last, about a couple minutes, right, for those -- even if you're directly in the math, you only get two, three minutes of it, right? >> reporter: right it starts around where i will be in oregon, around 10:19 pacific, 1:19 nr tiyour time for two min. south carolina, an hour and a half later it actually moves pretty quickly while it's happening you better not blink or you'll miss it. don't look at the sun without the right glasses. >> i'll see you in a week, jane, i can't wait. >> reporter: okay. >> jane wells. that does it for "closing bell." "fast money" starts right now. "fast money" starts now, live from the nasdaq market site overlooking new york stis' times square i'm melissa lee. pete that jarn, karen finerman, tim seymour, guy adami netflix and disney heats up, approaches a top abc producer.

it may not be good for threnetf' subscribers. and later, it's bitcoin week on "fast money "", where we are answering your burning questions about the digital currency, cry crypto currency, even ones you're afraid to ask. first we start off with the rally that will not quit, dow soaring triple digits today, continuing its comeback from last week. goldman sachs, apple, leading back to even and bigger comebacks in the areas of worry last week, small caps, financials, all surging back with a vengeance the market giving investors almost no chance to buy this dip, should you forget try to time the market and just close your eyes and buy? guy? >> well, that's been the strategy and i tell you, on thursday, when it looked like there were bad things about to happen, you know, tim said transports are providing with an opportunity, was spot-on. we said the transports etf 160

is the line in the sand, hasn't gotten that low. the dax, to me the most interesting thing which traded below 12,000 i believe on friday closed above it then rallied again. i think that is telling you that maybe the worst is over. i will tell you the headline risk is still enormous at least you have things to trade against which i think is tim's point on thursday. >> it was my point i think on the dax you also have a dollar probably poised for a comeback, and if anything, we didn't get the comeback, if there was a war bid in the markets. the longest they've been since 20111. i think that's too much. i think it's going to be very good for the european economy. i should say as we come off a little bit when i look at markets, look at the xlf, on the fire and fury day, if i look at financials, to me they have the northeast to gain back and actually still 2, 3% from the intraday highs on the day when bill dudley, i think the fed is the most important thing two ingoing into september. a guy who said today that the inflation expectations in the labor market are higher than

people think i would be more concerned of that, so buy the financials. >> so the weak cpi last week was sort of a head fake? it sent the wrong message to investors? >> look, the fed, if you look at where conditions are, financial conditions are so much easier than they were even a couple months ago the market's at greater highs. races are down credit spreads are tighter you have an environment where the fed cannot do what they need to do and i think in a month, people are going to be like, whoa, what happened? i think the fed's going to move more than people think. >> i don't know, i feel like the fed has been telegraphing a lot of this already, right this question of how big, how quickly taking the balance sheet and i think the fed didn't move, they'd say, all right, what are they seeing in the economy that makes -- gives them pause? so i don't think it's terrible i think the biggest thing that could drive this market that i don't think will happen is tax reform which i, you know, we see no progress on that. >> is that in the market i mean, you talked about -- >> no, no, exactly i think it is not in the market. i think that would be a surprise to the upside. >> absent that, how are we at these levels >> i never -- i'm going to get

that wrong for sure, so on a day like today, i'm not going to be buying stuff just because i feel like, yuan whou know what, i li buy things when they're on sale. i bought a little bit of stuff last week, google, has gotten crush. more google than others. bought a little bit of that. a day like today, i'm not going to be buying. >> to all of those out there in america who buy etfs, their choices are generally s&p 500, nasdaq 100, et cetera, forced to choose, long here or don't get in >> long here >> yeah. >> and the reason i say that is, i think if you go back to the fundamental story, we look at the earnings season we've seen so far, we're most of the way through, now we got left the retails. when you look at thee earnings and they're up 10%, look across the board, revenues in general were very strong, most of what we've heard whether it was technology or financials or pick your poison, all of them seem to be pretty strong to me and these guys are talking about the financials and the fact that they're still off of what those highs were i think there is huge upside there and i think if we're not going to see the tax reform probably for quite some time

regulation on the other hand, maybe we see a little bit more of that. i think there are things that certainly could be catalysts for the financials to the upside and i still look at these valuations they're still extremely cheap. i don't care if it's goldman sachs, morgan stanley, bank of america, citi, jp morgan, i like most all of those, own many of those. talking about, what was there something to buy, last week on friday after the big down-swoon on thursday, friday i grabbed some red hat i continue -- i think that's one of those where i'm just looking for opportunities in the marketplace. i wanted to see what's going to get pressed down it got down toward 95, now it's closer to 100. i think there are other names out there as well. i actually dipped into nvidia today after it made this big pullback we'll see how the things work out. i think opportunities only come and got to look at those -- >> what's left to buy here, guy, at these levels? >> we talked about 300 being the breakout level, well, a few months ago, now broke through 300, traded up about 330 or so basically came all the way back.

i think it actually helps. i think biotech, if you look at underlying stocks like, you know, some of these names, jazz, celge celgene, they put in bottoms in the short term >> what can you consider value with markets at record highs >> some retail >> like what >> i'm long foot locker, we'll see on friday. that's going to be big i hope there's a reaction like a -- if they do a little better, that's huge. the stock hasn't been as cheap in a really long time, so value there. i still am long banks. i want to add one thing, though, about market timing, you don't have to do all or none you can do a little. that's a much easier thing to do and psychologically it's much easier. >> scale into it. >> scale into it, ner goiver goo get it exactly right. >> global markets are cheap. 128 billion into global markets, 9 billion, 10 billion into u.s. markets. tells you are people are going for value. there have been impediments to the dax. best macrodata in the world and 20% to the s&p

emerging markets at 12.5%. they've had their best close in many, many years because at 12 1/2 times with eps growth, this is the key all these places you need to see a followthrough from earnings, you've gotten that so far, that is value. >> we talk about opportunity all the time i just wanted to mention so on friday when i buy something like red hat, right, you wonder, geez, that seems k s kind of ri, right? the stock comes down $3, $4, $5, toward $the95, implied volatilis are through the roof getting more bang for your buck in term of the buy rate. those are the times you can scale and get wrours inyourself great position here no one expected volatility to come in thisquick that's the market we're in right now. we literally went from a 11 vix to a 17 on friday at the highs all the way back down into the 12s now. those are huge moves i don't think everybody outside of the guys really inside of the market understand how big these moves really are. >> right i think some people at home are going to think these guys last week were cautious about what

was going on, there was a huge spike in volatilepy, why are things -- what was the all clear? is there an all clear? >> i don't know -- >> is there not an all clear >> i don't remember what happened ten minutes ago let alone last week. i don't think we were waving the caution flag pete saying the vix wasn't a one-day situation. by in large, i think he got that right. iwm, dax, for example. they all held. it felt bad but tim said it on thursday, buying opportunity in transports i'm not certain we were waving the, you know, get out of stocks flag for sure. >> yeah, yeah, no, no, but some caution. >> caution hasn't -- >> but the question is, are these -- what is different now and are these warning signs gone or are they just sort of in the background now >> i think part of the comfort that came this morning were at least some comments out of the cia, comments out of the national security, basically we're no different than we were a week ago on august, folks. i think that was a reassurance to markets that reacted first.

when you think about it, this we made very clear, i don't think the economic prospects for the u.s. or rest of the world changed on north korea news as we know it right now therefore, you're buying the same market. therefore, i think the fed and minute month of september have me cautious i don't think you need to chase the market because the news is out there on top of technicals i think started to praek dobreak a little bit except for stuff that has extreme values we talked about. >> let's talk about technicals our next guest says today's rebound could be luring investors into a bull trap let's go off the charts with rick ross over at the plasma to find out why why a bull trap, rich? what are you looking at? >> today we're going to look at the three bs, the bounce, the breadth and the bump first we're going to start with the chart of the s&p 500, this is the big boy look, you're looking at this chart here this isn't going to give you any warnings a senior wevery well defined tr.

almost a historically shallow decline. the biggest pullback we've had 2.8% have to go to 1928 to find a more shallow drop than that this far into the year. here's where the story gets interesting and i think it sets up a little bit of a trap for the bulls. this is s&p equal weight rather than cap weighted. going into the day, here's where we stood okay 0.0 since march 1st so almost six months of sideways action. that's different from the ongoing advance in technology, the tou industrials and even the cap weighted s&p 500s you saw. that is breadth eroding, okay? we move to the next page and we see here the russell this is sort of your classic example of erosion when i talked about the bump, we're talking about the trump bump okay coming out of the election, what were the biggest beneficiaries the russell, the transports, the banking stocks, interest rates and all of those trades have really come undone here. as tim alluded to, the dollar collapsing the russell, you've done absolutely nothing since

december 1st the transports, nothing. banks, essentially nothing and the hy fwrkg, high yield et, essentially wrigright where you on december 1st. the trump bump has come undone the balance, there are still ways to play it, let's not lean too strongly one way or the other. let's talk about the book, facebook here, this is a stock that didn't pull back with the broader market here. this is a textbook bullish flag here there's another there are 20 of upside in facebook so you want to buy the strong stocks coming out of a pullback like facebook. let's go the other way here. now this is going to get boos here i probably like this stock higher like many of us here. this is halliburton, the other side of the tech trade the growth trade, if you will. you don't need to be a technician to see what's going on here. i mean, we can really draw it any way we want in terms of this head and shoulders but any way you slice it, this is a pretty critical line in the sand here at this $40 level and it doesn't give you any confidence that you're not going to break below it, so you saw

crude down sharply today after the failure of $50 there are 4 $47.50 in crude. halliburton going lower. crude's going lower. the market, itself, breadth is eroding here period of the weakness seasonality of the year. what are we doing? falling back into old hackett hs buying tech, buying growth i'm not too sanguine on the market, itself, but a couple great ways to play it. >> rich comes over the chair's already here we knew from the start. >> how did the chair get here? did pete get the chair >> i went over and grabbed it. me and anthony. >> like genie used to go -- >> name who's genie, her name -- >> genie and bewitched. >> how did the nasdaq cues look, the biggest cap, right, technology stocks. >> to use words like struggle would be a gross overestimation here you had very small pullbacks, once again, this is the

strongest corner of the market not just here in the u.s. but globally as we've seen 27% in em. tech, it's very difficult to assail any weakness has been bought look, there's still the potential for a little bit of a short-term double top in here. people are crowding into technology which is great when it works not so great when it goes the other way. as far as the peer chart, it's okay for the time being but don't want to stall out here >> explain something to me the market weighted one, as opposed to the s&p, itself, doesn't that always go toward the mean so why is it -- or always go toward neutral in a down market, it will be higher, up market, lower why is that indicative -- >> i think what we're seeing here is finally some dispersion underneath the service so to your point, clearly the bigger stocks are always going to drive the s&p 500, it's just math, alone. in this case, what we're seeing, the russell is going nowhere your transports are up 2% on the year your dow is actually outper tomming the s&p so it's not just a big stocks within the s&p which, of course, are technology weighted but within the dow

industrials you're seeing this sort of quest for this big old line industrial play like you see in the dow and i think underneath the surface anyone that's traded the market that doesn't own the f.a.n.g. and technologies sees the erosion going on below the surface. >> talking f.a.n.g., technology, all these things what i've not heard yet, i'm curious, what about the financials tim talked about, they've pulled back, really haven't made back much is that an area you look at right now has support and has upside or does that look like it's breaking down what's your opinion? >> look, we talked about financials last week key thing for me with the financials are the sub sectors, about where you are. there are clear differences. regional banks break below the 200 day moving average for the first time in over a year. that's clearly bad then you have your big global guys which are acting extremely well once again, stock like bank of america not taking out 25, jp morgan flirting with the big highs. bkx, morgan stanley. setting up a potential double top. keep in mind, interest rates, what are they doing? down, down, down every single

day. crude, lower financi i'm not sure how long that dynamic persists if we see 210, 205 on the ten year which is where the chart seems to be pointing us too. >> all right, rich, thank withdrew rich ross. >> genius. >> yeah? what did you like about what he just said? >> we can agree to disagree on the halliburton. i'm with pete on the financial sides. i think jp morgan is expensive, by the way i think 1.8, 1.9 is fair in this environment. i think goldman sachs, for example, at 1.2, makes a little more sense doesn't mean jp morgan is not going to go up, but just looking at valuation, i think that's more expensive. >> agree to disagree on halliburton means you like halliburton? >> oh, i misunderstood him maybe i didn't hear him correctly. i agree with him >> head and shoulders. >> no, i agree with that going to get close on valuation. i agree that's rolled over in a major way. >> see, i actually think banks relative to themselves get a bum rap. over the last four, five years, banks should have traded at a

discount, a multiple that was depressed. relative to their long-term history, me means the banks are really cheap i look at energy, i don't agree with rich's view on crude. we're at a place, there's -- >> you agree to disagree. >> i absolutely agree to disagree you know, it's a story here where i think no one has needed to do anything with energy i'm not saying you have to jump in there, but energy has worked. all right. coming up, snap snaps back despite a lockup expiration, best day since may getting its groove back. plus, bitcoin hitting another record today the commodities king says the crypto currency trade is bound to end in tears. later, president trump taking to twitter to taunt the merck ceo from stepping down from trump's manufacturing council. should merck shareholders be concerned? much more "fast money" right after this

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them pull back licensed content. shonda land, producing partner, will bring all their new shows to netflix while their existing hit shows "grayey's anatomy," "scandal" ad "how to get away with murder" will continue to air on abc. netflix has been ramping up deals with top tv talent including david letterman and the cohn brothers. the jerry sieinfeld deal announced in february. a rift between netflix and disney disney pulling its films from netflix to create its own streaming service. that news pushed shares town 5% last week. patrick mor ran saying the network will continue to benefit from shondaland noting the ongoing success of his shows on abc and numerous projects in development saying, "the shondaland imprint will always be an important part of abc studios. we wish them all the best in this new endeavor.

concern about netflix's lack of ownership of some hits including "house of cards" is the focus of a critical cover story out this weekend, that article calling netflix a hit renter, not a hit owner warning the stock could fall by more than half by 2020 netflix is still licensing some high-profile shows from disney's marvel with the "defenders" launching friday, the fifth marvel show including "dare delve" which are already on netflix. netflix has a reputation for giving talent creative freedom, as well as big budgets we'll have to see how this latest deal with shondaland will eventually help grow netflix subscriber which is always, melissa, goal for netflix. back over to you. >> interesting to see how shareholders quantify this teal. we know that shondaland generated there agenerate ed $2 billion in ad revenues, international licensing, rerun deals. these metrics don't exist in netflix. >> reporter: yes, it's a very

different measure that her shows will be judged on. i mean, at abc it's about ratings and ad revenue netflix, what her name and what her shows will mean in terms of drawing subscribers and holding on to them. >> julia, thank you. nice dress julia boorstin we're matching, melissa. >> all right thanks, julia. guy, i'm sure you know shonda rhimes' body of work. >> yeah, i listened tsh. >> "grey's anatomy." >> i love "grey's anatomy. >> "scandal. >> "how to get away with murd . murder." >> is that a different show? they sound intertwined. >> barron's says the stock will be cut in half by the end of the decade is that correct? one reason they attributed it to, their relationship or lack thereof of disney. netflix doesn't spend $7 l billi billion on content, $200 million was advertise disney i remember pete sitting over there nodding his head in

afwreem agreeme agreement. remains to be seen if barron's is going to be right i think netflix goes higher. >> i was shocked it didn't go lower on the barron's thing. to me, if i were netflix, i'd think about doing some debt deal right about now. >> now. >> today i mean, you know, just as we saw tesla do it, i think they should do something right now the market would really receive it well they need the money. the spend part is -- it's a lot of money i feel like netflix shareholders should be a little bit concerned about the spend. if i had to own one -- rather, myself, disney >> doesn't usually do that >> she does it, it means something. >> i'm with guy, i don't -- >> jim cramer today talking about the same thick abong, abo, look, they ought to do the debt offer, do it just like tesla and probably not impact the stock all that much. i don't disagree with that

what's interesting is the pivot they're making for original content and who they're attacking. it's a huge gamble i don't think tsh. >> a gamble to hire producers who does 13 seasons -- >> depends yes, it's a gamble. >> what have you done for me lately it's wonderful and "scandal" it looks like is starting to fade a little bit the coen brothers are great. grow up with those guys in minnesota. a little plug there. when you look at all the different content they're starting to get as their onorigl content, really interesting. >> is this where a content company should be trading? netflix, it always comes back to the valuation. i don't worry about this so much for netflix. a guy who's been bearish on netflix and wrong. >> it has a platform everybody else is trying to emulate. >> disney pulling this after 201, this component, not necessarily what they're doing with luke was films or marvel. it's a low portion of netflix. disney is the one to buy based upon valuation and diversity. coming up, president trump

dealing with a renewed slew of backla backlash we've got those details. i'm melissa lee. you're watching "fast money" on cnbc first in business worldwide. in the meantime, here's what else is comie ining up on "fast. >> which one of these are traders betting will fall? plus, it's bitcoin boom week each day, "fast money" is talking to top investors and taking all your bitcoin questions, even the ones you're too afraid to ask. tweet us @bcstnecnfamoy and we'll try to answer it when "fast money" returns whoooo.

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welcome back to "fast

money", live at the nasdaq market site. stocks rallying across the board. dow closing up 135 points. s&p saw its first 1% move higher since april. here's what's coming up in the second half of the show. bitcoin soaring past $4,000 and adding more than $30 million in market cap in the past month the commodities king dennis gartman says the crypto craze is about to get ugly. why he's so bearish. plus home depot, walmart, targets out with earnings. which could be a big winner? traders will weigh in. first we start off with the drama in d.c. as president trump took to twitter to trash the merck ceo for stepping down from his advisory council let's get to elon in washington, d.c., with more on this developing story. >> reporter: melissa, president trump was swift do denounce kenneth frazier for leaving the council today tweeting frazier has more time to lower, quote, rip off drug prices. it took the president two days to condemn the white supremacist

rally in charlottesville over the weekend. initially said there was hate and bigotry on many sides. this afternoon, he stepped up his rhetoric >> racism is evil. those who cause violence in its name are criminals and thugs including the kkk, neonazis, white supremacists and other hate groups that are repugnant to everything we hold dear as americans. >> reporter: merck ceo said he left the council to take a stand against intolerance and extremism. hp ceo meg whitman said the move reminds america of its better angels and earlier on cnbc, former mcdonald's ceo ed renzi said companies should be less concerned about their public images and more willing to stand up to the president. >> we better get together as a country and celebrate our diversity, celebrate our differences and celebrate the wonderfulness that comes out of all that so i'd be challenging him every minute of every day and we should and if he doesn't do a good job,

we'll boot him out of office. >> jamie dimon put out a statement in his role as business roundtable saying the group's members will never accept intolerance and hate. trump clashed with businesses on climate change, immigration and now diversity and inclusion. that, melissa, is going to put more pressure on the administration to deliver on tax reform and deregulation. back over to you. >> ylan, thanks very much. let's trade this so many was to go at it, pete, from the merck perspective, company perspective, agenda perspective and whether or not this derails or puts a speed bump into the agenda. >> yeah, it's certainly something i don't think any of us expected this to come out the way it did i think the interesting thing just from looking at directly at them, for instance, the effects on merck, itself, absolutely shocked me you'd think on a day like today, the president tweeting and talking about this, that maybe this would hurt that stock in some way, shape or form and it did not. that's the interesting thing look at the pipeline, look at

the fundament the lals, real st behind merck that says it all the market looking at the market and putting aside all the politics for the moment. >> do you think this ceo put himself in the line of fire with this administration, for taking a stand on something that clearly it took the president two days to finally, you know, come around. this guy stuck his nose out before that. >> right right. it's very -- it's impressive that he was willing to take on the president the way he did i'm not so sure. i think with the president's tweet, it was certainly off in my opinion that's not something that you'd expect the president to be coming after a ceo like that because of what his decisions were so that was a little bit surprising to me i think that the impact longer term is just not there for merck and the stock. >> there is a reason, though, why the ceos sit on these councils when asked so they could have a seat at the table right? when policy is being made. so, is this any sort of disadvantage to take yourself off that council or to put yourself in the president's cross hairs? >> now that you're already on it, maybe would make withdrew think about the next one for a different industry i suppose

i'm wondering what happened, if anything, behind the scenes? did he make a call to trump before he did this, skruas a re of that, probably very unsati y unsatisfying if that happened. thought it was a brave move. i wonder if that's what pushed the president to do that, wasn't a press conference, just a statement today. >> let's face it, i mean, there's a lot of constituents that are not necessarily in the white house that this kind of move garners an enormous amount of support for. >> which move? >> ken frazier. >> my view is, okay, maybe you're not on the economic council, but guess what, you put your company in a position to be out there, first of all, there will be people that will go take a job with merck based upon that reaction you're going to get top quality. i mean, that is something i think had to be done and i think the fact of the matter is merck's traded sideways for three years. i mean, i don't think you're going to lose anything by getting out there and speaking your mind in an industry where i think there's a lot of targets on backs i don't think anything happens

tomorrow because of this. >> full disclosure, my wife works at merck for quite some time now my tweet, if i were the president, clearly i won't be and not currently. >> never say never. >> we'll miss mr. fraszer frazi, what he brought to the table at our council. we agree to disagree on this i respect his opinion and respect it going forward he's a great ceo of a great company. to stay he's making rip-off drugs -- >> more times to lower rip-off drugs -- >> to pete's point, there's tone deafness to the tweet. i'm not what do they call those things snowflakes forget about those tweets. >> or musician. >> if we all applaud ken frazier from stenstepping down, do we hd accountable ceos who are willing to stay on on the council? >> the game's changed a little bit. >> right so the press conference today gives everybody else cover. >> yes

>> otherwise you would want people to step town. >> we might have seen -- >> maybe that's what happened behind the scenes. >> does it give them cover yes. the immediacy of mr. trump's tweet on mr. frazier was within how long >> sekz seconds. immediately minutes. >> there was no immediacy, saturday, i'm losing my days that's why, yes, does it give america coverage this is 2 1/2 days ex-post facto. i don't think it give the guys and gals the air cover >> a series of events and series of insensitiveties that plenty of ceos have had plenty of opportunities to walk with their feet for months from this administration and some have chosen to be more political. still ahead, wall martz, home depot, target, out with earnings this week which ones could be the big winners and losers. the bitcoin surge continues, now up nearly 350% in 2017, alone, but dennis gartman warns

are bitcoin boom could end in tes.why the crypto currency coue on the verge of a crash. much for "fast money" right after this

ironic, a crypto currency

than actually make noise welcome back to "fast money. bitcoin boom, soars, gaini inin3 billion in market cap in the past month karen, you've been in it, what got you in it and what to you see as the prospects here? >> what got me in it and i still believe is the adoption of crypto currencies around the world. i don't know which one, bitcoin seems to be by far the biggest one, but i don't know that that makes bitcoin the most likely winner maybe. maybe there's many winners i don't know i just feel like this is a real change and it's very risky i think very risky, but i think it's worth having some small bet where you're willing to lose it all. >> what's that percentage bet do you think? of the portfolio >> 1%. >> 1% of your portfolio. >> yes. >> we play this game often, if you take a look at the chart and covered up what it was a chart of, saw in one month it was up more than 93%, what would you say? >> i say the next headline is

probably going to create significant price risk and there's a good chance that you see 3,000 or so again. that doesn't mean, see, price fluctuations, in my opinion, are not a repudiation of the underlying technology which i believe, i think karen believes, and i think b.k. believes, is here to stay pardon me? >> you can say that about a stock as well. >> not a repudiation -- >> of the fundamental business of a stock. >> i think there will be people who think if it were to go back to 3,000, maybe dennis gartman, for example, coming up on this show, shows that bitcoin, there's something flawed about it. >> are you in it at all? >> i'm not it. look at the bitcoin market, about $140 billion at this point, gone up 30% over this time i don't know how many currencies there are. the coin base. 847 currencies. bottom line, the top three are 85% to 90% of the market cap what worries me is the reg side of this. when you have market that's

still relatively very small, the re fwr regs can be more aggressive than when it's bigger maybe to speak to the obvious, i think this is going to stay. i think the technology is what's valuable, what we're all saying and where you want to be investing. >> the risk tolerance side of this whole thing makes it interesting. you're saying if you're going to be involved, 1% makes sense. it is is so confusing for people when there are so many different choices outthere and see this thing with parabolic moves to the upside just as easily could be to the downside which is the scary part of this whole thing. where do you stand karen, you don't trade it, you just use this almost as a, what, a hedge, like gold >> given that it's gone so parabolic, i did sell a little bit today. i have to say, b.k. has been doing a masterful job of managing this for me and it's his doing, but i think one thing about regulation, i could make a bear -- a bull case for regulation that you could have a more easily traded bitcoin.

>> right. >> with regulation and maybe more people would be about apt to buy if it were regulated. not everyone believes in the bitcoin boom commodities king dennis gartman had a beef with bitcoin from the start. he says to stay away from the crypto currency. dennis, so you missed out on what could have been some pretty great gains here what keeps you out of it? >> no question. >> what would keep you up at night if you owned it? >> the fact the original concept of bitcoin, first of all, the technology behind it, the block chain, is genius we won't have block change circumstances in trading for a long period of time into the future that i believe in toldl ltotall. what bothers me, something that can move 5%, 10%, 18% in the course of the day was supposed to be a pricing mechanism. how can you buy a house, how can you buy a car, how can you buy starbucks with bitcoin when the price is going to fluctuate as dramatically has it has? this looks to me like very much,

you can take the chart of bitcoin and apply it against the tulip bulb mania of the 15th century and the charts look exactly the same walk in some day, be a hardware or software program where there will be no ability to trade and next thing you know bitcoin instead of trading $4,000 is trading $2,500 and no bids anywhere 1% is probably 10% too high as far as i'm concerned to own bitcoin. it is a punter's dream i give them credit for that it is is something i will absolutely stay away from. have stayed away from it, didn't understand it to gibegin with don't understand it now. >> is 10% too high 91 basis points is the right number 1% is too high i don't know aside from that, look, i couldn't ever say to anyone, if you don't understand it, don't feel comfortable, buy it anyway. that's not a good strategy at all but if you believe in crypto currencies, which i do, as having a place in the financial markets in the world, then i

think it's worth a bet >> karen, my problem with bitcoin also is the fact that originally the concept behind it was that it would be a finite number of currencies i.e., it would be better than the dollar, would be better than the euro because those are infinite and can be created by the central banks. out of air the problem now is there are 1,59 crypto currencies as of the close tonight all of which can be increased that will probably be 2,000 crypto currencies, i.e., the finite nature of the crypto currency universe has become an infinite nature instead and therein i think is one of the real problems we'll walk in one day and this will all have ended and end very badly. >> totally agree with the parallels of all of those, you know, dotcom stocks of 1999, 2000, but among those are the googles and the amazons of the world. >> not a question. some -- there will be one that will survive, it shall probably be bitcoin, shall do so without my participation. >> dennis, thank you, dennis

gartman of the gartman letter. karen, that goes to the point you were saying earlier you should buy an assortment. >> an assortment, to me, that would be one of top three or five, not if you look down the list, i mean, it's -- >> really small. >> yeah. >> all right >> yeah, i ultimately say you have a case here where it's had such a big roof. think about your risk/reward at this point, though maybe it goes up tenfold from here but the reality is the move you've had to this point means i think you can be cautious. still ahead, traders are piling in on the bearish bets rerteainitg box retailer when pos rngs this week we'll give you the name. much more "fast money" right after this

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tv on every screen is awesome. the xfinity stream app. all your tv at home. the most on demand your entire dvr. top networks. and live sports on the go. included with xfinity tv. xfinity, the future of awesome. welcome back to "fast money. we got a news alert on the latest from the season filings let's get to leslie picker for the details. >> reporter: looking at hedge funds paring back stakes in health care and banks. it appears in his quarterly letter that the so-called trump trade is fading. or at least it's becoming less popular. appaloosa took huge positions in pharmaceuticals during the fourth quarter and in the second quarter, this most recent one, david teppler eliminated teva and pfizer from his portfolio and exited stakes in pharma and

biotech companies it held including bristol-myers and shyer. banks were unloved by hedge funds during the second quarter. sold out of goldman sachs as did moore capital which slashed its stake in "b" of "a." third point absolved its stake in jp morgan berkshire hathaway disclosed a new stake in synchrony financial which sent the shares higher in aftermarket trading. he also sold out of ge during the quarter. we saw a lot of hedge funds take some money off the table if f.a.n.g.s especially ammazon tiger management and tiger holdings pared back their holdings only one hedge fund we tracked took a step in blue apron, jana, the same firm pushing whole

foods to sell the deal to amazon, same deal blamed for destroying blue apron's ipo. then there was snap, appaloosa, moore capital, all completely sold out of snap during the quarter. melissa. >> thank you very much, leslie picker at headquarters karen, who do you lists en to t most if you list b to these at all? >> we point out they could be old news, come out 45 days after the quarter. it's not going to really change -- i do like to see what buffett does, that's one that's important to me. i like to see names you might not have heard of. blue ridge, i like to see what they do. it's not going to really change my opinion. >> as for snap and blue apron, these guys probably thought this i was going to be a quick -- i would imagine they thought it was going to be a quick -- >> and i think they're in a position to be in that trade had a good year and i think he's been on on a number of these names without having to get too heavy into the activism side, but i totally agree, why should we know where these guys are positioned right now we don't >> yeah. >> we didn't mention, leslie

didn't mention this, i thought green light adding to micron is interesting. we'll talk about that later. >> going back to the well for david einhorn. >> going back to the well. i like that terminology by you. >> been a long time, regis, also, regis is out there. >> regis is out there. >> maybe regis is interning again this summer. i mean, right, heton that before. >> miss him. >> yeah. >> i think appaloosa was one that was interesting to me, appaloosa just because getting out of tuesday pharma names, specifically the two in the cross hairs now, everybody seems to want out, makes a lot of sense. buffett's the guy that's the most interesting adding to financials still. >> all right. shifting gears here, a number of big box retailers reporting earnings this week traders betting on trouble ahead for one name in particular mike joins us from austin to break down the action. >> reporter: taking a look, target implying a 4.4% move. home depot will look for a move of 2.9%.

walmart, 3.8%. amongst these three names, it was actually target that saw above average volume, two times the average daily put volume where that activity was concentrated, opening buyers of the august 52 1/2 puts, when i was looking at these, over 4,500 traded, average price of 45 cents. looking at the implied move of a little over 4%, some traders ar betting the move of target, at leasts, would be to the downside. >> you had liked target. >> been trading really well prior to the amazon/whole foods, if you recall, on july 13th as we mentioned last week, they gave their guidance and the stock rallied. >> yep. >> listen, as people tell you, they typically get these things right. maybe there's a chance at 53 1/2. i think if you like walmart at 17 times although deserved of a premium valuation of target, you have to like target at 13 1/2. >> walmart, whatever they're doing, they're doing it on a

headwind at the gross margin they're going to survive amazon, of course, but i think they got major headwinds. i think the general trends for the broad lines are better food prices have stabilized i think. costco is probably the best position if you're trading target, i agree with guy, 53, that's your bottom, trade is from there. >> forced to choose, target, wall mart, home depot >> they came out with guidance that was good. must have a good sense of the quarter. really looked kind of foolish -- >> i think there's an improvement over that guide is what people are expecting. >> i look at jet.com still, i know when we talk about wall martz, look at the e-commerce. best buy has battled amazon and gets forgotten all the time. best buy is winning against amazon walmart i think is in the process of being able to compete and win against amazon as well and i think it's because they have the right waydelivery syst. all the different acquisitions

they've made, put them in a position where 17 times isn't too expensive these days in my opinion for walmart. >> is home depot in the process of battling amazon >> apparently if you recall a month or so ago, home depot -- we said that home depot was amazon-proof i still think they are, by the way. we'll find out tomorrow. 18 1/2 times forward earnings, they better say something good. >> i looked online to see if they were doing kenmore washers here. >> and >> not in the city >> okay. thank you. for more options action, check out the full show friday 5:30 p.m. eastern time. > nt,in tdes. [pony neighing] what? hey gary. oh. what's with the dog-sized horse? i'm crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. isn't that right warren? well, you could get support from thinkorswim's in-app chat. it lets you chat and share your screen directly with a live person right from the app, so you don't need a comfort pony.

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in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember. is this market wildly overvalued you listened to those rich people who come on air and tell you everything is too expensive, you know what, they've already made their money we got to find winners and stick with them. so stop listening to that and start listening to yourself. time for the final trade pete najarian. >> nvidia, they raised that price target i agree with them. i think the stock is ready to bounce and go even higher. >> karen >> yes, if bank of america trades off tomorrow on some hedge funds unloading in the second quarter, that would be a good time to buy. >> tim seymour >> i'd stay with the financials below their highs of last tuesday. ci

citibank to me is the cheapest >> guy adami >> spirited, spirited show >> spirit is a good word. >> you know what else is doing well >> spirit airlines >> no, not at all. >> do you see green light's thing? >> green light to go in there. >> i'm melissa lee i'm off for colea up weeks see you then. there. >> "mad money" starts right now. 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. wait a second.