that does it for "closing bell." "fast money" begins right now. "fast money" starts right now. live from the nasdaq market site, i'm melissa lee. the traders are tim, steve, brian and guy. tonight on fast, crude closing at a year-to-date high and just pennies away from 50 bucks. but a tech says the run might be over. apple shares have rallied 11% off their lows. we'll tell you what the crucial level is. worried about a june rate hike? well, fed critic peter shift said you've got another to fear because the fed will not raise in june, or anytime soon for that matter. first, we start off with the markets. stocks surging for the second straight day. question here, do you stick with the names that have been surging over the last few days, banks, chip stocks, old tech names like microsoft and cisco, or do you start with the stocks that have been sitting out this move?

the hot stocks since last year that have cooled off, starbucks, nike, and disney. where are the best buys in the market right now if the rally is going to continue? guy? >> i think starbucks is interesting. in early february, traded down to $54. bounced aggressively. we sold off again. starbucks is interesting against that point. but it all started with invidia. this is a name steve mentioned for months going into this quarter. made an all-time high today. sort of gave it back a little bit. amat was the next one. i think amat looks really interesting. i would say with that. i would take profits in invidia. >> the questioned you have to ask is, what did this to the market. to me, some of these other more cyclical stocks. two things that happened in the last few days, we got a lot more clarity on what china may or may not be doing with their

currency. remember how important this has been for markets since august of last year. we have a case where at least the polls are telling me whether it's manipulate of the press, if you actually tell people in great britain, there's now a 20-point loead that want them t stay, this might lead to a closer vote. more fed clarity. financials stay the rally. these things are still cheap. they have more room to run. we should test the highs we had back in april. if you look at the stocks that have pulled back on the stronger dollar, yet we're going to talk about oil and commodities, but emerging markets, things have caught their breath and the cyclicality of what the fed is doing is good for a lot of these stocks. >> the bottom line, though, is when you start off the show, do you stick with what's working. i think you reverse what already happened. you buy utilities, buy staples, buy yield. what's going to happen to tim's point? are they going to raise or not? >> i think the fed is raising in

july. >> i think they're going -- i've been on record saying they're going in june. june, july, doesn't matter. the 210 spread, we've talked about it, the most narrow since november of '07. what does that mean? everybody's going to search for yield, whether it's now, or three months from now. take off the banks. i don't think the banks are going to be on -- i think they're a growth play. we have no growth. i think materials, one-liners, maybe you see a takeover there which we're looking at. other than that, i think you reverse everything. >> i think i'm probably in line with what steve's talking about. when you look at the banks, in the very short term i think you have a big risk factor coming on friday. you have janet yellen speaking. everybody's expecting her to toe the line so far. her last time that she spoke at the new york economic club she was very dovish. if you're in a bank stock, and you think the fed is going to raise rates, it wouldn't hurt to take profits in that.

if i look at the ones that have underperformed, the one i look at is starbucks. i think that looks interesting. i never, ever want to bet against guy schultz. he's a superstar. i know i can use 52 1/2 as my stop. a good risk/reward here. >> can we sort of frame this as well as people looking for value in the -- instead of continuing to flock to the stocks that may be perceived as overvalued because of their run, like general mills or campbell's which have been selling off lately, they're going into the ones that have not participated in the run-up to microsoft, cisco, which also have yield, but lower valuation. >> throw health care in there as well. >> absolutely. >> rallying significantly off the bottom. i'll go back to the banks real quick. i think it's important. i think people are buying the banks because they believe a fed rate hike is because the economy is getting better. i don't think that's what's going on. i think they painted themselves into a corner.

we'll have a guest on later to talk about exactly that. this 210 thing absolutely scares me a little bit. >> and as always, it's about the contexts and timing for a trade. what we're talking about is what's changed over the last couple of days, and what do you buy. my argument is, i want to buy the stuff that's cheap, that people believe is high quality. people are having a huff time saying jpmorgan is not running their business as well as they can run it. if we actually have strengths in the economy and -- >> where is it coming from? that's the point. >> growth is -- we're hanging on to 2, 2.5% if we're lucky. inflation, other than gasoline, i don't see any inflation risks. apparel's going to be cheaper in the next three to six months. >> for banks, we're removing a lot of the risk. we're driving banks down in the first quarter. look at energy. oil prices are removing so much credit risk from banks. europe doing a lot better not only off the ecb toeing the line, but you've taken a lot of

pressure off the credit side. >> but the question is that all these things, that may be the reason for the rally. that's what concerns me. all these things coming off, the reason for the rally, what's going to happen next. for me, i you know, i'm not 100% sure what's going to happen. i'm not sure what janet yellen is going to say on friday. >> you're moving to cash? >> yeah, pretty -- yeah. >> what i would say is very interesting, if yellen comes out dovish, we're going to see the dollar sell off and all the weak dollar trades, or inverse dollar trades are the ones that are going to do very well. you've almost had the scenario where they work on a more robust global environment. you've actually seen commodities and oil rally at a time when of the dollar is strong. >> that means people's perception of when the fed hikes rates changes? because right now the perception

is july. so you think she's dovish now, that still leaves july on the table in a very large way. >> i very much agree with brian when he says to this point, yellen has leaned on the side of the doves. been theoretically dovish. it doesn't match up with reality. i do think there's some inflation. she's watching wage inflation. but i think if anything, yeah -- >> there's no growth and the market sells off. if she goes along with the rate hik hike -- >> we're moving up to the point she backs off the gas. everyone keeps saying the reason she's going to raise is we're in a better spot. growth is coming down the pike. >> you're going to utilities because of fear? >> no, no. all that stuff that i just said isn't bad. but if she does not raise, people are going to pull it back and say, you know what, maybe things aren't as great and they're backed into a corner and only trying to give themselves a little bit of ammo for the

reaction they're trying to create. >> this week, chart week here. we've been looking at the most important charts in the market. this is chart week. chris, what are you looking at? >> i think this is all about risk/reward. and there's probably no more important chart right now than the oil chart. flirting with $50. what stands out to us, this has been a 72-day rally of 92%. we're now 23% above the 200-day moving average. that's about a two-standard deviation move. that looks excessive to us. we think there's a higher likelihood you come back and retest the 200 near $39 or $40. i would also note, when we look at positioning in the oil's futures market, we've seen short exposure really contract over the last several months. a lot of the shorts here have given up. we think that's reflective of a sentiment change. over the last month or so, energy stocks have not kept up.

the energy sector peaked on april 27th. and the lad am currency index peaked on april 29th. over the last month or so, we've seen stuff like mexican peso actually roll over, and the energy stocks not keep up with the rally and crude. all that spells to us is an environment where the risk/reward does not make a lot of sense in chasing oil near 50 bucks. >> what is the extrapolation to oil then? >> what stands out to us is the range of outcomes you're beginning to see in the energy sector. this has become less of a one or zero risk on or risk off trade. we're seeing some dispersion emerge within the sector. take the refiners here who have not participated at all in this move. i actually think they're quite vulnerable here. they're the only group in the energy sector that was never really punished in 2014, and 2015. at some point all the stocks

don't go down. so within the sector, be careful with the refiners here. >> chris, thank you, joining us for chart week. what's the best way to play $50 oil, or stays around 50 bucks? tim? >> i think it's oil nervousness. i think we're actually in a place, where it was instead that the excess supply or swing capacity that opec has is at 2008 lows. that will shrink another 22%. has at least 90 days of production behind it. u.s. production is down. we talked about the canadian wildfires. we've got oil demand which i think is going to be 1.7% in the fourth quarter. we've got so many incumbencompat have stopped -- i'd say the revenue and service contracts, that is going to come back online by mid next year. i think haliburton over schlumberger. i think that's something that

will recover. >> you're in the same camp with him? >> in the same theme, but i would like to mute a little bit of my index here. in the last month, this did not participate in that rally chris talked about. the aggressive rally across the board in every other energy sub sector i would go osx. it was down 3% month-to-date. 20% up in the last three months against the enp index, which was up 70% for the last seven months, osx. >> perfect segway. >> in the long run, i still think we see much lower oil. we're talking about a short-term of what is called a tactical trade here. oil in the very short term, we could see 50 to 53. that's kind of my target. i'm looking for something that i'm going to buy on a breakout thing, xlp, the etf for the oil and explorations. this sa quick trade. around $36. i think maybe up at $40. that's where you get resistance. you've got a little bit of a pop

here. if you start to see oil go what i would say go the last leg. >> national oil well varko. the reason why is, a lot of these things, huge short interest. look at nov, it has a small short interest. why? because people look at the balance sheet and say, these guys aren't in the same predicament as the rest of the space. if oil cooperates with their valuation, with the lack of shorts in the name with people that might want to get into the space, i think nov is really interesting. i'll say one thing about schlumberger, earlier this week, bill valuation. everything has to go right for them to continue rallying at these levels. >> we have what we would play and wouldn't play is refiners. the price of crude is a headwind to volero. >> they're seeing a lot of demand from overseas. production coming offline here.

>> volero is down -- >> you're going with chris's chart? >> chris talks about how overbought oil can be. think about where we were on the way down. you can't tell me we're starting to get data that says demand is better -- >> then the refiners are -- the only place i agree is if oil sells off, refiners are buying. >> i get they've been defensive. but diesel margins and things that drive their profitability have been shown to be strong in the last month. up next, very quietly one mega cap tech stock near key levels. got traders very excited. plus, all signs are pointing to a june rate hike. peter schiff said there's no hike coming in june, or ever for that matter. he's fired up even by ian's standards. could there be signs of trouble lurking underneath? why this rally is looking like

one short squeeze. ♪ you're not gonna watch it! ♪

♪ no, you're not gonna watch it! ♪ ♪ we can't let you download on the goooooo! ♪ ♪ you'll just have to miss it! ♪ yeah, you'll just have to miss it! ♪ ♪ we can't let you download... uh, no thanks. i have x1 from xfinity so... don't fall for directv. xfinity lets you download your shows from anywhere. i used to like that song. welcome back to "fast money." we've got a news alert on the ipo market.

susan? >> hi, melissa. we're looking at the market since 2009, a flurry of headlines in recent minutes on this. u.s. foods, said to be one of the largest ipos of 2016. looks like they've priced their shares $23 apiece. that's pretty much in the range of $21 to $24 at the high end of the price range. basically raising $1 billion in this ipo. the company at close to $5 billion. $4.9 billion to be exact. another ipo preparing to file. maybe as soon as june. it could value at more than $2 billion. listing comes around five years after cushnet under pressure from ackman to sell off from the korean buyers. >> thank you, susan. we've got to ask the question,

is the ipo market starting to thaw. this is a key one because it's so large. >> i think it's interesting. let's call it the canary in the coal mine. if the market continues to move higher, not my view, but if it does, you'll see a lot more of these, and the market will be able to handle it, in terms of what you don't want to see is a flurry of these. similar to how it happened in china. not suggesting that a bunch of ipos would knock the u.s. market down. for now it seems okay. >> cushnet, i didn't know that was the parent company of titlist. but it's interesting the timing of a golf ipo. golf in general hasn't been doing -- >> remember jordan had a merger. that's what this reminds me of. the market should take this one pretty well, i think. not because of the titleist.

not that i'm a big ipo guy, but i think this is a simple one. >> where do the credits come. this is a lot of pent-up stuff. it doesn't surprise me to see deals running into the market now and again. the things we're hearing from the factors driving liquidity for markets, central banks are positive enough now. bankers you know are going to jam these things through. >> apple, that kicks off our top trade tonight, hitting a high of $99.74 today. just pennies away from reclaiming that all-important $100 level. the stock has made a massive move. >> massive move. i made money in this the first time around and i got my face ripped off the second time. i got nervous when it broke the $92 level to the down side. i thought it was going to go much lower. that was coupled with a massive rally. it seemed like a massive rally. it was only a couple of percentage points in the overall market. this one rallied back.

the bounce on for this i said was par. the joke on the desk, $100 is par. >> a tough place to trade stocks over $100. >> true. for you, not me. around par, or par and $2 basically is where you maybe see that sell-off. this is going to be coupled with the overall market, i think. it's back to totally correlated. >> this part of the rotation, microsoft and apple, undervalued but yielding stocks? >> this is a case where this stock had 12 or 11 rsi indicator on a nine-day basis. it was so oversold, there was so much prognostication of its death, this is a place we saw a lot of people -- first of all, there are robots and fundamental investors that look for this and get down to a place where the stock was extremely attractive. i bought it at $92 two weeks ago. i don't need to trade this to $120. i think you trade this up to $106.

hopefully i'll be taking profits there. >> you're not in agreement. >> it's not i'm some crazy apple bull. some of the news that came out lent itself to maybe there's some support in the stock. we talked about this universal display oled. that stock has had a nice little run. if you don't want to be in apple for whatever reason, or in it and looking for downstaem, i think the ohled is still in at these levels. >> let's say you missed the rally since may 12th when is when buffett bought. today it's almost $100. do you buy it? >> no. >> you would have bought it at $92? >> no, i agreed we had, what's his name, i forget who we had on, who said he was shorting apple. >> dan nile. >> yeah. point being, through $92, it looks like we had a false breakout there. for me, it's a no-touch. it had a nice rally here. i would rather wait to see this maybe get up to tim's 104, 106

level and try to short it again. still ahead, signs the rally is in trouble. one gigantic short. in the meantime, here's what else is coming up on fast. >> yeah, that's what biotech shares have been doing. but we'll tell you why today's rally might be different. and could last awhile. plus, stocks are surging. but permabear peter schiff said rome is burning, and the mother of all crashes is just around the corner. and he'll reveal the cause when "fast money" returns.

welcome back to "fast money." let's get to the move of the day. the xpi rising nearly 2% today. in fact, the xpi is up more than 6.5% in the last week. >> these have had tremendous runs. i think in terms of where you get in these names, you do it on a breakout to the upside. i still think the headline risk is lower. in the terms of the xpi, above 60, and in terms of the ibb, which tim has talked about, it's above 285. those are still huge levels of resistance. >> yeah, i agree. i think the factors for the market to take high momentum and certainly high multiple stocks, they're not all high multiple, by the way. we talked about some of the others, gill yad, i still think the asset class is going to struggle here. because a lot of money doesn't really understand what they're investing in. that was the crossover money

taking a lot of the stocks higher. after this round, i don't chase it. >> any buyers? >> no. i mean, i still stick with, i think these are sells or shorts into the election. >> i do think they're great for trades. i think you're going to see that whiplash effect to it. i also think the marketplace is going to re-valuate these names. i think you'll see a lot more of this dredged up again. and remain a political headwind for them. all signs are pointing to a june rate hike. as the fed boxes into a corner, one market pundit said there's no way the feds can raise rates. and he'll tell us why. the names at the highest short interest. was this all one short squeeze? (announcer) need to hire fast?

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welcome back to "fast money." stocks rallying across the board again today with the s&p, dow and nasdaq registering the best two-day gain. j traders are getting bieber fever. >> oh, no. >> calling the recent rally nothing more than a short squeeze. when you see the names that have rallied the most, you might agree. will the fed actually raise the rates in june? james bullard tells cnbc it's still too early to call. >> obviously we've tried to be data dependent. i don't think there's any reason to prejudge the june meeting at this point. we can wait until we get to the meeting, see what the data say and try to make a good decision there. i think on the issue of press conferences, we have made many moves over the years without press conferences. so i think you could make a move

without a press conference in this circumstance. >> at this point, whether the fed hikes or not in june, has the fed boxed itself in. peter schiff is the president and ceo . why do you say the fed might not raise at all? >> well, i still think the odds favor another punt. and they said they were data dependent. if you actually look at the data that's come out since the last fomc meeting, it was those minutes that suggested the rate hike. obviously the jobs data has been worse. most of the economic data, including most of the economic data we got this week was well below expectations. i don't see a second quarter rebound. that was contingent that the fed said, if the economy improves and job market improves, we might raise rates. well, neither has improved. in fact, it seems like it's going in the other direction.

>> in terms of the fed being boxed in, how does the dollar play into this? as i see it, if the fed raised rates, we have a much stronger dollar. if they don't, i'm not sure that i -- i think the rest of the world would start covering shorts. do you have a view on that? >> you know, i don't think so. the last time the fed raised rates, everybody thought it would be good for the dollar. and the dollar went down. i think this is a repeat of what happened late last year. the fed raised the possibility of a rate hike and see how the markets react. the markets basically are reacting positively. like they did in december of last year. everybody was convinced there was a rate hike. but the market for rising anyway. and i think it was the increase in the markets that gave the fed the false confidence to actually raise rates. but as soon as they did, the market sold off. we had the worst start to a year in history. i think the stam thing will happen if they raise rates in june. i think the market's going to sell off. i think gold's going to rally again. and i think the dollar's going to sell off.

these rate hikes are too little too late. everybody knows that the fed is ending its tightening cycle. whether it makes one more quarter point hike or not is immaterial. because by the end of the year, they're going to have to take all this stuff back. they'll cutting rates -- >> peter -- >> ultimately -- >> i think we're having technical difficulties with peter's shot. we'll try to get him back online. we were just in the middle of a great conversation here. saying that there's going to be qe-4 by the end of the year -- >> there's a couple of problems i have with peter's analysis. no matter what he says, gold is always going to go higher. it's always a phony rally. if you just invested in gold for the last three years and said it's a phony rally, you've missed the biggest equity market in the last generation. a treasury rally that's probably going to continue on.

and gold is down 800 bucks an ounce. to me, it doesn't matter what the fed is doing in the textbooks and theoretically what's good for the economy. what's good for the markets is actually that the fed has been doing what they're doing. so i'm not someone that believes things are going to go swimmingly for the fed at their next move. i think more fed equals more volatility. and i think they've got a tough place to go. and i'm not thrilled that we continue to rely on monetary policy to get us out of it. but the reality is, those have been bad trades. we continue to get up here over and over again and talk about them. i wish we could continue to talk about them. >> what happened in december when this eraised rate, and the next month the worst start to the year was well taken. the markets have seemed not to reacted directly on the day that things happen. even when it came with the chinese dajuan value. i would mention, on the dollar,

you look at what's going on in china, china's going to talk to the fed and say, when are you going to raise rates. i think that's a development. you've got to watch to what is exactly going what tim is saying, between now and the fed meeting -- >> i think what he's saying is the fed has created an asset bubble inside the stock exchange -- or the equity markets. whether that's good or bad. your point is is accurate. the market has rallied aggressively. but when it ends, you're talking about drastically lower prices in the equity market. probably a valuation 1500. >> peter, glad to have you back. i think that was the first time you've ever been at a loss for words. >> i wasn't at a loss. >> you probably kept talking. the shot went down. you're in the midst of telling us by the end of the year, you believe the fed will rein back in the hikes it's done to that point, and it will have embarked

on qe-4. >> i don't know they'll get all that done by the end of the year. but they'll have to reverse course and start backtracking. i think we already are in a recession. i think by the time they go back and revise the numbers we got for the fourth quarter last year, early this year, i think the data is going to reflect we've been in a recession. they never know you're in a recession until you're almost finished with it. although, i think this one will be worse than the last one. you heard you guys talking about the stock market, how great it's been. the stock market has gone nowhere for the last year. the average stock is down. this has been the worst year in 18 years for -- >> i'm not talking about the last year, peter. you've been saying the same story for the last three years. you've been telling me that gold is -- the treasury's going to default. >> don't put words -- >> go back to 2013. >> don't put words in my mouth. first of all, yes, i was warning about the housing bubble for years before it burst. i was warning about the financial crisis for years

before it burst. so plenty of people on cnbc were making fun of me in 2006, and 2007, peter, you've been coming on for years, nothing's happening. nothing wrong. and then everything collapsed. >> so what have you been saying other than the fed has got a phony economy here, and that gold's going to 5,000 in the next few months? >> look, what i've been saying is, everything the fed has done since the financial crisis has made the underlying problems that caused that crisis worse. and so because of that, we are on the verge of a much worse economic crisis. we are more addicted to cheap money now than ever before. there have been more mistakes, more malinvestments. this is the biggest bubble the fed has ever inflated. the ramifications will be much more enormous when this pops. there won't be any bailouts -- >> how do you suggest we play that. this is a trading show. you've been talking the same thing for the last three years. how would you play this right now? >> and how long was i telling people to short prime mortgages before the trade paid off -- >> i don't know -- >> hold on, guys. i'm going to step in here.

are you short the market? >> no, i'm not -- i am not short the market. i do believe that the fed will put a floor beneath the market by printing money. but the ultimate collapse is in the dollar. it hasn't happened yet. but the fed is going to sacrifice the dollar. in fact, even when donald trump spoke the truth about the fact that we need to renegotiate our treasury debt, we have to restructure it because we can't possibly pay it back, then he backtracked and said, no, we'll just print money. that's what we do. we print money. because we can't repay our debt. >> what about the monetary policy -- >> let me finish. it's all about perception. puerto rico was broke. it was broke two years ago, three years ago. why didn't anybody care. the creditors kept lending them money. eventually people wake up and realize a debtor is broke. america is more bankrupt than puerto rico. our creditors have figured it out yet. we might not default, but we will print. when the fed has to relaunch qe,

when they maybe have to go negative and people realize that none of this worked, that ben bernanke's book, the courage to act, needs to go into the fiction section, because none of it is true, that -- >> actually, i would argue with so much of that -- but we don't have enough time for the show. people think it's the best credit in the world at a time when it's difficult to understand who the best creditors are. >> a lot of people -- >> the fed is probably able to buy back their debt or issue it much better rates than they were four or five years ago. right now the fed is in the cat bird seat. >> no, it's not. they felt they were in the cat bird seat right before the financial crisis. you would think there was a single person on the fed that had any concern about the housing market, about the mortgage market? they were blind as a bat. janet yellen was the leader of the deniers. she thought everything was great. there was nothing wrong. we were around the corner from a complete collapse. they have no track record of predicting anything. >> we've got 15 seconds left,

peter. short treasury, short u.s. dollar? >> i'm not short treasuries, but i am short the dollar and long foreign assets. long foreign stocks. look how much gold stocks are up this year. you guys have any of those? >> peter, great to speak with you. thank you. peter schiff. >> the thing about peter is this. i say this as professionally as i can possibly say this. he says a lot of things that make a lot of sense. the reason why a lot of people want to fight with him is because he's so damn polarizing. he wants to make himself unlikable. there's truth to that. he doesn't say much different than george soros, he just says it with a little more panache, i guess. >> what i have a problem with is just making these hyperbolic statements over and over again, as if they're going to happen tomorrow. people are supposed to be

running into the market and sell u.s. treasuries and buying gold, and buying foreign stocks. what does that mean? this happens over and over again. to me, yes, we can all -- this is a dangerous time. we know fed policy has been challenged. i'm not sure that they could have done anything differently. but we'll look back and it's going to be very easy -- >> would you rather that he say, oh, everything's fine, even though he doesn't believe it? this is what the guy -- listen -- >> i want people to give me trade ideas that actually are consistent with their view and stick to them, and not change -- >> long the gold and short the dollar? >> gdx is 63% year-to-date. s&p 500 is on a tear this week. is the rally a short squeeze? wait until you see some of the names that have been leading on the way up. an inside look at what could be the next big thing for whole foods. ♪jake reese, "day to feel alive"♪

♪jake reese, "day to feel alive"♪ ♪jake reese, "day to feel alive"♪

welcome back to "fast money." the s&p 500 surging nearly 2% so far this week. could the leaders in the rally be signaling this is nothing more than a short squeeze. breaking it down is a man who

loves the squeeze. dominic chu. hey, dom. >> if i'm going to be squeezed, melissa, i'd rather it be by the "fast money" crew. so thanks for that. as for the other kind of squeeze, of the short variety, it's interesting to look at some of this week's top performing s&p 500 stocks. you take a name like southwestern energy, which gained 13% just since monday. it's among the most heavily shorted stocks in the index. about 22% of total float is sold short. that's according to data from fact accept. the casino operator has managed to gain nearly 9% this week alone. it's got around 15% of total float sold short. then there's netflix, up 8% the last few trading sessions. a 9% of total float sold short statistic there. the single best performing stock in the s&p 500, week-to-date, is a name we've talked about before, chesapeake energy. it's up 17% since monday. and around 15% of its total

share float is sold short. melissa, it's not the rise in the stocks -- not that it's all about shorts that's being covered for losses. in many cases, there are certainly fundamental value driven purchases being made. still, short interest is something to keep an eye on for potential stock drivers ahead. back over to you guys, melissa. >> thank you, dom chu. >> love dom. >> he is squeezable by the way. >> he's squeezable. >> don't squeeze the charmin. >> in terms of the stocks with the short covering rallies -- >> i would take umbrage with some things he said -- >> i think in a lot of cases people have done very well with their short positions. maybe they bounced off the bottom. i still think there's healthy profits in there. netflix i don't think is moving up short covering as much as the hulu valuation.

we talked about it the other day. that valuation for that company is crazy. slap a $25 billion valuation on them, the netflix is at least worth 50 or $55 billion. >> the names that he had picked, swn, i think oil probably backs up a little bit here, 50 was the top. i would go with guy. netflix, i would still be a seller of wynn and swn, and chk. i think i would dabble in netflix. >> let's move to another market leader, applied materials. mike, what are you looking at? >> we saw quite a lot of bullish call activity. four times the average daily call volume today. the area we saw most of that activity was the july 25 calls, buyer over 25,000 of those paying 31 cents. making bullish bets that applied materials could continue its rally and be up 7% or more in about 50 days. >> who buys into the applied?

>> that was it. >> he was still there. he didn't run off like dom. do you want to ask him a question? >> i'm still here. >> he's ready for you. >> listen, i'm not going to say. i think the up side is going to be right. coming off a pretty ridiculous quarter that we talked about last week. and i think there's still some giddyap on the upside. >> the commentary from the ceo was extremely bullish, saying they're setting up for years and years of an upside swing. >> this is a smart trade. if you were long the stock, why not take the profits, switch it over to a call position and you're a happy guy. >> thank you, mike. mike's one happy guy. more "options action," check it out at 5:30 p.m. eastern on friday. bieber fever when it comes to one surging retailer. we'll have all the details on what's making the stock so hot.

jane wells is at whole foods to give us a look inside. take it away, jane. >> reporter: i'm jane wells in the silver lake area of los angeles. this is hipster central. i have spent the day inside whole foods' very first new 365 store concept. lower prices, as the struggling retailer tries to shed the nickname whole paycheck. we'll have the story next. i'm here at the td ameritrade trader offices. 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 and 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. td ameritrade.

welcome back to "fast money." shares surging after hours. >> who says apparel is dead. it depends on the type of apparel you're selling. and the pitch people you have selling it. pvh proving that retailers can make money in this market. beats on both profit and revenue and raising their guidance going forward. bringing down the brands for calvin klein, thanks in part to justin bieber, and jenner as well. increasing 13% in the quarter. hilfiger, a bit of a revival for

tommy. they saw declining sales for the label in the first quarter this year. revenues back in the plus column, up by 4%. currency to be the big factor for pvh. from international markets outside the u.s. they say a strong dollar is going to shave off maybe $1.55 a share. pvh's ceo on "mad money" tonight. >> people say, how is pvh going to get hurt by amazon? what do you say to people like that? >> amazon is a big customer. some of our fastest growing businesses are on fire. so, you know, we -- it's critical given our brands, the nature of those brands, and how they resonate with the consumer, we need to be where the consumer shops. that's what we do. >> there you go. that's a look at pvh. stay tuned next for "mad money." >> thank you, susan.

of course, we were playing that justin bieber video on a loop. >> can we do that one more time? or are you okay? >> pvh is one of these companies that can decide what the distribution channel is. maybe that's playing to their advantage here. >> it's playing to their advantage, yes. i can't hardly talk with this on. so i'm going to close my eyes. this stock is on a pretty significant downtrend. tim, stop! >> you're not a believer. >> no. >> let's shift to a different aisle. whole foods, saying discounted kale will attract the urban shopper. jane? >> reporter: hi, melissa. they opened in l.a. today, the first of what will be a separate chain called 365. it's based on their private label brand, offering lower prices to appeal to urban hipsters like justin bieber, who don't want to spend their whole paycheck on groceries.

we're talking about organic parsley for $1 a bunch. cale on sale for $1.99 a pound. prepared meals for grab-and-go, vegan restaurant, kraft beer bar. far fewer employees, more automation. they expect the 365 stores will take some business from other whole foods, but aiming more at other places. >> the quality is there, just presented in a different way. you'll find this is a compelling value. against the competitors i think you're finding we'll be very aggressive. >> will these prices translate to the regular whole foods? >> we've already been working on that for some time. i'm not sure we get enough credit for the progress we've made. over time, yes, they will. >> 365 has a loyalty program

which isn't an app, like starbucks has, but it's a bar code, you call it up on your phone and check out. rob said at least they're going to keep the program separate so they can keep track of how much they're shopping at whole foods and 365. >> they changed their whole business strategy. less organic and the stock is down 5% year-to-date. the chart looks terrible to me. there is a 13% short interest. so be careful. >> coming up, "final trade." & in a world held back by compromise, businesses need the agility to do one thing & another. only at&t has the network, people, and partners to help companies be... local & global. open & secure. because no one knows & like at&t.

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welcome back. time for a little fast but not least. 39 years ago today, in a galaxy far, far away, the original "star wars" was released introducing timeless characters like luke skywalker and darth vader to billions of fans. our very own tim seymour was in that movie, too. remember that bar scene? if you look closely, there is tim as luke and 3cpo in the bar. the short and brilliant acting career of tim seymour. >> struggling actor. you make a reference to the bar scene and how freaky people are? >> there you are. the top guy. >> i was filling in for "top gun."

>> schlumberger, i would stay in this name. >> gdx. >> silver. sld. >> starbucks, sister. >> i'm melissa lee. thank you for watching. see you tomorrow at 5:00. "mad money" starts right now. my mission is sim mr. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now. >> hey, i'm cramer. my job is not just to entertain but to teach you and educate you. so call me. or tweet me @jim cramer. what do you do with a rally by tech, oil and the finances like the one we had