between? >> potentially somewhere in between. i think they want anything that will keep the government open beyond tonight. >> kayla, thank you. quit parting word? >> hopefully it's revolved but it is not a big market issue. >> not a market issue. it will be davos something is going to happen that will be so terrific. >> if the government stays open, he will go that's it for "closing bell. "fast money" begins right now. >> "fast money" starts right now live from the nasdaq market site over looking times square i'm melissa lee. tonight on fast, bitcoin for the masses, while the fcc cracks down on efts there is something happening that to redefine the bitcoin boom plus it's ford's worst week in more than two years but one trader says the stock is about to kick into overdrive. later, ge's nightmare isn't over, the stock sinking to a six

year low today how low will it go first, the dow started off the week sinking, then soaring back to close before 26,000 for the first time to close right under that key level as volatility today the vix surging 20% even as the markets soared and the ten year yield hit its highest level signs 2013 s. volatility back for good is this a sign we are starting to see cracks in this rally, guy. >> are you grooving over there, guy. >> he is boogying. >> i'm taking it all in. this was my wedding song. >> as it should be. >> lot of people out there, crack, s&p close at an all-time high, russ areal was up. tuesday was a fake out it signalled for me the potential of a short-term top. that lasted eight hours. what is interesting. bob pass any was talking about unperformers and he mentioned

materials. i love bob but i don't know what he is talking about because mack moran closed around 20 bucks that's tim's trade for the last six to nine months continues to work i think materials. banks reversed today i think the rally is still intact despite what i think happen on tuesday. >> rally on? >> you obviously saw global interest rates, and ten years get to that point he have time, is this the point where they can break through. this week, china, great gdp. housing numbers are fantastic. rates higher here means the world is doing great things. they see demand in the oil market coming, they see the imbalance getting tighter. copper is rallying small caps outperforming the s&p. that's a cyclical rally based on growth i am troubled by complacency i'm troubled by the almost parabolic moving market. i'm not going to tell you we

rally forever but there is nothing about today's price action that scared me. >> or this week's price action. >> tech is obviously the leader on the scoreboard here year the date but energy and financials are usually the recipient of tech outflows when earnings start to solidify for those two sectors. their earnings have been been that great we haven't seen great revenue or earnings numbers can tech in my opinion continue to move higher i think in the near term unless we see a shift ander numbers out of energy, i think tech will continue to lead. >> you don't think that tech and financials can rally together? >> i can you have to go back. a hot the me is similar to what happen this 2017 i think tech can rally i think financials can rally i think industrials can rally. it's almost you can buy whatever you want with the exception of reits, utilities, energies. >> bond proxies. >> i think energy is going to be

a tough sechl they have a short-term spell, but they rely on the crude movement. >> when crude was going down, the stock finally stopped going down around $76 or so. we flagged it said maybe the worst is over. if you look, the rally hasn't been ridiculous but objectionon has gone from 76 to 88 i bring it up because it is still in a two and a half, three year down trend. a significant down trend we indicated it gets up to 89 you can about. it got up to 88. they report earnings on february 2nd. this is to me ass as important an earnings release as objectionon has had in a long time in terms of what it can mean for the stock. >> why mess around with exxon, if they are in the rice place for their business why not go to guy who is are more leverages, big cap u.s. he e and p plays or oil services hall burton is to report next

week everything these guys are saying, means they have lagged this move up in oil prices so have the mlps they are now catching up i would rather be there with the big integrated trading at valuations that don't make sense. maybe you don't check valuations in the energy sector. >> in terms of the energy movement, we highlighted it at the top of the show, 20% for the week we saw the biggest rise in interest rates per week for a month. these are the moves we have become uncustomed to maybe you call us, we have weak stomachs for this stuff. >> i agree with tim whechl you start to see a synchronized global growth -- i do think 3% is going to spook people longer term it's healthy but shorter term it can put a end to the rally. >> meaning soon. >> no the next couple of months. if you see a spike go to 3%, i don't think people -- >> do you think this past week's action was a spike, from 252 to

266. >> if you look at the ten year on a long term trend line back to 1987, we haven't broken out of that trend line on the way down 270, that breaks us out of it. so we are very, very close. >> looking at a long chart it's higher than that, over three, three and change i don't think yields are going to got out of control. i don't worry about them impacting the equity market. until we see a sustained move, 2 or 3% and hold there for a period of time, i look at the market and say there are some signs we are going to pause. i look at the material names and the steel names. next week steel dynamics leads off the reporting week. >> not the sbrut, taxes though are still not quantified even though people can say they are discounted in the overall market i don't think they can be discounted until we get there. >> i bring up the steel names. they can tend the i don't have shoot to the up side. >> are they overshot now

>> i think they are overshot yet. next week is going to be interesting to hear what steel dynamics says on the call and what their body language is, if they are bullish it's off to the races with these names. >> we spend a lot of time talking about the names that get the biggest impact are the tax deal, we tended to talk about retail names, consumer discretionary u.s. based companies were going from 31 to 20, j&j their tax rate has been 15% and had he don't get a huge benefit. s&p estimates for 2018 haven't gone that much higher. they are up about 3.5% since we had this tack deal this is proof in the pudding innames like j&j who has a health care business that's growing but a consumer business that isn't going so well are the ones you want to get a better sense of what the tax bill means for them. >> we have a news alert here

a poll released. >> the poll comes from nbc and the "wall street journal." it shows the last time americans were this happy about the state of the economy was during the.com boom nearly 70% of households say they are satisfied with the economy. that's up from 37% two years ago. the numbers are also strong among both republicans and democrats. the economy is a bright spot of president trump's first year in office one in five people point to low unemployment and record highs in the stock market as the president's biggest accomplishment so far. the new tax plan, that's also gaining in popularity. 30% of the public thinks it is a good idea, up six percentage points in just one month with a big swing in sendment among independents in particular the bad news for the white house is that president trump's approval ratings are diz match only 39% of americans think he is doing a good job. that is the lowest number in this poll's history for a president's first year in office in addition, a majority say that they not only disagree with

trump's policies, they also just don't like him personally. melissa, however, the person who is popular is oprah. her approval rating stands at 48%. but as you can imagine her support is much stronger among democrats than among republicans. back over to you. >> elon moi in d.c. i'm not sure i am surprised about that the approval ratings in the economy are very important does that make you more nervous about where we are in the stock market or less >> i tell what you makes me nervous. it is a not gob political at all. president obama's eight year run in the stock market was pretty good if you look, he walked in in february -- >> and unemployment. >> is unemployment. >> unemployment is significantly better. >> the only difference is president trump chooses to talk about it his right, no question nothing effectively changed in my world does it make me nervous? what makes me nervous is again the administration talks about the stock market being a report card for their overall

administration that's been great for a year i can't believe for the next three years it's going to be unabated in the same way >> coming up, it is a moment of truth for netflix. streaming giant kicking off a big week of earnings we will tell you what traders are expecting and why they are expecting a major move in the stock. believe it or not, it could be just the start of a wild ride for bitcoin. what wall street is plotting that could send crypto invest oars into a frenzy. and could the white house's war on weed send the pot trade up in smoke? one trader says the party is is just getting started he will plexain why later this

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welcome back to "fast money. the sec putting a damper on hopes that bitcoin efts with soon hit the market. but there is a work around being put together for investors bob has the latest. >> the sec declined to approve several efts the sec sent a letter to two wall street trade groups outlining their concerns first the valuation. they are concerned the funds may not have the information necessary to value cryptocurrencies second, liquid it. funds must be able to have enough liquidity to be easily redeemible and the sec is concerned about custody. how can they prove if bitcoin when is the keys are private

how would a fund intend to validate they really own bitcoins an interesting questions finally, the sec is concerned cryptocurrencies have less protection than other currency markets and there is greater tune for fraud and corruption. that's the most important point. put it together, while the sec hasn't definitively turned down bitcoin efts they have set the barrier so high that the answer is effectively low but investors are already looking for ways around the secs objections, for example, could a fund be designed that would address the secs concerns? if not, there is there a way around the objections. would an exchange trade notary, unwritten by an underlying bank that would track the return of bitcoin without physically being owned by the bank, but would be backed by the bank's assets.

would be that achieve number the u.s. it already occurs in europe. i'll be at the bitcoin eft conference on monday you can bet that will be one of the hot topics. >> thanks, bob passany at the nyse >> they are giving people who want to issue efts a road map by outlining all the questions and objections >> i think the biggest issue is the custody issue. that's the biggest issues because that's going to prevent institutional buyers coming in, players coming in the market in a way that's significant when they can get around the custody issue institutional buyers come into the market. >> it's going to be ultimately based upon the bank's credit i would guess then with these

underlying banks you are much more efficient >> the bank gives you that jp morgan's represent was outspoken. >> he reeled that back i thought immediately that's because they are gearing up for a product. >> custody banks u.s. bank corps. >> it is extremely lucrative to your point, they gave them a road map it's going to be worthwhile and profitable they will figure it out. >> in the meantime square. >> i play it with square remember the two constituents that were in the blockchain eft were square and sktk both of those had reasons why they popped. that's why i play the bitcoin right now. >> the roll out of an etn on an etf could tamper volatility. that's bad news for people trading this thing but good news for people in general. >> or for stability. >> for stability

just pointing that out. still ahead, ford shares in reverse this week, 10%, its worse week in two years but something is in the charts that could mean that the worst is over we will explain. you are watching cnbc. here's what else is coming up on "fast money." >> the crown land bd on my head. >> the netflix reign might be over one trader thinks earnings might dethrone the streaming king. he will explain why he is so worried. plus. >> do you want to know why i pulled you over? littering. >> officer, that's not ours. >> littering and smoking the reefer. >> a crackdown on legal marijuana could be cinomg. will it be a major buzz kill for will it be a major buzz kill for pot employment practice liability insurance helps cover these costs. trusted choice independent insurance agents

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welcome back to "fast money. time for a major buzz kill just when you thought the worst was over, ge took another hit. falling 3% today, 13% this week. ge started the year off right, leading the dow you about reversed is hovering around $16 hitting the lowest levels since december of 2011 does ge have a one way ticket out of the dow that's the next question. >> what would that mean in terms of index fund, would it be the next knock on the stock? to me, i don't think they can be split up i think there is enter dependence between capital having to back stop all the businesses that are positive >> it still hurts. >> ltimately, it is the case, this is how you need to invest in ge. let's face it, most this ride has been somebody else's problem. if i'm picking up ge, there is $145 billion company that people

think is going out of business >> is there a possibly they eliminate the rest of the dividend that would be a major leg lower. not only would they have no dividend but they would be booted out of the funds that are dividend funds. >> staving off free cash flow problems by kicking the dividend out is i think what people are pricing into this stock. >> it is a small position, is it something where you would think about adding >> let me explain that to me owning 60 bips could be a lottery ticket or in this case, ge, it is a toe hold position that allows me to watch the stock and keeps me engaged in the story. frankly that's not going to hurt me for most of the run it has been somebody else's problem not mine i stay strong. >> i want to give problems to the cowen analyst who six months ago put it between 11.5 to 16 months the stock had a 20-something

handle at the time we said it for a long time, if ge isn't able to perform in this environment as a stock when a company like honeywell is absolutely crushing, then in what environment will they i think the pains in this stock is to the downside. >> 11.50 is the target we put on it given that we ascribe certain debt like aspects to the company, it's broken up. >> how your analysts, god bless them. how can you do a sum of all the parts on this aset i haven't gone through the report he's a smart guy but people are pricing the assets at basically liquidation levels look what happened in the energy market in the power utility market we have had a major recovery you have got to tell me that ge capital isn't in a better place than it was six months ago. >> the way they priced sit above the market cap right now >> right. >> right now you are talking about a praem yum to market cap.

>> do you short this thing >> i don't short the stock i think you can use it as an alternative short. but i would say there is no reason to buy the stock? from one buzz kill to another. >> as legalization of marijuana he can pants pot businesses are facing another big obstacle. we go to oakland, california, for the details. >> reporter: we are in the willie wonka chocolate factory fo weed. that's the cute outfit here. you guessed it they make cannabis laced chocolate. this company belongs to teva confections. they are in the marijuana industry, it's exploding this company alone plans to double or triple its revenues because of the recreational market coming on land. despite the fact that demand is high there are a lot of regulatory potholes before they can capture that market including the fact that we found

workers having to manually relabel to meet federal requirements and as a distributor, they can only supply to other recreationally licensed companies. many cities haven't started issuing recreational licenses so they are only shying 100 dispensaries versus the 1100 medicinal. with those new taxes their costs are up 45% that's resulting in their prices going up once those prices get sorted out, they will capture new first time users these chocolate bars here, each square delivers about 5 milligrams of thc. it gives you a little bit of a buzz, takes the edge off without making people high they are going after soccer moms and dads who work during the day and want something to go along with the glass of wine at the end of the day

>> pot stobs are still on fire should you still keep betting on these? >> i love them i love the space we did a cannabis dinner last week. >> dinner, talking about the investment opportunities in cannabis. >> investment opportunities in cannabis. >> just to be clear. >> the theme was the medical side is the place to be. there is an company that has an amazing foot hold. it is a quality control issue which they have their arms around they are probably the best in the space. and they have a toe hold with the doctors. the doctor network they have and the ability to control that as well, they have got a moat around that. it's going to win long term. when recreational comes into play it's easy to flip into that. >> this is not a recreational kind of story to me. i'm very involved in the sector both this the private market and in the public market i want to say this about jeff sessions this is the one thing that jeff sessions has done in terms of starting to elicit he is going

to withdraw the obamacare bill -- >> obamacare era. >> this is the only thing he has done to bring democrats and republicans together this is a states rights issue. the wellness and the medical side of this is worth evaluating it's a massive industry. it is why they get the multiples any get. a trader who has four stocks to take your portfolio higher, tim? >> a company in canada, afria, it's medical, wellness >> it trades in toronto. >> toronto >> canadian company, cann trust. quality all on the medical side. >> you >> square. with the theme attic that the stock is going to move higher.

the price target is $64. last sale, 42 there. >> is that a real song or did our crack staff put something tonight. >> i have no idea. >> it's rag a. >> i don't have no idea about the genre of music that does it for us here on fast be back with you on monday "options action" starts right after this break

32, 32, you can do it. >> ♪ >> do you hear that.

>> i wasn't listening.

we're live at the nasdaq market side on this expiration friday the guys are getting ready behind me. while we are doing that, here's what's coming up on the show. >> the bond market's getting crushed. but there's something in the charts that suggest the worst might be over. we'll explain. plus -- ford just had its worst week in two years. but if you got caught in the wreckage, fear not we have a way to make some of your money back. and later -- netflix shares are surging, but the rally