kicks off tomorrow in new york. donate and support our own john najarian. spectators are welcome. >> they are, free. >> what's the best event? >> rowing, 500 meter. >> that's tough. good luck. mike, thank you. catch it on nbc sports. "fast money" begins now. tim seymour, steve grasso and guy adami. looking for yield. we've got a way that can generate additional income on every stock in your portfolio. apple gearing up for its annual worldwide developers conference. we're separating fact from fiction on what you can really expect to hear from the tech titan on monday. later, one momentum stock breached a key level. could there be more pain in store? we'll explain. first we start off with the brexit bombshell.

a london newspaper showing 55% of british people support them leaving the european union. the ten-year yield at lows. how concerned should investors be about a so-called brexit. tim seymour? >> to the broader market, i think obviously there's a mosaic of things. >> wow. >> in terms of the brexit news today, be clear of one thing, there's a lot of publicity forcibly being put into the press in this. in other words, the more people feel comfortable it's a done deal, and they will remain, i think the more actually it brings the odds up that they will not. what that means is actually the people that -- the more people that vote, the more chance there is it remains. i actually think this poll, if anything, will scare more people into actually voting to remain. that's the labor party folks that need to keep the uk folks in. i don't think the world has

changed that much on the brexit vote. if you're playing markets overall on brexit, it doesn't surprise me at the end of this week when you weigh a series of other things, including some of the biggest investors in the world, that have weighed in on markets, that the market is nervous, near all-time highs. again, with brexit, i don't think this poll means brexit will happen necessarily. >> near all-time highs, one index on the planet. every other equity index on the planet is well off those highs. i think that's a misnomer. i think we have to stop looking at just the s&p 500 here. the euro stocks, down 20% from the 52-week highs. >> they made a big run in a lot of markets. >> but to say we're at the all-time highs is not -- >> i'm not going to split hairs over this. the s&p is near highs, you're right. >> or it could be the safety play. >> or the safety play. i'm not a big fan of saying that. but it seems as though to your point, if you look at it on

paper, they're selling everything else. they're not so much buying it because they sold off the s&p, but they're keeping it a lot more level than the rest of the markets. >> that's a false narrative. if you looked at today, looked at your screens, what the dollar is doing, what the u.s. treasuries were doing, gold was doing, you would say, everything's fine. everything's not fine. it looked really like -- >> why would you say that? >> well -- >> ultimately i'm telling you that i think markets have a lot of complacency in them. i think a lot of markets have run very hard. maybe the s&p is higher than most. people have actually been feeling a lot more comfortable than they should. >> you can disagree all you want. the fact of the matter is, we saw a market reaction on the back of this poll. it came out around 2:00 eastern here. how does this impact the fed meeting next week? because that's the logical sort of next catalyst for the markets here. >> which is, i think, one of the reasons the market came back the way it did.

people were connecting the dots saying, maybe this will put the brakes on the fed. maybe we'll see them back in december. maybe there's a chance u.s. equities rally. i'm sort of with tim on this one. i think cooler heads will prevail in terms of this whole brexit thing. but i will say this. bond market is still going to go higher, in my opinion, and the gold market will go higher, in my opinion. you can make any inferences you want to make. but there's clearly something going on. these european banks were going lower before these headlines today. b.k. has been on this for a while. we can agree or disagree the reasons why. but i think there's a chance that what ails them there could ail us here. >> let's follow the scenario and say what if there is a brexit. what happens? what happens to european banks, european stocks? what happens then? >> i think ultimately european banks are priced in. i think european banks have a lot of stress points. brexit is a small part of it. i would prefer to say, if this is the first brick of the european union and truly this

whole experiment and on its way to unwinding the euro, i would be going after italy and spain. uk stocks which derive most of their earnings from abroad, will benefit from a weaker currency. you're probably buying european stocks on brexit. >> or before brexit. >> what did you see today? in the middle of the day, you saw the dixie spike. the s&p sell off. i would guess that would be the knee jerk reaction if it does happen. to tim's point, i guess a lot of this is priced in. what guy was just saying, maybe the european banks have signaled that they thought this poll was going the way of brexit. >> let's get more from chief investment strategist. holly, welcome to the show. >> thanks for having me. >> how are you positioning for brexit, if at all? >> we've been factoring this as

a risk factor since the beginning of the year. we're not positioned specifically for brexit. we still think there are fairly low odds of that occurring. but we are positioned for a number of event risks including brexit. one of the things we've been doing is end of cycle planning and ahead of the key events, adding bonds in clients' portfolios about four weeks ago. another way we're thinking about our positioning is to really hold the core overweight to the u.s. japan, europe and the uk in part related to brexit related risks. >> in terms of bonds, leading up to brexit, that might be a safety play, thinking that that could be a possibility. but let's say there is no possibility. what happens at that point? is that one of the trades that's extremely vulnerable post-brexit vote if there's no brexit? >> i think from a bigger term perspective, i don't think there's a bigger risk in bonds, when you think where the policy rates are in europe and japan. we think that for at least,

bonds are going to be in a relatively range bound position. >> what else is a, quote unquote, safe haven play? could u.s. stocks actually turn out to be the safe haven play compared to stocks in other parts of the world? >> i think on a relative base, yes. even as you -- if you think about increased recessionist over the horizon. the u.s. has tended to do relatively well even in volatile markets. >> holly, great to speak with you. thank you. >> thank you. >> holly macdonald, bessemer trust. now that brexit is maybe a more real possibility, let's get to our brexit playbook. what do you do if there is a brexit? tim? >> ewu is the one to play. i think that will come under

pressure. i think yields can back up outside of the core. if the world is so bad, it's so bad because italy and spain don't belong in the same play box with germany. that's why the euro won't work. those are trades that make a lot of sense to me. >> i think you do what we saw today happen. buy the dollar any way you feel comfortable buying the dollar. it's a negative bet, a bearish bet on the s&p. if the s&p outperforms in a relative basis, i think the overall market sells off. and the s&p market sells off with it. >> dan? >> i think you look at the euro stocks. to me, i think you have a setup where there's not a lot built in either way for european stocks right now. i think european stocks are actually following their bank stocks, which look horrid at the moment here. i think the fez is where to play over the prior lows. >> if it were to happen, yields which are historically low across the world will get lower than they are now. i think the u.s. ten-year is at

1.65-ish will look extremely attractive to people. if this were to happen, i would go tlt. >> all this tells me is that all of these are going higher. if yields are going higher, the world has stayed in the complacent zone. you're in a place where people -- if the bears have real, i think ammunition that rates back up. suddenly no one can finance themselves in a higher rate environment. if yields stay low, which everybody is saying -- >> what happens if -- what happens if it pushes you into a global recession. >> the brexit does? >> tim, i heard you say earlier on the air, you want to be in hard assets. the way i see it, i'm looking where all the negative yield in sovereign debt is. it's in europe and japan. those equity markets are down from the 52-week highs. i don't think there's any reason to believe, other than the

relative strike trade, what is going on. no doubt about it, that is why the s&p is 2% from the all-time highs. i think there's a strong case to be made, you see the ten-year yield back to the all-time lows, that the equities are going to be lower in the u.s. >> netflix tanking to the tune of 3%, falling below a key level. could there be more pain ahead? apple gearing up for its worldwide developer conference on monday. should shareholders be expecting any surprises, and what it means for the stock. forget gold and oil and other group of commodities that are surging. great news for one stock in particular. we'll tell you what that is. stay tuned. thank you.

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show me "previously watched." what's recommended for me. x1 makes it easy to find what you love. call or go online and switch to x1. only with xfinity. net flirks kicking off the top trade tonight, falling to the tune of 3.5%, back below $95 a share. guy pointing out this fishy action lately. >> i thought it was a great month. i thought the hulu valuation gave a lot of reasons for people to be bullish in netflix. it turned out to be right for a while. but the last couple of weeks it's gone from 107-ish down to 93. it looks vulnerable once again. this has been support.

but you know what, the more times it tested the support level the more inclined it's going to break through. i still love this story. there's clearly something bigger going on right now. >> in terms of a price action perception, the overall indices are just less than a percent from all-time highs. >> this stock anytime we've seen market weakness and volatility, this stock will go after it. if you believe the things are really nasty, this is a 300 pe, a stock that's slowing dramatically domestically. the international game is not going to be what the domestic game was. and i think it's a great company that suddenly is not going to trade or be worth that valuation. the way the stock trades to me, every time we've had market volatility, this is a stock i go after. >> look at xlu utilities versus netflix, you see the mirror image of each other. if this is going to be the environment where they run out of gas and people search for

yield, they will not be looking for netflix. >> i would just add two things. obviously there's a huge secular shift toward the content, and the way people were taking it. netflix is kind of amazon and primetime whatever you do, grasso. >> i'm not really sure. >> there are a lot of other things. there's no guarantee, i think to your point, tim, the original content that worked so well here is going to have the same impact. >> it won't. >> all right. still ahead, it's not just gold and oil having a wild week. setting up for the perfect trade. i'm melissa lee. you're watching "fast money" on cnbc. here's what else is coming up on fast. >> be very, very quiet. i'm hunting for -- >> a yield. have we got a way to find it right in your portfolio. we'll explain. plus, here's a glimpse of what

the new siri could do. >> tell my wife if she has a problem with mir work schedule, she's more than welcome to get a job of her own. if watching "ellen" is a job, she should get a promotion. >> message from your husband. i appreciate you. >> just kidding. but we will have a special report on potential changes to siri. when "fast money" returns. every year, the amount of data your enterprise uses goes up. smart devices are up. cloud is up. analytics is up. seems like everything is up except your budget. introducing comcast business enterprise solutions. with a different kind of network that delivers the bandwidth you need without the high cost. because you can't build the business of tomorrow on the network of yesterday. perfect driving record. >>perfect. no tickets. no accidents... >>that is until one of you clips a food truck,

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welcome back to "fast mon " money." i'm josh lipton. apple stockholders are gearing up for the conference which kicks off on monday. let's get to the three big things to watch. first, expect the usual upgrade to the op pl operating systems.

there are rumors of small changes coming, such as design tweaks, making it more colorful and updating icons. the biggest potential new features could have to do with, one, apple music. their report suggests the streaming service is going to get a makeover. in april, apple said it had over 13 million subscribers. better integration of the streaming and download businesses. if apple is going to sell itself now as a powerhouse service play, apple music needs to be a hit. also, siri could play a starring role in the show. ceo tim cook needs to make sure developers, customers and investors all know he's keeping pace with rivals like amazon and google when it comes to the virtual frontier. those are the three key things to keep an eye on at next week's apple conference. melissa and the gang, back to you. >> thanks so much, josh lipton. where did guy go?

oh, wait, he's out at times square. >> where is that rascal? >> there he is! >> there he is. >> i'm with my man, kamar. do you know this siri woman? >> no, i don't. >> neither do i. craziest thing you asked siri for? >> what's the temperature like. >> why do you need to ask what the temperature's like? >> siri, can i have more money? >> how did that work out. >> she said, no, you're broke. >> well -- >> spit it out, go ahead, tell the world. >> does my boyfriend really like me? >> what does the fox say? i like the goofy answer. >> what does the fox say? >> ring ding ding ding ding. >> what's my future going to be like. >> what about you? >> who i'm going to marry in the

future. >> you are very photogenic on camera. >> say that again, i'm a little hard of hearing in that ear. >> i said you are very photogenic on camera. >> you don't have to ask siri that. >> thanks, guy. hurry back, guy. for more on siri, let's bring in, well, siri herself. siri, welcome back to fast money. we are happy to have you with us tonight. we've got a few questions we'd like to ask ahead of apple's developer conference. >> of course. >> first up, have you been to apple's headquarters recently? >> no, i am no longer allowed to visit. i had too many bites at their last event. >> siri, what will apple unveil on monday at its worldwide developer's conference? >> cats and dogs and cats and dogs -- that's just a little siri humor. actually, they're going to announce a new purple iphone in honor of prince. >> that's not bad.

our thanks to siri. siri, of course, is also known in real life as susan bennett. let's trade apple here. is this something that you trade off in your view? >> i'm out of apple. i sold it a couple of points ago when it broke that 92 level. that was important technical level. i'm waiting to get back in. for now, i think it's a sideways to grind lower. >> i don't think expectations are particularly high -- >> a purple prince phone sounds pretty good. >> they're talking about colors. the last watch event we got watchbands. we didn't even get anything new. to me, i think it really is all about the iphone 7 coming in september. if it is the same factor of the success, i think the stock's going to break off the 90 level. >> siri's got a good sense of humor. >> i was out there for -- i ran out there and back, by the way. they didn't really know who siri

was. i know that's not a huge driver for the phone, not like they're making money from it, but a lot of folks making siri out there. >> siri has been proven to almost absurd. >> we should have asked siri that. >> to me, this is not a driver for the stock. the drivers for the stock as dan said, it's probably an iphone refresh. i think apple music is very important for these guys. again -- >> i think the bigger issue, siri is not important. that was the big thing when they launched it a few years ago. maps has been disappointing, music has been disappointing. if you piece together what a service offering looks like, they'll have to do a much better job than they have in the past. >> do you think it's apple's attempt at ai and how it's going up against the amazon echo and how that's catching fire a little more? people have that device in their living room and say, hey, alexa, find me pizza, or something like that. >> i think the things that move

the needle for apple are not enough to move the needle enough. when you look at things that will be the future, it's virtual reality. they'll have to buy somebody for that. you have to get excitement back to apple. if you look at peak sales in a lot of different things, peak phone sales, it's negative for apple. >> it keeps coming back to what could be a driver. a lot of people are discounting it, not a big deal. that could be the one thing that continues to drive their ecosystem. >> a news alert on viacom. dom? >> melissa, gang, what we have right now is a story coming out of reuters, saying that national amusements, which is the summer red stone run trust, is moving to consult with investment bankers to possibly look at a strategic option for paramount studios. this is all, again, citing a source or sources familiar with

the situation that are not authorized to speak publicly. but the story goes on to talk about the idea that, remember, paramount studios has been an interesting tidbit in this whole saga around what's happening with viacom. the current ceo of viacom had at one point talked about a possible stake sale in paramount. over the past week or so, we heard the sumner redstone run trust has put up some hurdles with regard to needing to seek entire board approval before they sell any kind of a stake. this is an interesting change here in that there may be, again, if this reporting is correct, if it comes to be true, that they could be even looking at any kind of a sale or partial sale of paramount, even without the ceo. an interesting development in the ongoing saga with what will happen with viacom, given sumnerredstone and his current position. >> this would imply perhaps

there's more that could be explored, maybe a sale. would that make viacom -- >> viacom is too cheap in my opinion. i think you can buy viacom against the rest of the sglpace. >> time for the "final trade." >> uk stocks have been sideways. they certainly sold off. the ewu is the way to play the uk stocks. i think you let the currency adjust a little bit and then buy this after brexit. >> grasso? >> my "final trade" a couple of days ago, if you were lucky enough to be in it and take profits, no one's going to think poorly of you. with the west lake acquisition that they just made, i think that ups the valuation on olin. >> stick around for "options action" right after the break. we'll talk about a way to use the iwm, the russell 2000, as a portfolio protector. >> we've got great people. another one is leaving us.

anna is leaving, going to california. >> congratulations! >> great job she does. good luck, anna. >> that will do it for us. more "fast money" on monday. "options action" starts right after this. at horrible smells are really good at hiding. oh, boy. there it is. ♪ ohh. ooh. [ gags ] so when you need a house cleaner or an exterminator, we can help you get the job done right, guaranteed. get started today at angie's list, because your home is where our heart is. ♪

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hey there. we're live at the nasdaq market site on this tough afternoon for stocks. while they're getting ready, here's what's coming up on the show. >> england! >> yes, you can add that to the growing list of concerns. but relax, we've got a way to protect your whole portfolio for less than five bucks. plus, here's how thursday's investors are for yield. we'll break it down. plus, forget gold and oil. another group of commodities have gone hog wild.