we start to see them do more direct to consumer options freeform has really been focusing on offering their content online and we can see more apps. >> i know. feels inevitable it should be considered in the context of everyone cutting the cord thank you for joining us today and thank you everybody for tuning in to "closing bell." "fast money" begins now. >> "fast money" starts now live from the nasdaq market side, i'm melissa lee. your traders on the desk are -- the ten-year yield -- the chart masters said rates are about to come crashing down to earth. plus, you'll never guess which commodity will be worthless in the next 20 years. it's a controversial call and andrew left has been wrong and tesla until this morning and now, he says today's sell off in the giant is just the start of

more pain. he tells us where he thinks the stock is going that's where we start on tesla slam iming the breaks as it stas to ramp up its model 3 production having its worst day in a year and now, nearing bear market territory. a number of factors weighing on the stock. >> one of the sectors -- for tesla, the thu target is is. but here's part of the reason. they're questioning whether or not we are seeing plateauing in terms of demand. currently out there for sale, 22,100 in the second quarter it breaks down more model s than x, but goldman says that is a sind of what we have seen for four quarters in a row of sales between 22 and 25,000 vehicles

and as a result, goldman has cut its target down 180 tlrs this comes as wea're looking at the mod 3 production this month and ramping up at a dramatic pace through the end of this year first deliveries come at the end of this. the model 3 rate should hit a rate of monthly production of 20,000 it did say in announcing delivers it expects the same number of sales for the model s and x in the second half of this year so you put those two together, you come up with agent 95,000 vehicle, still unclear how many nmore will be delivered that ar the model 3, so we're still waiting on full year delivery. you said it. this was a day when investors were looking at stock saying

wow, fair amount of pain after what's been a nice run for the the next six sempb months. >> thank you very much with today's sell off, the stock is now down about 15% since hitting a 52-week high it's nearing bear market territory, so is this stock suddenly a in touch, tim >> it's been a no touch for me 100 bucks ago f. you think about where they have to go in the model three by the end of 2018, you said 500,000 cars. it's nice to see a market production number and to talk about demand in a way. thags been my big issue. are we price thg as an oil company or much bigger it's a $10 trillion market yeah f you listen to people i don't see here that makes --

>> hasn't deliveries always been the issue. every time this comes up, well, deliveries are not going to be able to execute. they said b look, this is more a company about what you said, not an automobile company, the gig fact if you put a value on that as this gentleman did, $50 billion, then you look at where tesla is trading, the automobile part is very small 3 billion, 4 billion, something like that. >> why is it moving the needle so much? >> i think it moves occasionally because this is something everybody's looking. i think that's side stuff going on is this an opportunity to buy a weaker stock you're saying it's not even an auto company

it's an energy company worth $50 million. these are the near term urdles that's what people have been really focused on. i think they're spot on. >> they're been wrong for a long time 190 o to 28 18 0 there's an inflection. expectation scheme gets paid, it's expectations versus reality. tesla is going to own the entire electric car market, you'd buy the stock today. i think there's a lot of competition, you heard volvo talking about it getting out of the gasoline car market in 2019 it's going to take time. i don't believe that tesla is going to own the market.

i think the solarcity acquisition was interesting. the tile roofs and all that stuff. in the long run, may pan out, but this is an amazon like story. remember amazon during the period >> and has been a phenomenal investment >> not if you were investing it from 2000 to 2008. >> very different. >> that needs to continue to deliver and amazon say what they want, amazon made it clear they were going for market share and for a top line, not a bottom line they weren't worried about the margin and have been able to show us they can turn it up and meanwhile, they're continuing to dominate other industries. i don't know why we give tesla credit necessarily for controlling even the electric battery market if you get to a place where you have to mass produce something, they tony hadon't have the able mass produce something to go to markets again. they're burning through an amount of cash it's not a auto company.

>>. >> every time they've gone to the market and it's been absorbed so easily >> like it never happened. to get to your first question of is it a no touch really depends on what kind of investor are you like he's saying, if you were in the long-term story, then, it's a touch. because you believe in the long-term revolution do you think it's going to be at fair value entirely every day along the way? no, but you got to ride those out, but if this momentum in the stock which has been enormous, is what brings you to it, then -- >> on the one thing, that could be at the top of the stock when they announce their streaming music. >> it's stupid for them to talk about stuff like that. this is a celebrity s type ceo only a few in the world that are like him and i think he's gotten better >> the first ten years of amazon's publicly traded life, what was it primarily? online music retailer?

they're burning through money in order for market share not fair to compare tesla today versus amazon today because they're different. >> you look at amazon during that spending phase of 2000 to 2008 in 2008, you really saw that five-year move from 2000 to 2008, it was a sort of sideways stock. it didn't necessarily ratchet up so do i want to own tesla and hope to god they execute at every level to go sideways no, actually, i think you can go a lot lower first. >> i still, i look at this company and look at elon musk and i know what he's been able to do so far he'll be able to raise the money again. i have no question about that in my mind. so then, it just comes down to are you buying it for a car company, something much bigger i look at this as not the car company that everybody looks at it they lose money on their cars. we know that meanwhile, they're making a

profit over at gm. meanwhile, gm is lagging behind tesla. >> what mettic rs you looking at >> this, the model 3 is the number >> it's just like the metrics you looked at with amazon when if you're just looking at the numbers they're producing and money they're spending, then you'd say this company is growing broke, but the reality is it was building something >> did you guys have something today? >> i did not >> what are you waiting for? >> no, i'm not in it right now >> i would probably say a 10 to 15% drop from yesterday. especially given where the stock was and where it -- this is another move >> 8% or so down >> this is a very minimal move >> you say if you're a growth manager and invest thg story years ago. you were buying it for the data. they were bringing a mass market car to the market. that's this car it's a cheap version of the original model. this is a car they're bringing our gross mortgagargin is goinge anywhere near. only time will tell. how many is a growth manager

going to give if they start to see a slowdown in the earlier models they're going to get off the throttle and start taking profits. i say the story in tesla could change on dime just from a momentum perspective and have this stock in a spiral pattern for a very long time >> what's got me excited is the potential for the pick up truck. that's a few years away, but they are always putting out. >> even a crossover. tesla's drop,i giving one short sell egg to talk at. viewers remember left did decline in valiant stock he's had some good calls in the past always great to get yur per speckive >> nice b to be here >> where are you on this trade i'm imagining you're losing money. one year ago after the solarcity, which was a silly acquisition totally. that stock was about $205. the fact the stock is down 7% right now to the 320s and we're

discussing is it a good investment or not, it's amazing that it got here in the first place. i reshorted the stock on the 350 range and sold more right into the close today. when ever people discuss this as a car company, it's a good thing. ironically, i just heard your conversation and you were saying is it a car xacompany or alternative energy company that's worse than the car business look at first solar even alternative energy company has not proven this to be disruptive this is a complete shifting. >> they're not modeling it over current as a transformational way of storing energy, of getting energy >> but haven't shown a model behind it. over the past 200 points, we've heard about the gig factory, the power wall

>> i think morgan stanley put out a note, it's going to be become uber one day. >> what is your valuation of the sto stock? >> i think goldman sachs was very fair on it. i think a very fair number short-term a simple thing if you lose without compensat n compensation, how are you going to make money with compensation. on the other side, show me this is not a compounder in order for this stock to go and build it to where it is now, everything's going to have to go right. one thing goes wrong and the stock goes down 7% the questions, can you buy the stock at 300, is it valued no this stock is beyond the real m of -- it's like discussing religion with people that's it.

if musk was not with this company tomorrow, where would the stock be >> you recognize the fact that the drawdown, any hold, the stock goes higher. this has been an almost b possible stock to short, so why nochoose in the universe to have stocks, why choose the one everybody bets against and normally gets it wrong >> it's proper allocation. you never sell too much. i would never suggest -- if you don't short stocks i've sold some outdated calls on this trz i've used, i will get out and lower the position that traded what i believe to be appropriate. if you look at what happened today, it can do go a lot lower.

if you're not short tesla and you're a short seller, what are you short? >> he said that five weeks ago and the stock was $310 a share so, no one's ever going to short the top. so forget about where it was last week. you have to worry about where it's going b to be next week how you move them around you went from a $90 call to a -- would you change on tesla or you stuck at a certain level >> nvidia was overvalue and emp's feting too enthused about it it was a good company. it's a dream company you're betting on a dream. you can loose a lot on your dream and i've lost money on tesla, so, but i believe that in

the future, as we see the situation like we saw delivers fall short you see the news flow shifting on it. if you own the stock for $150, it's time take a profit. why do you think this time is going to be different? >> i think this time when you see deliveries, it goes to the underline demand for the car not to mention i think they'll see they have 400,000 preorders. the trend rs moving away to the smaller suvs we're seeing increasing competition a lot faster in the electric space and not to mention, people like different cars we all don't want to trooif the same car no one ever addressed that there's a reason why the model t

ford sold 500,000 cars, because there were no other cars so, it's very aggressive and ambitious, but that's a car company. you want to look in an alternative energy company, show me a model behind it could the stock bounce $20 of course. we've seen it in the past. can they go to wall street for more muoney of course. is this going tofall apart no >> andrew, thanks for phoning in always good to t.o. speak with you. >> have a fwraet day >> andrew left options strategy, which helps him. he mentioned jim chan. when you see them in a e ore level, what a great opportunity. if you've been in there 150, get

out. you're going to want to buy puts the implied volatility, the cost of that, is going to be insignificant compared to what it should be or would be >> here's a would you rather be long or short tesla. >> short tesla right now yeah good would you rather, mel >> come on would you rather >> i would be short. pete thinks it's an energy company. i care because people have been trying to talk about this as an auto play for at least until this year i agree that the story has broadened out i i think people will come back in and that's a level, but not a

level i will buy >> karen >> i just check it had borrow, how expensive that would be. it's 1.1 i%, which doesn't chan the map. when you asked why would you pick this one everybody seems to love torks me, that's the answer because everybody seems to love it there's so much hype priced into it that would be why it would make a great target pick. i would be short >> the last problem i would say, he mentioned religion. that means these guys aren't going to sell, so that's i think the difference is here >> a sticky base >> coming up rates have been on a tear in the last month after a rough start to the year and the chart master thinks they could be headeded back to where they tarted. he'll explain, plus, call it a box office bummer. summer sales falling behind that has a number of stocks feeling the heat and later, pete is warming up for earnings season. he'll break it down later this

hour much more "fast money" still ahead. it's so... quiet. is it, too quiet? it's awful. yeah. feel at home, pretty much wherever you are. t-mobile is america's best unlimited network.

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down today following a disappointing weekend. viacom getting crushed dropping more than 3%. movie theatre stocks also taking a hit. imax down more than 16% in the past month, amc down 10. regal down 6%. how much worse can it get? >> i went to a movie last saturday night with my son, it was empty. ree gal cinemas off the world that they're getting from the snack bar and et cetera. i don't know how many kids that are in college, what have you, even go anymore to the movies. i'm a seller of the group across the board. >> i mane, i don't know how much this is about this weekend and let's be clear, the stocks are suffering. my wife will not take me to a movie. she will not sit in a movie theatre seat >> because of you? >> because of the movies >> she goes with me all the time >> we'll talk about that after

the show >> bottom line, if you think about the media companies, i think they're all dimpt stories. viacom, which has now broken down, when we worked out the sloppyness of the red stone deal, i like viacom and i like it here, but very disappointing to see this execution. paramount is the jewel within this company that's very undervalued. you have to believe you have to turn this around transformers not getting it done, be but i don't think this is about the box office. >> speaking of stories, there's a article in the journal about disney freeform it's not just espn in terms of the stocks being a conservative seller >> as a guy who owns disney and have for a while own it probably mid 90s and have been in there for a couple of years now, there's dividends along the way. that is concerning when you see the numbers, a huge demographic, 2 years up to 34 years old, people not watching,

that's a real problem b. 30% revenue shot right there 30% their revenues comes from that so, as a disney shareholder, i'm a little bit concerned >> switching gears here literally. auto retarials are getting crushed today. o'reilly having its worst day ever since going public. after posting weaker than expected sales, taking the whole group down with it they've struggled to combat sales. >> interesting they came to 1.7 on same store sales in the treat strestreet ae going to give you those details. didn't give you any details, so that was disconcerting for the sector wea i think what's interesting and again, i go back to jpmorgan and an interesting piece this morning b about o'reilly they are starting to take a a step back. you should not this move on

o'reilly and some of the other players. >> are people buying cars these days >> then there's the amazon effect i think you can't discount that enough maybe. 25 i mean, this move today was enormous it's still expensive >> i think they were surprised it seems they were a little surprised on the street. i would be afraid to let it step in >> the fact weather b has been dpood, which means there's been less issues with the oler cars on the market. good tire, almost $5 a share

pretty stropg and give you a yield, all that. >> still ahead, martin shkreli about to leave court right now meg is in brooklyn with the latest in the meantime, i'm melissa lee. you're watching "fast money. here's what else is coming up on fast >> pete is is bringing the heat. pitching us on a retail stock up nearly 100% in the past year he'll give us the name plus, as the world braces for higher rates, one group of stocks could be setting up for a perfect contrarian play and here's a hint. we'll tell you how to cash in when "fast money" returns. with a clear advantage. fidelity, where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find

smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be.

here's what's come lg up in the second half of the show. crude taking more than 4% today, snapping its longest winning streak in over five years and dennis gartman says it could get a lot worse. plus, pete here is bringing the heat pitching the one retail stock that he's calling amazon proof will the other traders agree he'll deliver. >> rich: fast pitch, but first, the only thing worse than tesla has been treasuries. the yield has hit two-month highs. our next guest says now is the time to buy. let's go to chart master carter worth in the plaza. >> so, we've had a lot of trend rallies in the yield chart, but i don't think there's anything new here let's try to pick it apart i've tried to highlight if you can, sort of a couple of intermediate moves, which is what these lines are all about so, those four in particular

over the last well, year to date, let's look at the next chart. what those are, they're quite symmetrical, up 24.8 basis points up 31. up 24, up 35 in terms of duration, they've been about the same thing. countertrend move, countertrend move, countertrend move in what b i would think down trend in my eye, it's another one and nothing has changed. let's keep going it was 150 moving average, what we know is this that move now for the first time in over a year is leaving us right against a flattening line. by my work, this is what's likely to happen so a rally to a difficult level.

now, just for what it's worth. if you take this case i'm making as the right one, are something to buy we know we've had this head and shoulders bottom we know you know you could say it was a big cup and handle. but either way, this check back, an 8% move in something that's got a beta of .8, equivalent to a 10% move, leaves you back at a level of support let's look at that here's one way you could draw the lines. the breakout point and the back to it. so you're into support it starts at the top, but it's not a plywood board or concrete floor. it's a mattress top. we're sink g well into support starts and support how far? we are exactly at the midpoint and to my eye, i think you're due for some bounce and give back in yields in line with what's going on for quite some time. then just for fun in terms of

utilities, this is the s&p 500 versus the s&p 500 utilities over the last decade ten years exactly. what we know clearly, is that one could say -- >> carter. sorry to interrupt we've got breaking news. martin celshkreli is leaving cot >> do you have any comments on how the testimonies today affected your case mr. brafman, i understand your client was barred from talking outside the courthouse, but is there any such bar on you? any comment you want to give us about how the trial is going >> leave me alone. okay >> thank you, mr. brafman. melissa, that was martin shkreli's defense attorney refusing to answer a few questions and when i asked for a final comment, you heard him say he'd like me to leave him alone. this follows after a judgment from the judge this morning saying that mr. shkreli is not allowed to talk outside the courthouse or around the courthouse on friday, he came in to talk to

reporters during a recess and then afterwards as we were trying to talk with pmr. brafma, mr. shkreli spoke over him >> so that does seem like a marked change in mr. brafman's tactics as well. before, he was very forthcoming even if he wanted his client not to be. >> he did answer our questions coming out of the courthouse for the last few days. however, this morning, blaming a lot of his client's behavior on questions from the media including ours on friday telling the judge that he was baited, essentially and really arguing that a lot of the coverage has been biased so, it appears he has declined to talk with the press anymore >> unexpectically quiet team thank you. at the brooklyn courthouse such a good job. >> asked the exact right question were you yourself banned from speaking to the media? >> he then started to speak. >> he said leave me alone.

>> wow, this is like a -- i can't stop watching this thing >> brafman has enjoyed using the media when he's wanted to. >> very true it's hard b to believe that. >> carter has made his way, without even being asked >> you guys were up this talking. you say buy bonds, utilities >> x number of years of recovery the sad reality is the cost of ten year -- and what is different about this bump up in rates. just like the bump up in crude, so sorry, guess what happened today. meaning you always get countertrend rallies, but they don't change anything, really. it's the fourth one, same two to three weeks. what really changes it this is after there was an action on the part of the fed. seems to me you'd want to take

advantage of this sell off in utilities. that's the only judgment >> except for i don't think this was a counter trend rally. last week, seven major global central banks including the ecb who was probably controlling this whole rates curb. funds broke out to fresh highs today. the ten-year u.s. is still well below its recent highs and i realize your measurement on basicrelevant. >> if it were different, why was it exactly the same number of day, same actual number of days. just looks like the other three. >> so far. >> i think we can -- we can bet on what a pattern has been and what's likely to happen with the continuation of the pattern. >> does it matter in terms of the change in direction rates we saw starting last week the intensity of that rise in the amount of time >> just the same as the others exact two or three weeks

>> like 20 basis points. >> i think the real story is which is more important. a two-week bounce or the proceeding six month sell off. consensus will start the year. we were going to go to 325 instead, we went to 215. what's changed i don't think anything >> you say to bayou tillties telecom have been und underperforming trt whole year ultimate countertrend rally? >> somehow, that's a -- utilities and wreaths. i think they've got a decent bounce >> but telecom, no >> something is wrong with the fundamental business >> there you go. the margin pressure. does that, how do you figure that in? >> at&t and verizon or utilities? >> just -- >> i'm saying there must be something different about at&t and verizon. the whole sector they are not getting any kind of life and meaning differently, they're not attracting money from the different plans. >> it is the sector.

total predatory price ng the sector which is why i think you can say why rates may be a change. >> so you would not be a bir of bonds. >> i'd be buying interest rates to the positive, but buy industrials and transports they made a fresh high today selling gold buying banks these are all interest rate sensitive trades >> you were a buyer of bonds, cat carter, does that mean you shouldn't be a buyer of cyclicals? >> ultimately, the fangs, december 9th, here we are, july 9th, have they changed financials are under a lot of pressure they've had a lot of good news reportedly >> $93 billion in buybacks >> that's a lot. >> the awkward and company -- >> three rate hikes. >> carter, thank you coming up, one and a half million dollars. that's how much one trader is

bet iting gold will surge we'll tell you what has them so bullish. plus, pete made his way over to the plasma to pitch the one stock he says will knock it out of the park, but can he convince the other triders to buy much more still ahead. excuse me, are you aware of what's happening right now? we're facing 20 billion security events every day. ddos campaigns, ransomware, malware attacks... actually, we just handled all the priority threats. you did that? we did that. really. we analyzed millions of articles and reports. we can identify threats 50% faster. you can do that? we can do that. then do that. can we do that? we can do that. (slow jazz music) ♪ fly me to the moon

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welcome back so far, early earnings have been impressive, but can it continue? hi, bob. >> second quarter starts next week and early signs are we might be in for a positive surprise it's early only 23 companies reporting. that's about 5% of the s&p 500 they reported so far but the results from the early reporters like nike and oracle and darden has been surprisingly strong take a look. earnings for the 23 companies are up 12% from the second quarter of last year, but the big story is the revenues. they're up more than 8%, that's big, earnings is from -- that's not really the case anymore. it takes away a major argument for the bears. what about the other 95% that

have not yet reported? >> okay, estimates usually come county as we close the quarter, but this time, estimates are not being cut. that's well below the typical cut we see going forward toward the close of the quarter the third is also unusual. more than 40% are seeing analysts increase the elements increase, not decrease the biggest increase we've seen in five years. all this implies that analysts and the companies themselves are comfort bable with the current estimates or the firms would have talked them down by now earnings season doesn't really start until july 14th when j.p. morgue en and wells fargo report, but even though this is a small sample, we're off to a strong start citigroup came out today, same thing. they're seeing a global expansion. that's their words that's lifting global gdp growth to 3.1 is

3.3% next year an they expect all the major markets to report healthy growth in 2017 as well, so at leasta promising start back to you thank you time for a special earnings edition of fast pitch. one of the traders will pitch a stick. when they're done, the traders will let us know whether they're buying or selling the pitch. what are you pitching, pete? >> best buy. everybody told us years ago they're going the die. the reason, they can't compete with amazon. when they got the new ceo, one of the things he focused on. when you're looking at these companies, you want to start off with what's their focus and where are they going and who's the management now mr. jolie has done a fantastic job. focus was on services. that's exactly what they did and they've been able to combat what amazon is doing to everybody else the stock was down to $11 a share. after earnings, the stock was over $60 a share, gives you an example. they've had three straight years of sales growth.

by the way, they're online growth, 20% annually and when you look at what they're doing in the margin areas as well. that's expending, so they're winning there as well. then you look at companies, i like companies that have shareholder friendly type boards they've got a 2% yield when you look at all of the different things they're doing a $3 billion buyback and you've got the yield and you're trading at a 15 multiple, i like what they're doing. they've got a couple of different areas in the services when you talk about the geek squad and magnolia design. that's going to be upper end and they're getting up there and selling. store within a store as well it's a lot of reasons why best buy is trading the way they are. you can see that right in chart. >> pete, services is how much? how big? >> geek squad. >> it encompasses a lot of different areas, but that's a big chunk of it. that's where they get some of their biggest stuff. in terms of magnolia, when

they're doing the in home theatersers and higher end things that's where the money is. >> best buy trades near the top of is range at a time when i know you believe they're going to hold off amazon, but why should we be aing a premium relative to itself >> they have expansion, they expanded too fast, too early they have room in canada and mexico, but that's where they've got expansion globally and if they want to go other places, they could do that and expand their reach from that standpoint >> all right time to vote pieing or selling pete's pitch on best buy. >> i am a buyer. of his pitch excellent b job. i, too, was skeptical of the management team when they came in whether or not they were going to be able to make this migration. they're doing it successfully. i got back in. i think it's going to go higher. >> karen >> i hope it's not woul you rather pass. because i said pass, but i would never short pete

i would not short this absolutely not >> thank you >> tim >> yeah, first of all, very worried about you on your warm up the way you fell off the mound there. >> fell hard right >> i'm kind of worried about best buy here. not ma'amson and i agree with much of your thesis. i don't think the valuation. it's had a big, big move >> only convinced one trader here, pete how do you feel? >> i feel okay when i look where it's trading -- i don't think -- all right. >> did pete's pitch convince you out there that best buy is the best vote in our twitter poll we'll reveal the answer laettner the show plus, taking more than 4% today snapping its lowest winning streak in five years and dennis sts man says the sell off is i ju beginning he'll explain why when "fast money" returns

welcome back to fast money which can out shares of uso. getting crushed on news that opec news exports rose in swrun. overall, today 4% loss snapped an eight day winning streak. how are we tray iing trading ths

sfwl i'm the seller. i think it's going much lower. i think it cracks 40 i'm a seller of energy in general. across the board >> do you think rate rs going higher, tim? does it mean the dollar goes higher >> if you're oil bear, you're looking at the dollar's weakness and how oil would not kael put in a bigger number i think the other side, first second half day trading of the year for the oil traders, i think they're back in the market i think oil is moving signifi l. >> dennis gartman says the pain will only get worse. he joins us now from virginia beach with a dire warning. nice to see you, eve within the most dire of warnings. what is that warning what do you see? >> i couldn't call it terribly dire in the nextfew week, but

over the next 20, 30 years, the trend toward crude oil is wortlessness that's a position taken by the crown prince of saudi arabia who's made it clear he's going to go everything he can to di yeverse fi the economy in saudi arabia away from something he thinks will go to zero given the circumstances preva prevailing, horizontal drilling, fracking, that they said they would not abide by any further cuts in opec's quotas, the trend is clearly downward. demand continue to l.a the trend from the upper left to the lower right. it is dire >> it's going to reset itself. does this mean that the number -- would be different in terms of what we consume

we'll consume a bit more just because of the population. on top of that, we are moving towards other sources of energy. the technology of -- has gotten more sophisticated we have learned how to manufacture. cost is declining on a consist ebit basis it's absolutely a given that sometime in the next 15, 20 year, whether it's fusion, better fission, renew bables, wind, all of those things are going to be an overriding pressure

a protracted, bearish trend and rallies like last week have to be sold into it. no question. >> dennis, thank you >> thanks for having me on >> editor of the gartman letter. karen? >> i kind of agree with him. i think what you know, saudi aram ko, we cls co, we talk b about that as a potential floor. i think they'll do everything they can to keep it as a price that works if they're a seller, where do they think oil going ultimately much lower >> does this mean that the equitie equities, this is long-term. we're not trading. >> all kinds of people taking shots. julia was sitting next to me last week talking ab ining abot ways in options world, derivatives world because you've got to define risk reward when approaching. >> have you been >> i have been one of them >> i've been wrong absolutely all my energy trades b have been >> i agree you can't express a long

position any activity we see on the desk has been short cover ng the energy names you look at the lower performing names, the worst performing stocks the it's a cover bid, it's not real buying. >> the 2030 plan for the saudi economy is not getting out the top. it's about diversifying in dynamic economies. so ultimately, i think what they're doing is kind of bullish. >> all right still ahead, are you buying pete's pitch for best buy? so far, the majority of you say no oh >> it could be a good thing. >> there's still time to vote. we'll reveal the answer at the epd of the show. tr the power of 100 of the world's top companies. the power of a proven 15-year track record.

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containing this information. read it carefully. oh hey john, i'm connecting our brains so we can share our amazing trading knowledge. that's a great idea, but why don't you just go to thinkorswim's chat rooms

where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders? i know. your brain told my brain before you told my face. mmm, blueberry? tap into the knowledge of other traders on thinkorswim. only at td ameritrade. . welcome back gold breaking a three-day losing streak amid rising ge oh, political tensions mike joins us from austin to break down the action. >> so, yes, we saw about two times the average call volume today. this is one that normally trades quite a lot of volume any way. we saw a big trade in the december 135 160 call spread 35,000 traded for about 42 cents, now, a buyer would be betting it's going to be above

that by at least 40 cents or so so above 135.5 or there abouts in less than six months time there has been a lot of institutional interest in both of these strikes since the beginning of the year. it could be some follow on activity from that we saw in january and mid march. >> tim, your thoughts on gold? if aicbm doesn't move gold by more than 3%, it seems like it's not reacting think about brexit, where the collar has gone. you've had no chance higher than this it's been a sideways bet if you're lucky >> thanks for that, mike mike in austin for more options action, check out the full show friday, 5:30 p.m. before we get to the final trade, it is time to find out if you bought pete's pick for best buy >> come on now more than 70% said no. thank you.

>> and a song to get stuck in your head, too >> $11 a share, so that's okay everybody says they can't get hit. all we do is execution >> stand tall. >> makes me feel better about that trade >> time for the final trade. around the horn we go. pete >> gold. the acquisitioacquisition. going to reach them even further out there. this ken xaeb is winning >> i don't want to listen to this song. >> netflix, the set up going to the quarter is excellent that's a stock i want to own continue to own. >> karen >> going international epi. wisdom tree. india fund >> i think it's in the chorus. >> hope everybody had a good, happy fourth >> absolutely. >> didn't go to the movies, but via com is a name you should

buy. >> thanks so much for watching we'll see you tomorrow at 5:00 don't go anywhere. "mad money 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 other people want to make friends. i'm just trying to make you some money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. how the heck can this market stay up at these elevated levels, dow dipping just one