erall, it was pretty awkward and embarrassing, and particularly those slight tones of undermining the prime minister, guys >> i think it's very strategic hand-holding >> wilfred, the highest level. >> the highest level of special hand-holding >> wilfred, great job. see you back in new york. >> see you, wolf. >> thank you, evan. >> have a good weekend. >> that does it for us here on "closing bell. "fast money" begins right now. ♪ ♪ >> one small step for one index and one giant leap for the market, we hope. after five months of gut-wrenching volatility, for the first time since february, the s&p 500 finally closed above the 2800 level and stocks had every reason not to rally today. the banks are selling off after earnings and the at&t time warner deal has another hurdle to face.

there's words over the nato skirmish and the escalating russian probe. so was this move, albeit small, the start of a bigger, bullish breakout and is it a sign this market is heading back to record highs? guy? >> i thought the move would be down and i thought it would go down to 2680 and it sort of fluctuated in this range and steve said the move would be higher and here we are back to 2800 i have to sort of say i didn't see this coming and banks continued and they can't get out of their own way the broader market, though wants to go higher 2872, i think is the all-time high and it feels as though it wants to take a shot it doesn't make sense to me and everything you mentioned should take us slower, but you can't fight the take at this point. >> technology was down, too. it was industrials that led the sector higher. >> it was industrials. you had staples which aren't big enough to really do anything it just seemed like it was

everything, but technology doing it i would have thought financials would have contributed something today. do i think we're going higher and there are some baby steps to resistance, but that 2800 was such a big level i think that's the springboard >> i also did it without the small caps, too. >> staples going out and to me that doesn't make for a bullish type of breakout you know, i would not be surprised to see this thing fail on monday. it did not feel like euphoria and the entire market was participating today and by the end of the day we saw that and the things that concerned me are the bond market, and i think it's very important and we have the humphrey hawk i-hawkins andn front of the senate and ultimately, we have a dynamic here and the fed tells you they're concerned about whatever is going on on the trade front that is something that i think will continue to flatten the yield curve. i care so much less for banks than i do for the broader economy in the sense of what we've got, but i actually think

the price action is fantastic especially given the week we had. >> don't you think they're bullish? >> that's the angle i come at which is they'll slow down on their raising of rates >> so as bad news is good news, less is more i think for the first couple shot across the bow, matt, it's good news for the market that wants less fed i think the market is very concerned and the yield curve is what's showing it. that's more concerned about growth >> more concerned about the fed and what they might do or trade? >> that's been my concern all along? >> the fed is bigger than trade. >> when pal took over. brian sullivan talked about every market tests the new fed chair coming in and the market will test and he was right about that and i think he's still being tested, but with that said the speed with which the yield curve is coming down 26, 27 basis points is astonishing. if tony dwyer was here he said he'd have 12 to 18 months to the upside and that's what history has said, but this is to me, it's a different time in history

i'm not certain that you have that kind of runway, and i don't think we've ever seen this yield curve flatten to the degree it's doing so now it appears as though it wants to flatten out, i would say by labor day. that was tim's phone >> everybody's phones are off today? >> first time on tv, folks what can i tell you? i don't know how it happened >> i don't like the fact when they talk about the yield curve and this is the fed and everyone you see on television saying it's different this time i don't think it's different this time. i think an inverted yield curve is an inverted yield curve, but i do believe the same thing that tony dwyer believes. i believe that you have some time to react to that inverted yield curve and everyone is so afraid of it that its lost its power and its steam as far as the headwind and we're seeing the headwinds become tailwinds because we've become numb to it. >> everyone i talked to seems to be very concerned about the yield curve and it's one side of the trade and the yield curve are two sides of the same coin i feel like we've had this big $200 billion list that came out

there and there was serious technical damage to the commodity markets and the u.s. dollar and all of these things could contribute to the slowing economy and i believe that's what the market is telling us here if i look out and say 2019, what it's going to look we're now in july and what are earnings going to look like? do i have to factor in a slowing economy in my earnings estimates for 2019 i think the answer is yes based on what the markets are telling today. >> should we be concerned about the consumer we have cpi data which showed a jump in june and it wiped out the wage growth. >> and we haven't seen the full effect of tariffs go into play and we haven't seen the full inflationary impact it might have >> they were selectably chosen to be in industries where they're not going to go too hard against the consumer the first 50 billion, you could have major, non-linear supply chain construction and there are products in there that we can't easily replace in this country so i am worried about inflation. i think prices are going

significantly higher >> quickly, consumer debt to gdp is north of now 50%. that is a staggering number. it's probably at levels we haven't seen in a decade or so am i concerned about the consumer never underestimate the consumers that want to spend it's corporate debt to gdp that's now 46% which is a ridiculous level, as well. so at a certain point and even tony dwyer, if he were there and he was watching now no doubt will say you're right, it will end horribly and my only point is i think it does quicker than people think >> to your point >> so what banks will do right now is they'll make a whole bunch of dunky loans that's going to be the next 6 to 12 months because they don't have those necessarily to do it anymore so they'll try to do more loans and get volume rather than get quality and that happens every cycle. this is not unusual. >> the banks took a hit today after disappointing earnings our next guest was the man who said to fade the banks exactly one week ago. >> what we know is of course,

financials have been the dream with industrials and they've been a real misfortune for anyone who has been long and overweight and i don't think that will end. >> good call, but he is back with a new call. hi, carter. >> you can't flip and flop too much, obviously, but i'm surprised, frankly, how well they recovered intraday, meaning we know that the financials are out of the gate with the big earnings reports are down hard and yet it's their reversal that actually caused the reversal in the market especially as techs started to falter. my hunch is they're telling us that they had all of the selling at least for now that we're going to have. regional banks are very bad and the big money center banks are quite good >> obviously, we have this downtrend, and if you have a well-defined, head and shoulders top, head and second shoulder, the necklinen we hel

again. now if i add the bottom line, is it ultimately going to break >> thath, but keep in mind where this level is, this 26 level and looat the xlf what we know is that xlf has sold off to a level where it has essentially bounced repeatedly and it came to life off of that again and they're telling us, even the intraday while they close lower that they've had their beating just as industrials to some extent and the market is really going to be dependent on how these tech names perform in earnings. >> carter, come on over to the desk. >> whoa, whoa, whoa, whoa, whoa! >> we've got questions for carter. >> it's just a statement >> thanks, michelle. >> does the chart of the regional banks look similar to xlf? >> no. they're leading for the better part of two years and specifically the last two week,

the regional banks are under the most pressure and the big heavy ones that they're stabilizing what some say were good results and others say were bad results. >> so how far does that have to break? the trend line and is it a percentage that they have to change your stance on it >> meaning, so the reason for caution for a long time in this is basically was the way forward is industrials and financial, but to have the news that hit and then to hold the way it did, albeit down, they would suggest that that's not the risky part of the market. now i think they will bounce off that trend line and it would be at least a 2% violation of that and it's all about tech now. >> carter, how does volume play into this? >> today it was decent volume in the financials and we've seen big, increasing volume, does that make you think that maybe we'll get that breakout? >> volume is most important in the tops and bottoms and we're not really at a top or a bottom. we're just a sell-off, 12% to a

trend line and as of now, it is holding. >> i'm going to go back to the original thing that we'll talk about on the show. 2800 on the s&p 500 and we'll incorporate a game that we play begrudgingly, trade it or fade it >> what would you do -- fakeout or breakout? >> what would you do at 28 >> yeah. so you think we're going to go down >> it's not the high, the parts go higher. so whatever potentially existed, energy's come to life. we know consumers come to life what is it that the banks are -- what is it that takes the market higher it's got to be tech. tech has extended and are the stocks rolling out new york was down today with three of the five getting upgraded a lot of great action. >> would you beat it >> buy it or deny it >> it's amazing how he can sway me it should be like a song

i think the rolling stones >> amazing how you can sway me >> that song >> the fact that we took out and we're at the 2800 where we should have gone lower the rest of the week leads me to believe one more at 2875 >> i pointed out on the third trip which was just a few days ago before the 200 billion was announced and i looked at the ftc data on s&p futures and they're significantly lower. i think people are under position here and i think sentiment and positioning are in favor of it going higher >> carry the, thanks >> coming up next, falling today ahead of its earnings report on monday and the chart master will be back. he says there could be even more pain ahead for the high-flying stock. don't look now, but amazon just surged past $1800 a share and a move is revealing an interesting trend in the market. we'll explain. >> coinbase, just moments ago, and this is the group of coins that could be added next to the platform and they are surging after hours. brian kelly here, he'll tell us

who could be the big winners we are live in new york city's times square much more "fast" right after this imagine traveling hassle-free with your golf clubs.

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welcome back to "fast money. amazon and shoppers are preparing for prime day sales on monday

you know what's not on sale? amazon's stock just past the $1800 a share. the e-commerce giant hasn't had a stock split in almost 20 years. so when will investors get their deal day our bob pisani is at the new york stock exchange with more. hey, bob >> hi, melissa companies split their shares to make their stock more affordable to retail investors. stocks peaked in the late 1990s when the dotcom era drove tech stock prices up dramatically and the financial crisis again and they dropped dramatically and they never really recovered. so why don't companies split their stock as much as they used to much of it has to do with the predominance of institutional investors like vanguard over retail investors they own 60% of amazon shares, 72% of google shares and 80% of netflix. institutional investors don't really care if the stock is high priced or not and they may be perfectly happy to have it high priced because it discourages

day trading that introduces volatility and that's warren buffett's mentality and he said for years he has no problems with the company's stock price going up and doesn't care about stock splits for him it's more about the dollar value of what's being bought for example, if he wants $1.8 million in exposure to amazon's stock he's perfectly happy to own $1,000 shares of $1800 as he owns $10 those shares and it makes no difference to him. another point, the number of what i call super-priced stocks. those over $300 is still relatively small there's only 23 of those in the s&p 500. that's about 4% including well-known names like alphabet, autozone, and stock splits, apple split 7 for 1 in 2014 and it's up over 100% since then and netflix split 7 for 1 and it's up over 300% and it begs the question, will amazon be next? back to you.

>> thank you so much, bob pisani so should amazon split tim? >> this whole concept of the guy can only buy two shares and not three shares from amazon is the one by not being involved is ludicrous. it's about price weightings, and that's a price-weighted index. no, i don't think amazon should do this for the sake of throwing a bone to their investors. this company continues to execute the biggest issue right now is certainly the valuation people believe every sector that they want to dominate going to and i think the health care boost in the last couple of months is a big part of this stay long the stock. >> it seems like the etf would have a bigger role you could still buy $179 share of 2q and the spider select xly and the consumer discretionary and amazon is 23%. if you want to own something and you want to get exposure there and if you own netflix it's 6%

there are ways to do it more affordably and it's for the stock like amazon. it's outperformed the s&p 10 to 1 basically in the last 10 years so tell them they're doing something wrong. i don't think it's a great idea for them to split their stock. >> i don't think their -- you would get more retail interest which would bring more liquidity. they don't need to do anything the stock keeps going up why change it? >> if it ain't broke, don't fix it >> apple was effective. >> right >> you touched on some of the question and steve didn't answer the etf is with me and it works well on the way up and god forbid the market would swing and start to go lower and the underlying stocks could be -- >> we have no idea i think that's a real concern. >> i think since this market is etf designed, if i may >> i don't think we've seen the move that we're going to see and

i think the dysfunction on down days is very clear >> still ahead, coin base shock the crypto universe moments ago as they announced they're exploring adding these five coins to the platform. p.k. will tell us who could be the next big winner, next. i'm melissa lee, you're watching cnbc first in business worldwide and in the meantime here's what's coming up on fast. >> yes, for the first time ever, the forces of options actions unite to give you their best idea for next week and that's when "fast money" returns.

>> welcome back to "fast money." we have a bitcoin alert. coinbase announced it was exploring the addition of a new number of new cryptocurrencies seema modi has the latest. >> the largest cryptocurrency exchange announcing that it is exploring the addition of the following assets, cardano, basic

attention token, stellar, z cash and ox it's worth noting that b.a.t. and ox are initial offerings token is up about twa% stellar, higher by 10%, and zcash gaining 15% and ox soaring 26% intraday and that according to coin market cap while the digital tokens have not been added yet coinbase says it wants to remain transparent with its customers about future support for additional cryptocurrencies beyond what it currently offers on its platform like bitcoin, bitcoin cash and litecoin. the rollout of these assets will require additional exploratory work and it's not guaranteed they will be listed for trading. still, it's a sign that the industry is starting to see value in other cryptocurrencies and the coin base is trying to appeal to investors that are looking to diversify their holdings and it has a strategy

other crypto exchanges like gemini are also using. back to you. >> seema modi. you may not be familiar with some of these coins and questions, so we're getting none other than the crypto baller p.k. to brieak them down for us >> a couple of here that they're talking about exploring an remember there were issues that potentially people saw them ahead of time and that's why they're trying to get out ahead of it and say this is what we're looking at cardano, number one, that is something similar to an, theer yum, they have a live working network and they have a road map, so that's important and that's what the sec said was important. so it's not a security basic attention token. you use this in the browser and you can have the ag-free experience and use the basic attention token to pay for content on the web 0 x is one of the most interesting ones and that's the decentralized protocols and i believe coinbase launched a

bulletin board exchange type of thing and that's why this one's on the list. >> stellar is similar. the crypto people will kill me because it's similar to ripple and that's how you need to think about it and zcash is a privacy token and you can sense the back and forth without people knowing. remember, gemini has already said they'll have z-cash on their platform and this one is one that's most likely >> you said it's similar to ripple and ripple is not up there and that's the one everyone thought it would be added next why is it want up there? >> i think it has to do with whether or not it is a security and there are some lawsuits pending, about ripple being a security so i think just that uncertainty itself would cause coinbase to say let's tap the base on that one for today. >> ryan, the downbase announcement of new tokens has been at times the only reason a lot of these stocks have caught a bid or the tokens have caught

a bid. do you believe that this is a rush and it should be faded? >> generally, these are -- you're right the one thing that i've had the hardest thing to learn taken from traditional, the legacy markets to now the crypto market is that once these things get going and once you get the momentum, they tend to go higher so, yeah, you might think about fading them, but it wouldn't surprise me to see these things up 20%, 30%, 40% over the weekend. >> if i can say anything these days is a coin base has their own product which is based on every single coin added to their platform there has to be some sort of buying of these tokens by the people who are invested in that coinbased product, correct there is that sort of push higher there. >> exactly it's almost like the etf effect. that potentially, some of these coins might get added to their

index product and they have to buy in >> there could be follow-on buying and the crypto is 24/7, 365 and asia is probably still asleep and they'll wake up and say maybe there is a catalyst here >> just quickly. which would you buy off of this news >> i'm long every single one of them >> there will be more on crypto after the delivering alpha conference next week jeremy alair and barry silver will join me in a very special panel and there's still time to buy your tickets so check that out. shifting gears here and this weekend is the world cup championship game between france and croatia. in honor of the event our traders say they picked four stocks that they say is a goal >> okay, tim, pick it off. >> i think it's not only a global product and it's a defensive one and the global uncertainty has been out there and they are a catalyst for september and give it a goal

right there. >> the twitter machine and twtr looks like it will break down. >> people are betting against it for years and it's time to bet with it and amazon get long. >> regardless of the country you know what gets you there >> diageo. >> all right that does it for us on "fast money. thanks for watching and see you back here on mdaony, and don't move options actions starts right after this break

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hi there we're live at the nasdaq marketsite and look who decided to stick around for the big o.a. hi, guy. guy is here and we're getting ready behind me. here's what's happening coming up on the show >> and i can't deny the fact that you like me >> and there's no denying the fact that investors love netflix, but there's something in the charts that might have you hitting the pause button going into earnings. we will explain. plus -- >> we think the likelihood of this thing being reversed and overturned is really remot