a trade you told us about the last time you were on the show? >> that is my area of interest. i modulated my positions. i cut a lot of them back on the big break we had. when you're a short seller you try to make money. i've got to dance around

sometimes. i cut them way back. i have to wait and see what happens. >> what are you watching? >> how the market responds to the news. we had to get this event out of the way. i want to see if it looks to me in my opinion that the markets respond negatively to negative news. i'm looking for confirmation before i get myself too heavily short. >> maybe october 1 you had a nice rally back a great place to throw stuff out. if the fed hiked today, would you say anything different today? ultimately, are you in a case where your short thesis is about multiple on stocks or about the macro economy and something's broken? i realize they are connected. try to oversimplify it for the audience. >> birth. if i'm going to be short, i'm not going to short the s&p. that's the blind stab guess. if i have companies i know are

going to have i suspect are going to have problems and i think they'll get tagged that gives me something to shoot at. i like to have catalysts, especially in the early stages of a decline. people tend not to be too worried because things have gone on so long. the companies have individual problems and i think that the market is vulnerable. if the fed had hiked, i would have been surprised. my guess is the market probably wouldn't have done too much. 25 basis points in the big scheme of things doesn't really matter. it's more symbolic than anything else. what i would say, i don't know. i don't know what the market would have done if they raised 25. largely, it doesn't make any difference, the 25 basis points. >> give us the top couple of stocks you're looking to put that short back on. >> pardon me? >> give us the top couple of stocks you're looking to reshort. >> or get bigger in. intel and some of the suppliers

to the apple food chain like i talked about last night. >> got it. bill, great to speak with you. thank you. >> you're welcome. thanks for having me. >> intel is an interesting one. 30 is a huge technical resistance level. going into their q-3 results, which we are going to get mid october, if it's around 30 could set up as a great short. back to the mid 20s. it's a value trap here. we know about the altera deal. i'm not certain what they were buying. they used a lot of their cash. intel, very close to earnings. you probably lay out at $30. >> if you think apple is dead money, is a short on the suppliers a smart move? >> absolutely a smart move. from the short perspective. to support your put on intel, i totally agree. they had a blurb on capex.

that can't be sustainable. it is going to have to be raised. they have onto crease their capex. moving on. this is not the first time the fed passed on raising rates. what works when the fed punts? dom has through things to buy when the fed chickens out. >> things to buy and things to sell. the analysts at citigroup put together a list of six times over the past couple of decades we've seen a predominant bias towards an expectation for a rate increase. then the fed not follow through with it. you can see that list of dates going back to at least 1994. what happens when the market really thinks the fed is going to raise then it doesn't? we asked our data partners at kensho to look at those dates citi analysts were looking at to look at some of the best and worst performers. if you look at the stock side the best performing sector in the s&p 500 during situations like that were health care. the best performing sector at

least on a winning percentage basis here. it's up about 1.7% up 70% of the time. the worst performing sector were the materials. down about 0.6%. also again only positive about 30% of the time there. big trade here the dollar index. down by about 1.5%. almost 1.5%. out of those last six times, one month later, again these are one month out from these dates, one month later none of those six occasions was the dollar index higher. that seems to be one of the trades that does not work for traders. those are just some of the historical pieces. only six pieces of data there. interesting themes developing there. back to you. >> certainly is. thank you. you traded the dollar today. >> i got out of my dollar longs and got short dollar versus yen. here's the situation we have. context matters. the fed wants the dollar to be weaker.

on the other side of it we have this global credit contraction, $9 trillion worth of u.s. dollar debt which is a $9 trillion u.s. dollar short. those two dynamics are heading off. in the short term you get a one month sell-off in the u.s. dollar. in the long run, gift to be careful of a massive short. >> where do you think the dixie is going? >> 93 was support recently. >> i want to talk about health care. biotech was a component of health care. one of the outperformers in today's session. it opens up almost 3% at the highs of the session. >> i think biotech, the fundamentals in biotech have not changed. from a growth standpoint technology returning cash of shareholders. fundamentals are solid. large cap names are those you can stick with. they will continue to win. it's smaller cap names that are concerning for people. coming up the global market played a major role in the fed's decision to weigh in on a rate hike. is it safe to buy the dip and

beat down emerging markets? surprising trade from one of the biggest asset managers in the world. >> one biotech stock could see major action next week. which name with a little stock therapy. big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on.

(laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfolk southern.

one biotech company is aiming to cure diseases with one single dose. they have new data that could mean my knowledgeor action for the stock. time for stock therapy with meg terrell. >> today we were talking about unicure, a smaller name of a $76 million market cap. the stock doubled this year and has run up today. maybe in anticipation of these data over the weekend. they are working on gene therapy which uses viruses to deliver healthy copy of genes to cells to replace a diseased copy. what they do is cure diseases with potentially one treatment. the data we are going to see this weekend from unicure is for a devastating disease that affects kids and leads to severe neurological decline. age of death is 15 to early 20.

it's an awful disease and there is nothing to treat it. we'll see data out of the european gene and cell therapy conference saturday which could lead to a poet ex-stocktential stock move sunday. you saw the stock move up today. will be interesting to see, even if the data are positive whether it has further to go. if data are ambivalent you could see the stock fall. >> what is the best-case scenario? positive data and fda fast tracks this? >> this is being developed by an outside academic sponsor. they would decide to license this in and continue developing it. right now they are only testing this in a handful of patients.

that's what we are seeing with gene therapy. one patient has been moving blue bird stock. >> within biotech, blue bird is an example. it seemed tremendous outperformance. massive move. are people looking at those names saying we are going to sell those names even though it may work it could be a $300 stock? let's take money off the table here, i don't want to own this now? there is too much risk? >> gene therapy is one of those areas people talk about as having run up quite a bit. there is a lot of optimism around it. we need to see more data to see if things are working. they are saying this is a stock-picker's area. some companies will work well some won't. we've seen failures with companies like avalanche and celedon. >> thank you. how do we trade biotech? >> zts caught my eye today. if you look at this chart, it's

been flatlined in the mid 40s since it stabilized. prior to that it was trading well all year. didn't have the moves some of the large biotech stocks have. that would be interesting. coming up yellen warning about emerging markets. a top strategist says there is opportunity abroad to buy. $4 trillion worth of investment advice for you from blackrock. >> shares of fitbit bucking today's trend. we'll hear from the ceo on its major deal with target employees. at mfs investment management we believe active management can protect capital long term. active management can tap global insights. active management can take calculated risks. active management can seek to outperform. because active investment management isn't reactive. it's active.

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passion of living real madrid. we're focused particularly on china and emerging markets. significant outflows of capital from those countries, pressures on their exchange rates and concerns about their performance going forward, so a lot of our focus has been on risks around china, but not just china, emerging markets more generally and how they may spill over to the united states. >> that was fed chair janet yellen explaining how global conditions impacted the fed's

decision to keep rates steady with emerging markets the real worry. is it time to bet on some of these beaten-down markets? great to speak with you. i want to get your take how you view the transmission, if there is going to be any transmission of emerging market problems to the u.s. economy? and whether or not the transmission of those problems would have been higher had the fed hiked rates? >> i think that there's a lot of improved connectivity in global markets these days. it is true as chair yellen was mentioning that emerging markets are a growing at a much slower pace than anticipated. it is also true developed markets haven't been growing as fast as emerging markets expected. and because of that the dynamics of export growth on the manufacturing space hasn't been able to pull the em complex

across the board. you see clearly em being affected by the lack of export growth and then the lack of growth momentum in em not allowing the u.s. economy to finalize its escape velocity in terms of growth. >> with all that said gerardo, where would you invest in emerging markets? we did see from the lows in august, a 10% rally in emerging markets. we have seen this area go up most recently. >> emerging markets have been underperforming quite some time. on the lack of growth equity markets have underperformed developed market equities by more than 50% over the past four years. em currencies have appreciated close to 20% this year. more than 50% over the past

year. anywhere you look at financials markets in emerging economies have been adjusting in a very significant manner. there is a strong case that you can make for value. a lot of head winds are out there by the lack of expert growth momentum in the world. you've got to pick your spots you want to look at countries with the capacity to push with some structural reform momentum that could trigger domestic growth in countries like india, like mexico especially focus on the manufacturing space, low exposure to the commodities complex. >> thanks so much for your time. we appreciate it. >> i think he is saying the currencies have been the big plays. this is typically 50% of your return profile if investing in

em. these are places that have been outperforming. brazil, this is the case everybody is watching brazil to see where the contagion effects or malaysia. emerging is an asset class is probably put in a bottom. october is when you're buying it. >> i'm a sell of emerging. >> all emerging? >> yeah. eem in general. i guess there could be a case made for india. investors are starting to lose a little bit of faith whether or not bode will put through all the reforms he promised. that is a risk factor for india. on eem as a broad case we are at the tip of the iceberg. that is going to hit emerging markets the worst. >> market flash on ak steel. >> formerly larger cap company, ak steel surging up 10.5% in after-hours trade. it posted positive guidance for the current quarter. the steel producer says lower

raw material costs, higher shipments and cost saving efforts are going to help third quarter results. shares are down big about 47% so far this year. a big bounce here. still a stock that's been in a pronounced down trend over the course of the past year. back to you. >> dom chu, thank you. the most important point is the stock is down 47% this year. even this little bit of good news is enough for a pop. >> that is correct. i like it for a trade here. i don't know i would buy it long term. i do like it for a trade. you can get a near-term pop. >> really? beyond this pop? >> i think -- ak steel and a lot of steel bottomed in july. there is exposure to the auto sector. steel has been a mess. i >> bonds seeing bullish action off the fed decision. what did you see? >> it was about an hour before

the federate decision came out. it was a very large trade in the tlt looking out to october. when the etf was 1883 there was a buyer of 51,000 october 121/124 call spreads paying 66 cents. the average daily volume today just actually got blown out by this trade here. total average daily volume three times average daily volume. most of that were in the calls. that trade i was talking about was interesting to me. it came an hour before the fed meeting. it was a contrarian play. the 20-year bond etf had been going down for days. rates were going up. this trader looked out to october expiration. that is about a week and a half before the next fed meeting. we will have the same sort of situation we had leading up to this meeting. a lot of uncertainty. this trader defined their risk to a range in the tlt that brings it back up to recent

resistance here. i want to make one point. when everybody is going one way and everyone was convinced rates were going higher and bond funds were going to go lower, look at this. this is the three-year chart of the 10-year treasury. we've been locked here at 2%. when you think about this options are relatively cheap in the tlt though moving around. this is a defined risk way to make a contrarian bet in the bonds. >> check out the full show 5:30 tomorrow. >> fitbit has been on a roller coaster ride since its ipo. today shares closed up nearly 8%. moments ago cramer spoke to the ceo about a major deal it struck with target. >> i think it's easy to characterize fitbit as a device company but we are a solution company around health and wellness. we invested a lot in other software offering. people don't know that. when target evaluated both our hardware and software they were impressed. hipa announcement was the icing on the cake. >> plenty more with fitbit and

exclusive with wells fargo after today's big fed decision top of the hour on "mad money" with jim cramer. next traders are telling what they are watching tomorrow much . . we have pattern recognition technology on any chart, plus over 300 customizable studies to help you anticipate potential price movement. there's no way to predict that. for all the confidence you need. td ameritrade. you got this.

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time for the final trade. >> we have good emerging markets conversation. efrp m currencies watch the brazilian real. em currencies are what i'm watching to determine how much dollar weakness is sustainable here. >> david? >> you listen to carter worth. he made a bullish call from a technical perspective from amazon. i love this stock fundamentally. i think it will go higher. long-term bet and short trade here. >> about a week or so ago, japan sold off. tonight i'm going to watch japan. i wonder how they'll take this. you get a strong yen. that will be a problem for all markets. >> dan? >> carter was talking about fang. i'm not on that call here. i don't like it. apple is one you want to see hold $110 the next couple of days. they'll release their phone on

the 25th here. if it breaks $110 gets ugly fang is going with it. >> i'm melissa lee. see you 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. i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." welcome to cramerica brought to you from cnbc one market. other people want to make friends, i'm just trying to save you some money. my job is not just to entertain but to educate and teach. call me at 1-800-743-cnbc or tweet me. the fed gets it! the fed recognizes that if