>> i don't think he ever bought a pet rock. >> by the way, the pet rocks are smooth the head scares me. >> guy, thank you very much, mark, you, too, michael, santelli. >> that does it for "closing bell. >> "fast money" starts right now at a rally in full force. we have the dow soaring tripping digits climbing back from what was the worst day for stocks. what that initial hit, wall street questions circulated by the future of the trump administration. the markets are ending nearly flat there week, so could anything stop this rally and if you are putting fresh money to work right now, where do you put it? bk. >> i tell you, in you closed your eyes and doesn't look at this all week long, you would

have think, nothing happened. earlier this week, we said, you know what, this sell-off probably has a little more room to go. don't do anything. b.k. was wrong on that, nothing has changed on the political front. the market has ignored it. so what do you do if you are sitting there and you want to put money to work? what i'm doing, i'm simply saying, i'm going to buy a breakout. make sure there is not another political bomb coming out over the weekend, if we get that breakout that will put money to work. i already own some russell small cap. i will probably buy some triple qs, get into the large tech sector and the banks, too, kres. >> nothing has changed politically. i mean, is that what you said? >> i mean it in a way that the political chaos that caused the 300 down point hasn't gone away is what i'm saying. >> so we are in a changed political state. agree with that let's face it. teflon don going to saudi arabia next week is great news.

i think the middle east will roll out great flags. a lot of applause, i think saudis and the u.s. have a lot in common right now globally. when i look at what's going on this week, i do agree with brian. there are some opportunities. you don't have to rush into them now. if you look at week over week, the financials are down, xrt from where we went at tuesday night, tech, which has been leading this rally and will lead it back, still you have places to reengage in the numbers of these trades that weren't working. the key to me author this week, i think inflation was back. i think japan had ppi numbers, you had a number of places around the world, where this inflation trade is working. we got a double bottom on the tenure, so i think rates are going higher. i think that takes all those trades with them. >> what is the message of the price action this week? on the equity side, we finished flat. it was up. gld up on the week, the yen up against the dollar on the week. the safe haven, definitely bid

higher. >> they reacted to the political environment, blowing in the wind, so to speak but if you would have told everyone at the teske a week ago, we would have had the incidents we did not have, we had an outside week, higher high, lower low, finished right dead on bone, the low of last week. >> i don't know that i agree with that. on the screw, on the low of last week. >> that to me means that trend change, usually on an outside reversal week. if you look at that it that way, i think we stild have to test that 200 day moving average. that's 5% or so. maybe a blip higher than that, more than. that i still think that's warranted to test it. on the buy back, the rally back, i think you buy that dip. every dip has been brought up to now. >> why be so cute when if you talk about -- >> i'm very long right now on housing, i'm very long in my

mnaing a 2i69. so for me, mon santo, you know the names, ali baba. >> when we sell off, 200, 300 hoints, there was no panic. no calling up, screaming, there was no rush to the exits a. very important point. i just think the trump bid, the implicit be id to this market isn't necessarily the fact oring on what the earnings will be. the implied business market is black as settlers. fooem people afraid to sell and we see the drafts off, it's not low volume, usually. we made breakout. it probably will not be on big volume. it will be a gradual move higher. >> it will de sell rate. >> it's the expiration. there was a lot of option activity that pinned to the week's numbers. >> a lot of passive investments. index investing is out there.

passive investors do not care what happens. that's how the market is reacting. >> that to me is why i want to wait for the market to reprove itself. >> buying in, it will gap up, then it's a sellal. >> that is the money that essentially will trade the rally. you look in the mirror and say i need to get out of this market. >> is the point to do nothing? >> no, the point is to be selective. there are sectors that you can trade and own. you look at the financials. the financial versus pulled back. in my opinion, the financials are set up for a runway. we talked about it the other night in the show. we talked about inflation. i think the financials have sold off. they're under owned, still, and that's a sector that you can step in and buy here and, you no know, own for the long time and not worry about a big pull back. the financials pull back less over all. >> we have ultimately a case where oil is rallying very well no this meeting. i think you have an opportunity to fade oil.

oil to me is the ultimate over sentiment plays. we have pundits and prognosticators that seem to get too worked up and down, you had ten times to trade oil in ranges of 15% over the last year. you have an opportunity. there is not a lot opec can do beyond what they will do in this meeting. i think for people trading energy, you might have wanted to do that today. >> what's on your buy list? >> mine is bank, for sure, absolutely. i want to buy some of the regional banks. i think that's the weigh you play, what is my portfolio? probably 50% cash. that's not unusual. if i don't feel there is a lot of good opportunities, i'm waiting. i said, take a couple weeks and work on your golf game. i think that is still valid. next week, we we get a breakout. >> why does it convention you it's not in. >> so nothing's changed. >> nothing's changed?

>> how much cash? >> 50, 5-o. >> you are 50% cash? >> that's not unusual for me to be 50% cash. >> why would you be half invested most of the time? >> i didn't say that, i'm saying it's not unusual for me for a week or so to be 50% cash and next week go back and be 100% invested. >> to your point, it's a valid point, though. he wants to break out above 2400. that's where the big money will be made. we are wallowing around here. >> the political situation. the chaos we have at the beginning of the week has not changed, so it's entirely possible that we still get a sell-off like grasso is talking about. i don't want to be the guy that's chasing this market all over the place. i will wait for it -- >> if it hasn't caused change -- >> how quickly do you make the decision let me get to 50% cash?

>> i have been 50, probably, well before this, a week before this maybe or so. >> all right. >> how is the market going to break through 2400? outside of some stupid move? how is it going to get through na number, in general? it's going to have to be tax reform. because right now you look at the overall market s&p earnings, you say to yourself, we're going to get, 2400 we get very stretched, not stressed. we get to the point -- my point is -- hold on. >> not 220, 10 we're not stretched. we have 130 earnings s&p. >> any type of political taken off the table. that's all you need. >> you think this runway, no problem. >> not a problem, but we did vacuuming on the way up. i do think if we cruise through 2400, that's a major head spot for a lot -- >> it is, i don't believe there are funds sitting there. >> if we take out 2400, a short squeeze gets us to 2500. >> right.

that's a chase that i'm not willing to chase that. >> you might not be. >> there is no investor on the planet willing to take that. >> a short squeeze, it's not 2400 and that was -- >> if we take it out on a closing basis, i think we're at 2450 within a week, week and a half. it's going to be that quick. >> why didn't it happen the first time around? >> that's where everyone, people talk about the vix, hedging. everyone is hedging against that 2400 level. we kiss it. trade above it. everyone is hedged, 2400 the big rounds number. >> the two things you really i think need to think about most off is what is going on with central banks, you have four, five, the biggest ones taking away. when the dollar is at 103, 104 or going into a 115. everyone was talking how about want vix down, it's 2.5% with

rates say staying at 220 to 240. no one is calling for 3% tenure. this seems the environment without the political tur mail is everyone is saying is the economy yet gives you room to go. >> he's off, president trump engaging in turmoil, d.c. rages on. >> that could be giving a boost to one emerging investment. plus, retail having its worst week of the year, but there is one name traders see emerging from all the wreckage. we'll explain. plus, nvidia, did you miss the rally? how you could get in for less than ten bucks? we'll explain when "fast money" we'll explain when "fast money" returns.

we'll explain when "fast money" returns. for years, centurylink has been promising fast internet to small businesses.

but for many businesses, it's out of reach. why promise something you can't deliver? comcast business is different. ♪ ♪ we deliver super-fast internet with speeds of 250 megabits per second across our entire network, to more companies, in more locations, than centurylink. we do business where you do business. ♪ ♪ >> more on president trump's campaign's collusion with russia. he depart for his first foreign trip since taking office. john. >> reporter: mellissa, as president trump tweeted this morning, he is off on his first foreign trip. he says he is going to be strongly protecting american interests, but that trip is already on a bad start with hess

just barely haven't gotten in the air. why? first of all the new york sometimes reported notes taken by u.s. government officials during his meeting with top russian officials in the oval office quoting him as saying, i just fired the fbi director. he was crazy, a nut job. i was under pressure from russia. now the pressure is off. the white house responded soon afterwards saying the pressure he was talking about was pressure on his ability to make deals with russia. here's why that's a big problem. james comey who was fired was a close allie of robert mueller who has now been named as a special counsel and robert mueller does not think he was hired to take the pressure off. case in point, you got the washington post subsequently reported this afternoon that the investigation of rhode island hospital mueller leads has now torthing a current official in the west wing of the white house. >> that is worrisome.

a second report by mcclatchey says that investigation is not probing the issue of first impression was russian interference in the election and potential collusion and attempts to cover up that possibility and if that's the case, then things like statements by the president like firing james comey took the pressure off could put him in trouble as well as others. >> these were notes by senior administration officials who were present at the meeting? >> yes, every time you have a president meeting with foreign leaders, there are people whose job it is to document what happened at the meeting. those notes get passed around the u.s. government so people know what happened in the meeting. those notes, which the white house does not dispute, they're not disputing the accuracy of the notes. the president in the oval office called the head of the fbi, called him a nut job and said

the pressure is now off regarding russia in the wake of that firing. >> i mean, it's staggering that he would say that knowing these notes are taken by all these people and circulated amongst the government. it seems like a lapse of judgment. >> it's exactly like what he did in that interview with lester holt when he said when i was thinking about firing him, i was thinking how the russia inquiry was fake news. usually people have to fer et out these statements that are damming of politicians in trouble. president trump is saying it out loud. >> turning to the foreign trip, john, could this put some checks in the win column for president trump, all these business deals are set to be announced benefiting u.s. companies? >> well, every president tends to look good while the american public sees them in the role of the statesman, so when he goes to saudi arabia, when he goes to israel, when he goes to the g7

in italy, he has the opportunity to score some points. i don't expect any big diplomatic breakthroughs. there with may be business deals done. but there are also dicey subjects he is taking on, if he's giving a speech on islam. now, go everyone the way the president has talked about muslims in the past, that is going to be draught with difficulty. people will be watching every single word of that speech. >> right. >> if he doesn't get the nuances right, that will add to the storms when he returns back to his trip here in washington. >> thank you john harwood if washington, d.c. when we look back at past presidents and their first foreign trims. almost all went to places like mexico, canada. >> test run. >> great britain. >> here he is going to saudi arabia, israel, the vatican. you said that you thought this would be good for trump. >> i tell you what, this is a region, he's not meeting with

iran with iraq. he is meeting with saudi arabia, kuwait, qatar, uae, these are american allies who on some level want to see a stronger role from america. actually, we have no issue how america has handled israel, probably want to see them push back on an iran deal. everything that trump is trying to do. if i think of saudi arabia, he is trying to transition to a reformed economy. there is a massive firm set up for investment. a lot of deals to be cut. people are following the president over. this to me is the best thing he can be doing right now. >> i like this trip. >> a lot of things are going over there. boeing, lockheed. >> i don't agree. i don't think it's a tremendous rick to him. i think this other stuff is noise in the market, finishing flat basically on the week tells us it wasn't of major concern for him yet. >> right. all this political uncertainty has been good. bitcoins the digital currency soared to a record high today. let's go off the charts with

b.k. to see the move. >> i don't talk about it often since the incident in 1979. we'll come back to that later. let's talk about bitcoin and what you see, look at this tremendous run we had in bitcoin at 1936, some of the bitcoin markets today were as high as 2000. a touch 2000. that's going on? you see one thing going on, you are seeing people buying bitcoin as a hedge. you think about it, the u.s. dollar is a reserve currency in the world. you have some political chaos. where do you go? you go into bitcoin because it's a de centralized currency. the other going on underneath is japan has really come online as a big supporter of this technology in general. look at bitcoin versus, we have the t and y and japanese yen, u.s. dollar. you can see the beginning of the year, cney had a fair amount of train e trading. that's japanese yen, that's 40% of the daily bitcoin volume is

in japanese yen. >> that is kind of fueling everything. people ask me all the time, how do you buy bitcoin? next chart. one coin based, real easy user interface. you go there, they are one of the largest bitcoin exchanges based in the u.s. if you want to buy in, your brokerage account. gbtc, the bitcoin investment trust. the caveat, trades at a premium. a great company does that, finally, be every the scores here, i do run a digital asset fund, which buys bitcoin and a bunch of other digital currencies. certainly, i am biassed, for me, this is an emerging technology. it will be quite disruptive. >> b.k., we were talking the ransom earlier this week, that had a negative impact on bitcoin, is that one of the concerns that, you know, it could be used onto the criminal enterprises by people like the hackers who had want to cry and that if that could invite

regulation? >> it certainly could. i mean, that's always been. it has to shake off the idea that people think it's criminal money. it's not. the u.s. dollar is used a heck of a lot more for criminal activity. also there was some negative sentiment. but the people that had that bug and didn't use bitcoin, there is not many of those together. >> this is a bit of a broader conversation. i mentioned the tlt, gold, yen, safe haven trades, you still stay in favor of the trades? >> i think for the near term, i'm comfortable with that, a safe haven investment. bitcoin is way too high. >> coming up, retail enforce. s of the year, one name traders think will take off. i'll give you the name and the trade. you are watching cnbc, i'm melissa lee. in the meantime, here's what's coming up on "fast. >> where's the beef? >> forget about the beef the dough is being made on fast food stocks. one may have come too far too

fast. we'll explain. plus the rich are getting richer. >> and she stepped on the ball. >> that's great news for three stocks in particular. we'll tell you what they are when "fast money" returns.

>> welcome back to "fast money". stocks, bonds, maybe art is your best bet. basquiat sold at sotheby's for $110,000. it had been previously bought for $19,000. not a bad return on investment. we are joined by robert frank on a rare "fast money" on-set appearance. >> not a bad return for all of luxury right now, if you look at the competent move, it was on full display when it outsold for $110,000. that was nearly double the deficit and a new record for any american artist and the sixth most expensive painting sold at auction. the buyer was a 41-year-old

japanese e-commerce billionaire. he posed with the new trophy on instagram saying when i first encounterred this painting i was struck with so much excitement and gratitude of my love of art. the buying and bidding were strong. this is the biggest week for art in new york. sales topping $144 billion. we're still getting numbers in, it will go higher. it was up from last year at 1.1. the headlines in d.c. it helped that there were some true masterpieces that had not been up for sale in decades. let's look at a couple more. the sister painting is at moma. this went for $51.8 million. sales were strong after every price point this week picasso sold out for a $57 million pire of earrings sotheby's sold in

geneva had a jewelry sale. they're looking for quality and scarcity. you got shares of sotheby's, tiffany's, ferrari, calloway all seeing gains since trump took officer. look, you talked to the wealthy. there was a lot of pent up fear before november. afterwards, there is a bit of relife. i was talking to the ceo this week, he said, look the super rich have more money than there are precious things to buy. so that will lead to price appreciation. now, whether you think that's the oddest precious or not is a matter of taste. the great masterpieces, the biting way above the estimates this week. >> robert, thank you. speaking of luxury, on the heels of history being made, we have four masterpiece stocks, what are your masterpiece stocks? >> emerging banks picked the right one. ibm, the base is growing, india is growing, yes, that's it.

>> down on tanger outlets. it got washed out with the maul reits. they announced a buy back. they've had 95% occupancy forever. >> for me it's snapchat. more of a work in progress. i think it goes higher. >> gdx the minorers, gold! >> more "options action" after this break.

>> hey there, we are live on the nasdaq markets the guys here getting ready behind me, while they're doing that, here's what's coming up on the show. >> yeah, that's what happened to retail stocks this week. one of them might just be flashing a bye sign. we'll explain. plus, miss the move in nvidia. >> darn, darn, darn. >> relax. we have a way to get long in this stock