you can already see some of the pressure being ramped up now in these last few days. >> it's an interesting week and weekend for everybody. to pay attention to what's happening with those developments. guys, thank you for joining us on "closing bell." have a good weekend, everybody. that does it for "closing bell" and "fast money" begins now. "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square, i'm melissa lee. tim seymour, brian kelly, steven grasso and guy adami. one of our traders is praying for a big breakout. what has him so bullish. and a new kind of sports fan taking the world by storm. gamers. we'll take you inside one of the biggest sports events in a special "fast money" report. and later, health care stocks getting taken to the wood shed down more than 2%. but there is one drug stock that one of our traders says is so bad, it is actually good. he'll explain. but first, we start off with a

wild day for the markets. it all began with an e-mail. stocks tumbling midday after the fbi says they were looking into new e-mails from hillary clinton. the market did recover, but a lot of questions remain in this very fluid situation. let's get to eamon javers in d.c. with the latest. eamon. >> yeah, melissa, that's right. as we're speaking here, donald trump is taking the stage at a campaign rally in maine. so we'll monitor that to see if he has anything additional to say. but donald trump was quick to take advantage politically of this news that broke late in the afternoon, dramatic developments from the fbi, writing a letter to members of congress on capitol hill, the fbi director, james cokie, saying the fbi has received new e-mails that may be relevant to the hillary clinton security investigation. and they're going to take a look at those, and determine whether or not they have any bearing on the investigation. that set off a whole political chain reaction through the afternoon. ultimately, we learned that the fbi was able to obtain those e-mails, as part of the anthony weiner sexting investigation.

here's what donald trump had to say about it earlier this afternoon at a campaign rally. take a listen. >> wikileaks. more information. but it pertains to what they knew and it makes all of them -- they're already liars. but it confirms that for the 75th time. hillary clinton put the office of secretary of state up for sale, and if she got the chance, she would put the oval office up for sale also. >> that was actually donald trump reacting to something else entirely. but we also heard from donald trump about this fbi investigation. the trump campaign pleased, to say the least, this investigation is headed in this direction. we also saw hillary clinton on stage a campaign rally. she did not address there from the stage. we saw her descending the stairs from her airplane this afternoon. reporters throwing some questions at the former secretary of state, hillary clinton, asking her for her reaction to all of this. she did not comment, but we do

have a statement now from john podesta, chairman of the clinton campaign and what positive defendanta is saying, the director of the fbi owes it to the american people to immediately provide the full details of what he is now examining. the clinton campaign going on to say, we are confident this will not produce any conclusions different from the one the fbi reached in july. so melissa, that's where we stand as of about 5:00 p.m. eastern here. this has been a fast-breaking story through the afternoon. and you can imagine there will be several more developments before monday, certainly. >> eamon, thank you. eamon javers in d.c. with the latest on this developing story. so this got us thinking. this week, we've had earnings disappointments, right, from the likes of apple, amazon, dollar, rising rates. the markets barely budge. we get one piece of news that gives donald trump a hedge over hillary clinton, and the markets react immediately. so is trump the thing that's going to take stocks down? guy? >> the price action today suggests absolutely.

and, listen, it's still a far cry from him oning the election to the news we heard today. but it gets him back in the conversation, i guess. and i think that's what the market reacted to today. i do think that knee-jerk reaction of him winning the reaction would be a market selloff, and i think that's what you saw today. on a friday in the afternoon, weird things happen. and, again, you saw it today. does it recover on monday? hard to say. and listen, i sat here last night, and said that i thought the amazon earnings could take the s&p down. i've got to tell you something. the s&p was trading great, and ahead of this headline. the s&p was up seven handles, looking like it would continue higher. but for this, i think the market would have closed on highs, which speaks volumes as to the strength of the underlying market. >> i agree with that. and also, we have to -- nothing we don't know. he's the unknown candidate. we know what wall street is going to get with hillary. we don't know anything about what wall street is going to get without -- with him. so when you see the market sell off as dramatic as it did, gdx,

gold, can't find a way to rally in months now, and it spiked higher. it's the unknown. stands to that whole thing. it's the unknown, she's the known quantity. but it did recover. so i'm not sure how long this lasts. but it's funny they bury it friday, before a weekend. i think there has to be something. has to be something new, has to be something new. >> look, i'm not going to get -- get into this, how did the fbi not know this. i mean, a sill sad how quewe're getting this information. we know that every day matters. to get back to your question, mel. i would argue this week the market got good news in terms of global economic data, but if anything, we have seen i think an uptick. rates going to 195. this is where we were prebrexit. we want to see rates go high every. the dollar is largely capped. if treasuries are selling off,

you can make an argument that flows into the treasuries are part of the dollars hitting this he ceiling. i think the dollar is somewhat capped here. this is all subject to if there was some kind of catastrophic political event, whatever we're defining that as, i do think the dollar would do different things. but to say that 21.32. jeffrey gundlach talked about the rounding top. we closed below a key level or at least at a key level. monday is very important to speak. >> and this is going to be a monday after all of the weekend talk shows, we're going to have full at this story. >> it depends what the news is. i hate to be kind of -- i don't mean to be wishy-washy about it. but if it is -- if it's a rehash of what we already know, then it's not going to matter to the market. if there is some material new information that comes out over the next 24 hours, i think what you saw today, the direction of the market, you're going to see more selling off. if there is a material new piece of information. >> before this. >> it was a big --

>> when tim -- when you look at the market, just to push back, the market has been selling off. it's setting up for the news events. fomc, opec, year-end. there is a lot of earnings not that great. industrials have not been that great. they have all worn. >> but i hear you. i think there is a lot of opportunity for volatility, steve. but to tell me that the market is selling -- the market is off 2% of its all-time highs. >> the market has rolled over. >> the vix at 15, maybe ticking higher. probably closes significantly higher. somewhere 15, 16, elevating, i agree. there is plenty of news that can be disturbing. to say that equities are trading poorly. is i think -- >> absolutely wrong. >> 16 months, they haven't traded. >> you guys are throwing everything in the kitchen stink at the stock market. >> in terms of the next 11, 12 days, guy, given valuations of where they are right now, would

you stick with this market? >> well, that's -- that's tough. again, i thought the market was trading well today. going back to what i said originally. do you stick with the market? now i think technicals do matter. tim mentioned 21.30, jeff gundlach's level. that to me has been a huge level we needed to close above. now you've had a couple days where we close below. it's obviously worth watching. i'll go back again. dan nathan posted this on one of his websites. the russell to me is one thing that scares me a little bit. middle of last year, seemingly failed again. if the russell starts rolling over like it has been, maybe based on rates going higher, i don't know. i don't think the s&p can be far behind. >> it is down 2.5% this week alo alone. let's say we get a donald trump swoon and we're not trying to be political here. but this is how the markets are reacting. discounting a hillary clinton win for the presidency. today that got a reversal in terms of the information flow, and we sold off.

let's say we have another donald trump swoon that goes dooper than the damage we saw. what would you pick up? if anything? >> first of all, i think you have to buy all, all interest rate-sensitive stuff. i think you have to buy utilities again. i think you have to buy gold again. i think you're entering into a world -- the safety plays again. you're not going on risk if the overall market is selling off. >> steve, that implies that trump implies that rates go to the floor. and that you need to stretch out. this is a guy that's threatened the fed, claimed he's actually going to restructure america's debt. this is a guy that's put a lot of pressure on the u.s. credit -- >> who also likes lower rates, too. i don't think there is a difference about his rhetoric. it's a difference about what he's saying and what he's hoping for. i don't think he's hoping for higher rates. >> one more -- what would you buy? >> buy ge on a selloff. if trump becomes the president, we get a selloff, buy ge. both he and hillary clinton have promised massive infrastructure spending. ge is one way to play that. >> all right. well, despite today's market

action, the donald trump presidency could be a good thing for the markets long-term. peter schiff joins us now from new orleans. peter, great to have you with us. what do his policies make you think he is going to be good for the markets longer-term? >> i just know that hillary will be bad long-term. there is a chance -- you know, there is no secret that wall street wants clinton to be the next president. i mean, you know, there is a reason that bankers are donating so much money to her campaign and it's not patriotism. look at all of the money they paid her to give speeches. i mean, we have seen her give speeches. she's not that entertaining. that's all payoff money. so wall street enjoys a very cozy relationship with the government, with the federal reserve, and hillary clinton means that that relationship will continue. and a trump presidency is going to call that cozy relationship into question. but, you know, long-term, there's a chance that donald trump could actually be the

president that could lead us to the types of reforms, real structural reforms, that need to be made. not the kind of bubble-blowing we've had under obama and bush. we need substantive change. and a lot of the things that trump talks about are not necessarily the changes we need. but ones he becomes president, he may actually act in the country's interest. i don't think there is any chance that hillary clinton will. and in the short run, the stock market is not about the economy. it's all about cheap money, the federal reserve, and we're going to get more of that. but that's going to continue to undermine the real economy. if we want real reforms that lead to a stronger economy, which long-term, i think, is better for the stock market, than just serial bubble-blowing, then trump has got a better chance. >> it almost sounds, peter, like you're saying, you know what, trump will be elected and you think then we will actually do something good for the economy. are there specific things that he says he's going to do right now? or is it just your belief that if he is elected president, he

will do those things that the economy structurally needs? >> well, it's clear to me that he understands that there's a serious problem that people like hillary clinton want to dismiss. he is right. america is not great. and if we want to be great again, we have to go back to the policies that made us great in the first place. and donald trump understands that government is too big. taxes are too high. there are too many regulations, and so we need to take a meat cleaver to washington. but i do believe he's afraid to publicly talk about substantive cuts to entitlements. if he gets elected, he may think more in the interest of the country. >> peter, it's tim. what's your time horizon for this? it's difficult for me to argue about a lot of the things you're saying in terms of washington has major problems. wall street has -- whether it's cozy or not with hillary. i actually think wall street, as we have just said on the show, wants to see hillary in the white house. but ultimately, when you talk about all these things that are good for the market that trump might do in terms of breaking

this blockade, what is the time line on that? and ultimately, how are you investing on this? i watched you on tv a month ago talking about gold, restructuring is good for gold when, in fact, it takes rates higher. we're kind of trying to understand how you drop this into the context of investing right now. >> oh, yeah. well, if the right things were done, then the market would come down. there's no question about it. i think gold would go down, too. but not as much as the stock market. not as much as the bond market. not as much as the real estate market. to actually do what needs to be done means interest rates have to rise substantially and we have to go through a protracted recession. we can't get from where we are to where we need to be without going through the recession. the federal reserve and certainly hillary clinton will try to do everything they can to prevent the economy from restructuring along those lines. the market has to go down. and i think even if hillary clinton wins, there is probably going to be a buy the rumor, sell the fact. because the markets expect hillary to win and it's already

priced in. even if she wins we could get a selloff, but if trump wins i think so a bigger selloff. what's going to stop the market from falling is the fed. that's the only thing from keeping it falling now. and they might go negative and they're launching qe 4. >> peter, thanks for joining us. always good to speak with you. peter schiff makes a good point in terms of maybe it's a lose-lose situation come the day after election day for these markets. so in light of that scenario -- >> neither one of these candidates are good for the fundamentals of our economy, in my view. and neither one is one that i -- am going to get too excited about as an investor. i think we've had our rally. i agree we're going to see this sell. i think you stay with financials, they're going to again from higher rates. >> apple to launch a new version of the apple watch. can it help the old nike stock? details. and a new athlete taking the sporting world by storm, the gamer. we send our own tim seymour to find out what all of the hype is about. and later, facebook on deck

for earnings next week. we'll tell you why one of our traders is going all-in on the stock ahead of that report. much more "fast money," still ahead.

what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley

welcome back to "fast

money." apple and nike teaming up to release the new new apple watch. the new watch comes included with nike sport technology to attract runners and sports enthusiasts to the wearable. apple performing strongly this year, but nike down 16% year-to-date. could this team effort fuel this struggling nike stock? >> i would turn that question around and say could this fuel apple? i know apple is up for the year. but to me, if -- nike is already in this business, in a sense, right? they already have wearables, already attached to other places. they already are in the ecosystem. apple really hasn't done much with their watch. it's pretty much been a failure. i know a couple weirdos wear it. tim has a couple of them. >> i've got five. >> i'm just saying. my point is, this could be better for apple than it could be for nike. because it could give a real defined case for the watch and people could -- >> if it were a benefit. it's still not 100% waterproof. when you think of a fitness

watch, you want it -- here comes tim. tim is thinking here. >> they show in the video some guy switching with the watch on. that speaks to me waterproof. >> this is a foot-deep pool. this is not a submersible watch. this is not something you could wear constantly. >> under armor has not traded well and neither has nike. it has to hold $52. traded back in the spring, bounced, trading there again now. just downgraded, i think, at oppenheimer, initiated just regular market perform. there are clearly issues in the name and the next catalyst comes in the form of earnings in december, so unless this stock can hold literally right here, it's a no-touch. >> thanks for the downgrade, 25%. >> still ahead, facebook trading near all-time highs, one of the traders thinks the social media giant has more to room. and will make his case later this hour. i'm melissa lee. you're watching "fast money" on cnbc. first in business worldwide. here's what else is coming up on "fast."

>> this is your portfolio. these are drug stocks. this is your portfolio on drug stocks. but there's one drug stock that's gotten so bad, it might actually be good. we'll explain. plus, tim seymour is boldly going where few traders have ever gone. inside e-sports, one of the fastest growing industries in the market. he'll tell you how to profit. when "fast money" returns.

moment welcome back to "fast money." there is a new sport that's got fans on the edges of their seats. e-sports. tens of thousands flock to new york to watch thousands compete in the league of legends championship. so we sent our own champion, tim seymour, to madison square

garden, to find out what this hype was all about. >> it's tim here at madison square garden for the league of legends semifinals. let's check it out. ♪ >> what is league of legends? >> league of legends, a game you play on your computers at home and essentially it's a strategy game where you work with your friends and teammates to beat the other team. >> the diversity in this crowd and energy in this room, i feel like i could get a rangers game. it's insane. >> yep. >> this doesn't surprise you. >> for a lot of people, this is their sport. this is the first sport, and actually many of them -- this is almost like their first rangers' game, to use your analogy. we have so few of these really big international tournament arenas. these guys are probably seeing their first sports game. >> tv versus -- linear tv versus over the top, versus digital. is that a big deal? is it going to happen? am i going to watch this like i'm going to watch the super

bowl? >> i think our perspective is to follow the fan. to understand if the e-sport fan really wants this on television, we'll go there. right now, you have a group of fans who are -- they have grown up with the internet, and digital phones, and, like -- basically we want this to be on demand on their devices, wherever they want to be. >> there's a ton of high-profile athletes, and sports team owners that are at least involved, or have ownership. is that good for this league? >> i think one of the big hurdles we face, getting over the skepticism, whether it's potential sponsors or broader media, what is this thing. i think it helps when we have events like these. having high-profile investors helps ease that skepticism so more people can invest in the sport and i think it's good for the holistic ecosystem. >> now, as i recall, we've talked about this in the past, and we sort of made light of it, how can you possibly get into watching other people play video

games. since you were there -- >> i was blown away by the enthusiasm. madison square garden sold out. people came from all over the country to be there, dressed up like freaks. this is absolutely -- so -- >> the bottom line here, e-sports -- i don't believe it's a zero sum game, but i think it will eat into traditional sports viewing. especially the younger ones. the older ones want to go to the football game. i think this is a disrupter. >> espn facing declines right now. this is not going to help, unless they get a piece of this action. >> unless they get a piece of the action, right? i have to think that every sports executive, every program executive out there, is looking at this. this is massive, massive business. i mean, to sell out madison square garden! think about that. rock stars sometimes can't do this. and these guys are doing it. >> your beloved rangers. do they get crowds like that? >> stop, stop. >> no, i'm serious. >> please, no. >> it's not like i've never been to a ranger game --

>> a bunch of people watching other people play video games. >> a lot less filled if the rangers were playing. >> anyway -- >> you go get it, guy. >> just saying, man. >> is there a quick tradeoff? >> electronic arts, up 15%. take 2, 20% year-to-date. ea. >> let's shift here to a more traditional arena. game three of the world series between the cubbies and indians tonight. we are looking at grand slam stocks, picks set to soar sky-high. tim is batting. >> alibaba, better than amazon. huge exposure to e sports. >> bk. >> well, for me, it's gold, gld. looks like it may have bottomed. if tim is right, that's going to be it. >> i'm fascinated with deals -- monsan monsanto. i'm in the name. >> guy. >> kill the emoji!

that's the video games you're playing. echo labs. when food -- clean food -- >> pac-man, dude. >> ecl. november 1st. >> that does it for us here on "fast money." see you on monday. we have a very special "options action" right after this break. this car is traveling over 200 miles per hour. to win, every millisecond matters. both on the track and thousands of miles away. with the help of at&t, red bull racing can share critical information about every

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man snoring (don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. hey there, live at the nasdaq market site on this very busy friday afternoon. here's what's coming up in the show. >> a million dollars isn't cool. you know what's cool? >> you? >> no, what's cool is dance trade on facebook. it can get you long the stock for just 3 bucks. here's what investors in drug stocks feel today. >> i can't take it! i can't do it! >> but one drug stock might be so bad, it's actually good. we'll explain. and how would you like to make money on disney as shares go up, down or nowhere at all on earnings? it's not only possible, it's the si