chris, thank you for joining us. good luck getting back to toronto. that does it for closing bell. mike, we'll see you tomorrow. have fun with the cats tonight. "fast money" begins now. "fast money" starts right now. live from new york city's times square, i'm melissa lee. your traders on the desk -- tonight on fast, wells fargo making quite the contrarian call saying not only that gold's run is done, but it might be set tig up for a massive plunlg. we're sitting down with the man behind the call. plus, a flashing sell sign. we'll tell you what that is and how you can protect yourself and later, a top adviser told its customers they couldn't sell stocks during the brexit swoon. one regulator says the company did not act in the best interest of its investors. first, we start with the markets. global yields hitting fresh record lows from japan to here

in the united states and the hunt for yields continues. staples, which hit a fresh high today, but are those so-called safety stocks now the ultimate danger trade? take a look at that. the pes for the 2016 growth, which is practically anemic. >> well, first of all, part of the problem here is we're talking about staples. if you're talking about the head wins, if you're staples retarial, you want inflation. that's going to add to your top line revenue sales. their core group and the kour households, growth is not there and there's no inflation, so start with that foundation, which is not terribly good. we're in an environment where companies have very solid business models. and they have extraordinary yields. why shouldn't they trade at a premium. when i look at where we are in the market cycle and if we are late economic cycle, joe

yesterday for example, you should own these names and you should own them and you shouldn't be blindly just diving into them. there is relative value in this space. ewan lever is one of the names i want to own because these guys have growth. they are a core uk exporter, at least a lot of their businesses uk export and that's very interesting. >> it's all about yield. that's all that matters. that's all anybody cares about right now. if it has a yield, it gets a bid and that's it. now, that can be very dangerous. that is public like territory. i've mentioned this before, so, if you're buying that fresh 52-week highs for a 3% yield, you are buying into a bubble and when they reverse, three mutual funds don't do suspensions because they're ill liquid. everybody's in the same trade. it's all the hunt for you. >> actually, it's very

different. >> it's hard to sell a building to get out of that nuclear property fund. >> my point everybody's crowded into the trade. when everybody runs for the door, you're going to have problems. no different than feign stocks when we had that sell off in january, february. they got crushed. >> xlu, you could have said they were overvalued at $43. you could have said $53, so you could have said that argument and i don't really argue with the basis of it. i argue with it in practice. we watched this from the december rate rise. and we've seen everything you thought about the opposite happened. when people start talking about overvalue, you have to have a multiple on it. we've never seep an environment like this before. >> it's about yield. >> it is about yield and about negative yields around the globe. if that number keeps going higher, these stocks keep going higher as well. >> the question is, when do you get rid of fundamental valuation.

take a look at for instance, we pulled up just not, paying the 46 pe for sales growth estimated to be negative .12% for 2016 and you're getting a yield slightly above the s&p granted, but you're paying 45 times for negative sales growth. >> i can't understand it because if you do it for the yield one crappy day, there goes your year's worth of yield. inning they have more room to run, but i don't the thesis behind buying. kimberly, behind buying say a png here. i don't get it because you've got to hope that it goes that the valuation goes even higher. because you have that yield, but you're not, say they have a yield doesn't in any way account for the risk that you have. this is not a bond. the price you u buy it. >> think about what you're talking about. >> i don't think it's a

crazyiest thing, but i don't see it as attractive here. what's the theory behind owning here? >> it's yield. that's my exact point. >> i agree. >> all fundamentals. don't worry about fundamentals. it's going to be different this time. it's not different this time. they will revert to the mean and this bubble will pop. >> i tell you what -- they will. >> two things. if you are the -- and i believe you are, that yields are going to the floor and we're in a longer environment because the world is a dangerous place. then why wouldn't you want to stay in these stocks? that trade is going to work. you've said it, i've said it. back to proctor and gamble. it's a company that's been dead in the watt e for five years and if anything, i think there are some things going on there that over the next 12 to 18 months may by dividends and divestitures, the change in management, the fact they are cutting costs. i think there's an argument a that at least company by

company, i know karen is speaking in generalalties, but i think that's what you have to do here. it's like always. you can't just go buy stuff. you have to look look at a company, in the face of global growth increase. >> the irritation out of these stocks into other stocks. >> if it goes and not seen as classical defensive names. >> if i don't care about what the crowd needs. when you look at staple, truly defensive stocks. >> i'm asking you guys to throw out the labels. what are the new safety trades? if you want to go for yield, where to you go? >> i have a problem with p premise. what are the safety trades and

if you want to go for yield. >> these so-called safety trades which may or may not be safe, but throw in the conventional labels, say what we think as safety trades given what we're paying for them in terms of multiple. >> i think it's a place where you have ralluations that are supportive. in health care, you have earnings revisions that are not getting destroyed. you have earnings growth, dividends on average about 2.2%. scary times. if those are valuations by the way, and you have central banks cutting rates. so both tim and -- make great points. it was my personal opinion, so if you have to look at these

particular stock, the one i own for yield, cme group. if there's nice volatility, they should benefit from that. >> i don't look for yield. it's not a factor for me. i like companies that when you buy the stock instead of yield, get taxed on dividend, but that's okay. very attractive and the head wind now is questions about their merger with csigoncigna. it's u.s. entirely. i feel safe there. >> staples, still long on. intend to stay long on. utilities as well. so i think that once all those details stop, once you see a raising rate environment -- so this is the end, but we traded at 280, this might have been a big day. >> speaking of quote unquote

safety trades, gold prices are at two year high, but the gold bond is done. >> what do you see happening here? >> it's a bad risk. it will go back and retest the lows of this cycle. so, what happens with commodities typically and gold is a commodity make no mistake, you get a bounce. you get some reverting. we just saw it. but what typically happens, it starts to peter out here in the next few months and it will go back and retest at 1050. maybe next year before it happen, but the technical chart at this point says maybe 1400, maybe 1440 if you're lucky, but 1050 is a downside. doesn't seem worth the risk to me. >> so, to be clear, you're telling clients to get out of gold because you see the risk to

the downside. risk reward is pointing to the downside? >> i'm saying it's not worth the buy. my main call is straenlgic. if you're in it, it depends on what you're doing. short-term, yeah, i get out. longer term, sit with what you have, pare it back as it starts to move up in the next month or so. it's a better buy, so if you're thinking longer term, anything beyond the next year, you're probably going to get a better buy than 1365 than where we are today. >> i don't get gold generally, but i have a particular question. forgetting the commodity nature of gold, but more as this sort of you know, flight to real asset or something like that, in this post brexit, it looks to me like it was a very mild rally. on what could could have been a very -- is is that your way of thinking. >> it's one of these you think

about it, where were we 1320 before this happened? there was a day we dipped below 1300, but we were in the low 1300s, with efg that's happened, the most we got was 40 bucks? yeah, it definitely plays into my thinking. when i look at the technicals, everyone seems to be piled into this trade and just understanding how commodities work over these long cycles. everything points to it's a bad risk. >> first of all, stepping out there with that view, i think it's interesting. one of my views is that this has been a three-year bear market for gold. three plus. you gone through this period where reverks of the mean is still hire. the other part is what do you, how do you make or reconcile the fact that pgns across the space around. platinum, pa a pla laid yum, si. all the precious medals are rallying. part is underinvestment in a sector. capacity and cutbacks for three

or four years and a lot of supply has come off the market. >> yeah, so two points. good point. the first one typically what happens in these bear markets is that healing process you're talking about that we went down for three years and now all of a sudden, supply and demand have balanced. the history of supercycle shows it isn't typically balanced the first balance. it takes a long time as in a decade plus before the real bans comes. so be weary of that. the second point though. i like platinum. so if you're going to play this trade, it trades a at roughly 28% discount to the price of gold. historically speaking, last 40 years, platinum has traded up 30%. premium. so, you can play that spread. i think that's a good trade. buying gold though long-term doesn't make much sense here. >> thank you. wells fargo. 1050 is his level. >> i think gold's in a bull

market. i'm long gold. he had a tremendous run. so the trader in me says do you want to buy it at cent highs, probably not. but if we talk about wanting the safety trades, i'd like at the gold miners on any dips. grasso's been on this year years. i think they're up 100% this year. >> if you believe then miners are going to collapse. >> so, you have gld that's up roughly 25%. gdx that's up 110%. so you see that outperformance up and down. they will get crushed and they are overborrowed right now. you see a good nonfarm payroll on friday, then i think you're going to see this collapse in gold, but until we see a lot of these seeds being planted, i think it's longer than the two. >> up next, it's a sports live streaming tool today with kovrnl of wimbledon, was it a hit with users? plus, brexit may have weighed on the global market, the ipo

business is going pretty strong with the biggest public offering in 2016 set to begin trading next week. a special report on what to watch and later, a flashing sell sign for the market? one important group of stocks just entered a dreaded death cross. we'll give you the hall of fame and tell you how to protect yourself.

welcome back. western digital rallying after hours. >> hey, melissa. shares are up about 3% after hours. the company raising its fourth quarter guidance following the completion of a $16 billion acquisition of sandisk to 72 cents per share versus the original view of 65 to 70 cents. the company sees revenue of about $3.5 billion. western digital announcing mark long will you can seed olivia has cfo this september. this stock down more than 20% year to date. >> all right, thank you very much. you know, it's really been a roller coaster ride for western digital shareholders over the past month or so. >> down a lot more than that.

>> so, this could be the momentum that you would get so for me, i don't mind it. >> now on to twitter. trade tonight, the social media giant rolling out the live platform with kovrnl from wimbledon. a stream of related tweets on the right. back in the fall, twitter announced it paid the nfl $10 million for the rights to stream some of the thursday night football games. >> yes. i think this is the beginning of these guys beginning to kind of tap into this success of the nonlogged in audience, which they've been trying to become the metrics of. we know they use have flat lined at best. some are saying their going to start to pull back.

and so bring it on, mash it up, they have a secondary -- makes it its own form of content, so i think advertisers want to be attached to some of this. i think in term os f it have product and the functionality still up in the air. i roged in today. thought i was going to see mcenroe borg playing. missed something by about 30 years. i think you have a case where the company is starting to find ways to utilize its core presence, which is about being a second derivative of news. trying to take advantage of broad-based audience that doesn't have to be a dedicated twitter engaged user. >> you know what i noticed over the past few days or so, "usa today", which is probably the most mainstream of the mainstream newspaper, they had a big article on jack dorsey and the headline was dorsey hasn't fixed the trouble with twitter, which made me think twitter

connection. post brexit, the stock is up that 7%. >> i've been a long suffering holder of twitter. i've scaled down my position as the stock has been scaled down as well. bob packer, his price target is still around $18 and the stock is below that. i don't think they fixed the problem either. i'm sort of hopeful for the stock to return, but i'm not optimistic. >> up next, much more on the developing story on tesla in the pennsylvania autopilot crash. all the latest details. in the meantime, here's what else is coming up. >> and intors have something to scream about with transports entering swoo a death cross today. this isn't a warning sign for stocks. he'll explain why. plus -- that's basically what's been happening to shares of

deutsche bank. and it looks like the bleeding won't stop there. we'll tell you why new lows could be right around the corner. much more "fast money" after this. thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it? you do with comcast business. it's reliable. just like kung pao fish. thank you, ping.

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and this involves the model x suv crash in pennsylvania last friday. remember it came out yesterday afternoon. that the driver of this vehicle that hit one guardrail and then went across and hit a concrete barrier in the middle and then flipped out, he said look, it was in autopilot and at the time, that's all we had was his word to a patrol officer. now, tesla as well as n its a have more to say about this accident. late today, the ntsb out with

statementsy saying they are looking into this crash collecting information. tesla and the driver of the model x involved in a crash on july 1st to determine whether automated functions were in use. n its a announced last week it is investigating the systems in these model ss and xs to see if they are functioning as they are supposed to be or if there's a defect or if it's driver error, what exactly is going on. tesla has said all along, drivers must stay alert. with this accident in pennsylvania, tesla out with a statement this afternoon, one of many they released on this crash saying tesla received a message from the caraun july 1st indicates a crash event, but logs were never transmitted. we have no data to indicate that au autopilot was or was not

engageded. it is not possible to learn more about access to the vehicle's bonn board box. we have tried, but have been unsuccessful to reach the owner of that vehicle to get his side of the story in terms of what happened, but clearly, this is more about this investigation from federal government, melissa. into these autopilot systems and how they are used and how they are functioning out on the road in the real world. >> the time frame on this crash between when it happened and when it got to nhtsa seems more compress compressed. what's your thinking? >> hard to say. because the accident happened on friday and the first news reports came out yesterday afternoon, that it wasn't until then that the person involved in the crash or the local newspaper in pennsylvania put one and one together saying wait a second, is guy says he was in autopilot mode, the it is not uncommon after a high profile

event, that you have to come out and say that happened to me, too. later on vest garretts find out that it wasn't the case. what they claim to have happened didn't happen. unintended acceleration cases involving toyota a number of years ago. there were people who said my car just took off on me. later on, so hard to know exactly what happened. still need more details. >> thanks so much in chicago for us. whatever has happened to this stock or allegedly happened with this stock over the past ten day, there has been a lot of new, the stock has traded like a champ. ten days ago, it was at 1.88 and change and now, it's well 200 despite this news. >> is that trading a function of people thinking the solar city element here is not something that can go through. i think that's, if you look at the long-term vision of elon musk and how he wants to

integrate both the transportation side residential solar, essentially make the world safe from fossil fuel, very admirable, impressive. clearly, there are synergies. what should tesla be valued in the middle of that. >> i think that's a good point, but within the same time point, solar cities shares have also gone up. if you think the deal's not going to go through -- >> why would the stock go up if there's a bailout? if the tok, if it's viewed as bailout -- >> i think it's exposed the value in solar city. i really do. i think this deal is is very important. i think people realize this stock is getting thrown out on capital issues and concerns about free cash flow. >> on the tesla trades. >> i think -- the number one thing that takes the stock down is production numbers. when people say production should be x and you're subbed wii 10% or 15. >> but they say it should be x.

>> people have stocked the community, we're okay if it's 20% less. they're not really held to the flame when it comes to production number, but that will be the number one reason why the stock fails. everyone gives it the battery issue. the technology advancement. all these different wild cards of how we're supposed to value the stock. ultimately, if you cannot produce a car, it's not. zwl come up, a top adviser told its customers they cannot sell stocks during the fallout. one says the company did not act in the best interest of investors. later, think it can't get any worse for beating down deutsche bank in think again. why one trader is makinging a $1 million bet on new lows ahead. much more fast after this.

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welcome back to "fast money." stocks bounces back after starting the day in the red. the s&p closed higher by a half a percent.

second half of the show, how low will deutsche bank go. we'll take you behind the eyebrow raising trade that points to double digit declines for the bank in the next month. plus, after a slow start to the year, the market is heating up. we'll give you the names you need to watch in a special report. be but first, start off with the trapz ports entering the dreaded death cross today. the space is down more than 4% in just a past month. hi, dom. >> motoring melissa, whatever you want to call it, we're tryinging to keep an eye on some of the hot and cold spots. the story is is both hot and cold to a certain degree. the hotter side of things, it finished pretty much in its wos, got a bit of boost. median turn down trend in the

transportation index. really, it's idea that it entered into this death cross formation with a shorter term average price drops below. doesn't necessarily mean worse times ahead, but something traders are watching. there are 20 members of the index and over the past three months sh it's been very clear what's been trading heavy. airlines, airlines, and airlines. now, in that time frame, the six worst performing stocks out of those were airline stocks. southwest, jet blue, delta. alaska. american. united continental, the worst performers and with delta's warning of lower margins yesterday, melissa, a high flying trade is apparently losing some altitude, so we'll keep a close eye on transportation stocks. back over to you guys. >> thank you so much. so, this debt cross in transports a warning sign for stocks? off the track to today gordon,

trading analysis.com. >> the death cross is in progress right now. and you can see that it happened back in 2015 and it led to a significant down trend. the channel, the question right now is is whether this continue. we move todd next chart, i'll show you a very interesting divergence to drive this point hoim. in orange is that transportation index. it's come off quite sharply from the 2015, notice the s&p, which we've had in blue, has made a new high relative to late 2015 where the transports have not made a new high. so, is that a sell signal? dom actually just did a nice little piece. kind of stole my thunder. he hit the nail on the head. it's all because of airlines. the index in transports are indistinguishab indistinguishable. the reason is crude oil has come back. sinking the airlines. rallying back i think is a

broader signal, so this doesn't say sell stocks. crude oil's coming back. that's the reason i believe stocks have stabilized. has really hurt most transports, so i say ignore it. >> todd, thank you. trading analysis.com. who takes the death cross the transports, the leading indic e indicat indicator? >> there's something to it, but i think what was interesting was that divergence. all about yield. 2%. iyt. yield. 1%. that's your divergence right there. >> the airline are getting just so clobbered, but the valuation, really. >> the valuation is so bad. so bad. that the industry's never been

in better shape. >> credit suisse today downgraded united an american saying we are late to the game, but we expect several quarters of disappointing -- >> not trading like -- >> ahead. still ahead. >> having the traded like we have a recession in 2017 and that the airlines are already pricing that in in terms of their demand. in the trucking and lodgistic name, you've got a lot of capacity. you have soft demand and that's clearly been a head wind. not the entire space. fedex if you want to go for the gran daddy of them all, to me, they've just reported recently, they beat the street. accident ground demand. it's growing 10%. tnt is a big question and it's an xuan known, but that is a name that i think you buy and it's continuing to show strength. >> spirit airline, mentioned it last night. all the other airlines are down close to 25 to 30%, so they're not as great on a valuation

basis. but spirit is up 9.5% still after taking a bit on the chin. if they rally back, they'll probably go for this one first. >> how close are you to nibbling on the airlines? you're in. >> no, to me, five is moving along. never get a ten. rarely do you get a ten. >> so you don't believe in great inflation. >> i don't, no. >> last week, they got thrown around by brexit and any plans. that was before delta's warning et cetera. i think you have a trade here. >> still ahead, the ipo market is heating up and it could be a good sign for stocks. bob pisani has a special report, plus, share of deutsche bank down nearly 50% hitting a tresh record low today.

one trader says we have not seen the lowest low yet. much more fast money right after this. eyork hard. wow, that was random. random? no. it's all about understanding patterns. like the mail guy at 3:12pm every day or jerry getting dumped every third tuesday. jerry: every third tuesday. 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. td ameritrade.

welcome back.

while everyone is focus on the aftershock from brexit. the ipa market has been quietly coming back. hi, bob. >> brexit fears may have slowed things down, but the ipo space the finally starting to pick up speed. it's about type. we only saw about eight new fines in the month of may, but a flurry of filings last week. set for july, on monday, japanese messaging app line raised the price rage range of its upcoming i prk o. the first one to do so this year. talk about 35 million share, 2850 to 3250. the biggest ipo of 2016. over the bill dollar mark and a dual listing. they'll start trading next thursday at the new york stock exchange, next friday in tokyo. also, you guys were talking about consumer names at new highs. guess what, there's a bunch of consumer names coming. yesterday, advanced food holdings, this is big food manufacturer announced terms they'll likely begin trading

next friday at the nyc. that's a big one. just recently filed. yetty holdings, coolers and outdoor gear. they had $600 million in sales last year and acushnet. there's not much tech, but there are reports that fox con may float an ipo of its cable and connecter unit in hong kong that might raise up to a billion dollars. no word on pricing or timing. the biggest surprises, how about an oil company going public? could you believe it? centennial resource. an oil and gas exploration and production company. they just filed for an ipo recently. this would be the first exploration and production company to go public in almost two years. this one i want to see again. no word on the price. so we're finally starting to get a little action here. >> stocks are like the new bio

tech ipp oz. the zbl the dow could be down 400 points, but clorox is at new high. >> do you think these are the absolute trophy properties sort of the cream of the crop? how long does it take until the ipo market rs really open and in a, i would assume the ones that are ready to go now will do nicely because they're really good. >> what you want is companies number one that make a profit. or have a very, very clear path to profitability. all of these companies generally coming out now have either profitable or cleared past the profitability. i know coolers doesn't sound exciting, but they make money on a regular basis and when your coming out of the the kind of disaster, that's what you want to see. because that's what weem want to for cutting the price down. >> bob, thank you. at the new york stock exchange. >> those cooler, they keep your

chili chilly. >> or sasquatch. another name for it. big foot. sasquatch. >> wow. talking about a marek of coolers and food manufacturer, dwofl balls. >> that's what's interesting. they're quality ipos coming out where a year ago, they didn't make any money. >> unicorn. >> so again, people were saying these guys were never going to do investment banking deals again. at the end of the second quarter, we started to see that thawing a bit. the beginning i should say. that's something -- >> i don't think the price, unfortunately, the first domino is the yield curve. looking at them as non-profitab non-profitable regardless of how much profitability they have. they're not going to pay for that. specifically banks not cools, but i'm shocked tim just jumped in with that cooler.

>> hifting gears here. european banks continue to feel the pain in a post brexit world. mike in massachusetts with the latest. he's back at the chinese restaurant. story here. >> you know, biggest bank i don't know, how low can it go is really the question. right now, deutsche bank options are about three times as expensive as they were a year ago, but that didn't stop somebody from going out and buying over 9,000 of the august 12 put, so deutsche bank could fall below 12 bucks or below 11 by auction expiration. earnings we're going announce on august 27th. that would be a decline of about 15 plus percent. deutsche bank down to about 15 billion u.s., which is arn the

2008, '09 credit kriss lows. people are paying up. for deutsche bank even after the big decline. >> sort of an interesting trade there. to me, it begs the question isn't the 12 call then attractive. given the potential volatility here. so wondering if that's ahead for someone who's long. so you have the stock long or be long the call. how expensive do the call, i'm sure it's gigantic, fwu risk reward is also very big. >> that would cost you also about a dollar worth of premium, plus how much is already baked into it. that call would cost you two bucks or just under 20% of the kournt share price. i don't know if that's cheap. when you consider the size of the balance sheet relative to

the market capitalization, you know, volatility should be very high. those options should be expensive and if you're inclined to make a bullish bet, i think you'd be better off -- >> i have some small short, been taking them off a little bit. what mike was talking about, but deutsche bank is the epicenter of the european banking crisis. italian banks still look terrible. oil continues to grow lower. for me, i would you can remain short deutsche bank but trade around it. >> there's an article, two or more than a billion dollars in shipping loans and that europe was the step center, which i didn't know of shipping lending. >> exactly. huge emerging market lenders, which tim will tell you things are better there. but market saying differently.

>> check out the show. full show 5:30 on friday. our thanks to mike who got into the restaurant. still ahead, add virz from betterment remains in the spotlight. we'll talk to the massachusetts secretary of the commonwealth about why he thinks they got it wrong. that is next. you're watching cnbc, first in business worldwide.

i would put notification in the app, we've delayed. that's what we do as an add virz. it's our obligation. we did the same thing and would do it again. >> that was john stein who joined us exclusively last week to discuss his firm's decision to halt trading for over two hours following braex it, but one of the nation's top -- has taken issue. he joins now in a first on cnbc interview. thanks so much for joining us. if he was doing what he thought was best for the consumer, for the investors on his platform, not a day trading platform.

they make it clear to consumers if they can't get the best execution, they'll shut down trading. what did they do wrong? >> they didn't notify them. he admits that now. we have a real problem because of this effort because it deprives the customers of liquidity. the circumstance of this case might not be replicated. it could be a different circumstances. people need access to funds. dwoent think this is appropriate. we certainly want to know much more about it. we're asking for information about it now. >> how formal has this become? >> we sent them a letter of inquiry. we want to know the details leading up to the decision. one of the things this pattern deals, the suggestion is somehow advisers can have duties is ridiculous. somebody and i think he acknowledges this in the interview, a group of people made the decision to pull the plug on trade.

only for their retail customers. they did not provide, didn't anybody notice the customers. they did provide notice to their institutional customers so they could look at what their options might be. the biggest problem here is is the liquidity. this is a decision they're making on their own without regard, saying it's for the customers. that's the only thing he continues to say, but saying robotically doesn't make it true and dwoent know. we've seen instances in the past. where customers -- >> mr. secretary, services industry, in one way or another. they get panicky and the reason they sign up with an adviser or robo adviser such as a betterment, is because they need that function in order for them

not to panic and maybe sell a position. separate case? isn't that what happened? >> no. i think it's contradictory to suggest these people are advisers. ip mean they're not advisers when they're taking unilateral section. whatever their goal was, whatever they thought it was, clearly, they acknowledging the fact that the lack of knowledge is a big factor here. i think the bigger question is -- these decisions are made has to be revealed. it's one thing to put a disclaimer that said we have the right to do this. it's another thing to execute that right. i think -- the customer understands that and full di mingss of that and make sure that some minimum notice is provided if not more. i think getting back to the whole process, i think it's important we check those facts out and understand exactly why

this was done. >> i have made the argument to somebody else i was having a conversation with, the difference between a few dush yar, i had a financial adviser and they were telling me i couldn't trade, these are my funds and i want you to buy or sell and that's what they, in theory, should do. would that have changed this whole narrative? >> i'm not sure. couldn't make that call. it was no one to call and got a notice. i think that's a very big problem and again, if we're going to talk about the duty, they have a fundamental duty to be in contact with its customer and that didn't happen here. >> we've got just 30 seconds here, but you sent a letter to

betterment. inqui inquiring, are you also enlisting the help of federal agencie agencies? >> not at this time. our focus state registered advisers. that's to say we're interested if that their reaction might be. we'll certainly share as we always do, with other regular laters, the responses. >> mr. secretary, thanks so much for joining us. the secretary of the commonwealth of massachusetts. up next, final trade.

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going into this next quarter, i've been beaten down. nordstrom. medals and mining. >> karen. >> we're talking about the safety trade before, so for me, a name like anthem. really has no exposure to a lot of the issues that people are sort of freaking out about now. >> i like it. >> steve. >> tim started off saying retailer jwn. these retailers have been beaten up. i'm going to go to the flip side and go children's place. retail. that actually is outperformed. it's up close to 50%.

they're operating on all slenders. >> east like i'm going to retail, better than you. >> there. >> i respect it. >> thanks for watching. see you tomorrow at 5:00. 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, and i promise to help you find it. "mad money" starts now. hey, i'm cramer! welcome to "mad money." welcome to cramerica. call me at 1-800-743-cnbc or tweet me @jimcramer. when is a loss a good loss? when is it a bad loss? what makes for a strong investment versus