and whether the two interest rate hikes that are baked in for the rest of the year are firm bets and how good they're feeling about next year and how good they're feeling about this economy, you might even call it a boom >> thanks for hanging with you this was fun. >> you should come back in the afternoon. >> we'll see you for the morning show "fast money" starts right now. "fast money" starts right now live from the nasdaq marketsite overlooking times square i'm melissa lee,ed traders are karen finerman, and shares of nvidia after hours and we'll have instant reaction on the stock and what wall street is saying about the earnings report and walmart surging nearly 10% after reporting a 40% jump in online sales, and is it coming back to take on amazon and the top technician weighs in, but first, we start off with the epic rally on wall street and the words with white house

adviser larry kudlow >> retail sales and industrial production and low inflation, and the rock steady dollar, and trillions of dollars in capital and all over the world is coming into the united states, because our economy, our investors and our workforce are crushing it right now. we are crushing it ♪ living in america >> and america is crushing it. the dow jumping more than 400 points and walmart seeing best of earnings and it's the best day since all of the major indices are back within striking distance and an all-time high and if you're betting here at home and the major sectors that you're working, manically financials and industrials and you keep betting on this group yes? >> that was a question yes. yes and yes. you stay with this group the two-day, three-day sell-off, whatever it was, i think we had rates come back in because of

various global, ven events and turkey and it will be a passing fancy and i like the banks they're so geared to the economy and we'll see more inflation and i'm surprised we won't see it all pick up already and i still want to be long. the reason that we highlighted the financials, and intoday's rally we saw technology lag, and that was sort of an interesting turn of events and we saw the financials and saw investors and materials leave the market >> it's been the story the whole year with this rotation and you had lagging sectors and leading sectors and the money churning around i didn't get that excited about today. we're up 400 points on the dow and we started things off with not so great housing numbers in the u.s. and the housing stocks themselves couldn't get out of the way. for every good sign there is a bad sign out there and we were still in the turn. we had talks about a potential trade deal with china, and we were just talking about it >> so you're talking about talk

about talk >> it's way better than no talk. >> yes. >> but when you hear larry this morning, with donald trump, and it just seems like, listen, we're not talking the average hourly wage is adjusted in july with the loest since 2012. it was actually, so wages aren't going up wages are not crushing it right now. so the fact is that inflation is when we do see a spike given everything that's going on with the trade situation, we have a scenario where the u.s. consumer could get badly hit and you talk about this rotation and i thought technology closed very badly and semiconductors closed on the low and google closed on a low and it's in major correction territory and closed on a low i don't believe you can have a meaningful breakout above the prior highs if you do not have fang doing it. that being said, apple keeps surging ahead and closed at a new all-time high and see how

nvidia nvidia reacts tomorrow and if you start losing these leaders that's really the problem for the market. >> i don't like how technology acted today either, to be trithful it shows you when you hear when we send our undersecretary of trade to china to have conversations and the market reacts the way it does how important trade is and trade is the narrative that is dominating the market, and so i look at it and hear larry's commentary saying that america's crushing it is a very incredible positive to take out in a week where we're having turmoil in general, i don't know we were positive about the way technology traded. >> watching nvidia and seeing the earnings come out in a quiet trade and we'll see how it trades tomorrow and we're starting to see shorts come back into the sector, given the m and a profile given that no deals get done there and that's a little bit concerning for me right now. >> having technology, i don't

want to say stutter, but slow down compared to the performance so far this year it's only a problem if you don't believe any sectors in the market -- >> so the question is the technology slowdown and is it being used as a cash register to get the banks or is it because there's something fundamentally wrong with it which is exactly dan's point, but it's nvidia they guided lower tonight and that's why it's down 4% or 5%. if that doesn't turn arne and if people don't think that you'll get the earnings growth, then that will be a negative for the market as a whole. >> i don't think it shifted. i don't think the fundamentals with technology have shifted dramatically enough to cause a capital to be pulled out of the sector and it's a source of funds to rotate. >> i think this is a trading oriented issue and i don't like to go to the rotation.

in particular, tech on the other side of momentum with banks, with industrials and to me it's all about fundamentals and the report the other thing, trade, this market is, i think, the balance is trade, but that goes away. >> i agree i just think the longer that we turn and the prior highs, it just puts the bull market in question and that's why leadership is very important i just want to make one point about boeing today just to hear you talking about it boeing is a stock down 7% from the all-time highs and it just rallied 5% off of its lows yesterday. when you see that sort of performance that talks about trade, then you just have to start thinking about what are the worst case scenarios and what if it drags out much further than we expect and what if we see headlines and it's interesting that the turkey situation, it may go away and it may not, the first headline was our treasury secretary that there would be more sanctions against turkey

okay so this is fuel to the fire. i think it has the potential to be a big war >> i really do forget about what's going on with an autocrat in turkey. >> you mean a big trade war? >> a big trade war >> lastly, i just think that every one of our adversaries in this potential trade war know the incentive to drag this thing out as close to our midterm elections. >> in terms of what we saw today and what drove the rally, are we to take away from this, that it is trade that it is in fact, going to be the driver of the market >> turn to the side shot >> talk about it from turkey. >> we actually had a lower dollar and we rallied about it today and the concern about the dollar was it was too strong and that doesn't mean it's over, but it is 100% about trade particulary, if you have contagion, yes, that could be a problem with this global trade ask you will not have a higher

stock market independent so what do we do it, dan. yesterday, i had a defined rick short in the iwb, in, the wrought russell. i put that out to pft our, if we lieu nvidia, and the person stand for weak is program. >> >> adds are the names that continue to trade very well in my opinion and you can buy that for the longer term. >> gentlemen >> i sold half of them today and it opened up nicely and the market is uppis inially and i don't know i felt like pete there for a second giddy up trading the portfolio. >> so i like seeing some of the retail members especially after nordstrom, so happy to own macy's

i drpt buy any more today and i would have liked to have sold some s&p puts, but i did not do that today >> quickly, for me it was trimming some of the technology exposure it's not a wholesale sellout, but trim a little bit. we were at highs, why not trim a little bit here and many even add to the financials. >> coming up, shares of nvidia getting crushed and we'll have instant reaction from top technicians and tell you what does it mean for the semistates? bitcoin rallying and it is still stuck in purgatory do we need to go deeper into the inferno to get back to bitcoin heaven and later, more details being reported of elon musk tweeting could be getting him into big trouble at the sec we areiv le in times square in new york city. more "fast" after this

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welcome back to "fast money," nvidia sinking in the after-hours session and the conference call to get analyst reaction hi, josh. >> mel, i just checked in with a couple of analysts i checked with mike burton over at the benchmark company here's what he told me the data center was fine and the pieces were looking good and the

guide was a bit light and it referred to the company's next generation ship architecture and he said his questions on the call which would start in 15 minutes here, one that was the data center and what's the outlook in the quarter ahead and the company's next generation consumer graphics cards, that might get announced as soon as next week and the question for investors, how and how fast does that ramp? and mixed speeds over at rbc >> mix it a different take on the data center and the takeaway was the data center miss versus expectations and he said the buy side was looking closer to 775 million and that would be lighter than expected and they said they would have to give us more color on how much gaming would accelerate in q4 and his questions on the call are data center acceleration and when are customers going to be able to purchase those products and three gross margins and they're actually down from q1 of 19 and he published a note which i'll share with you guys.

he said q2 is mixed and the q3 guy was below and he says crypto seems to be the key issue and he pointed out weakness in the oem line specifically and find out the guys on applied materials and that's another name that is moving lower here in the after hours. and you can pin that on weak guidance and specifically guidance related to semiconductors and margins nvidia starts in 15 minutes from now. josh, thanks josh lipton with the wall street round-up on nvidia the conference call about to start. i go to you because of the weakness in crypto that was highlighted by the analysts that josh was talking to. >> you look at what nvidia does and that's the play on that and ethereum prices are much lower and there is a glut of chips throughout and a lot of minors are selling off from the equipment. so even if crypto turns around the price of ethereum turns around you may not see the pop necessarily for nvidia in the long run, if you want to play the sector, i still think nvidia is great for it, but in

the long run there may be a hiccup. >> we've got the earnings and is this a further update? what's going on since the report >> with the nvidia part? >> yeah. talking about data center and what not >> i don't know, it was a change of share as opposed to the overall price shrinking. i don't know the data center was the last time for intel were really strong i think that will continue, but like dan, i'm concerned about the space. >> i just say this about crypto in particular. they've done a good job of guiding and this is a mid, single digit business and they've guided expectations where it can only be upside if it comes around. this is a stock that's been trading in a narrow range since the start of may and it's up 33% in the year and a lot of those came early in the year and when you come to 2019, you're seeing deceleration in sales and earnings growth and you're looking at a stock trading at 30 times eps and expected to grow

10%, 11% and you start to get into a very expensive stock and i'll make another point, it's a $156 billion market cap company and the largest semiconductor company on the planet and by market cap it trades at 11 times sales. that is a massive, massive number for a company that sort of size. so i think if you are in this one for the long term you would love to see this stock back to 320 and reload because it really does need to gather some seem into 2019. >> and i think it could happen >> the guidance, and i wouldn't give -- i would give it optimistic guidance especially given the valuation and how crowded this trade is, but i look at the buy side expectations and there was an important thing about revenue. that shows you that the hedge funds were crowded in this name on the long side and had high expectations for coming out and they'll come out tomorrow and i would wait, one or two. >> is this a bellwether for the performance for the rest of the group and going back at the tip

of the iceberg it's a phrase that we love to use on the show. >> the tip of the iceberg. >> i think in combo, let's see what happens with the guidance, but in combo with applied materials and in combo with a couple of other things going on out there, if you start to see a pattern it could be the tip of the spear kind of thing. >> touring, is this a delay? we don't know yet. >> i'm not sure. >>. >> what did she look like? >> did she look like lipton? >> all i think of is allen >> that's right. no big deal, you know? i think it's really important to answer your question is i made this point last night and some of the biggest are in corruption territory and intel and taiwan semiand i if this were to join this group they would start to worry about a meaningful correction. >> coming up, it is reverge of the tesla shorts

new details being reported about how elon musk's harsh words for the haters could have him in hot water. i'm melissa lee, you're watching cnbc, first in business worldwide. in the meantime here's what else is coming up on "fast". >> so you're telling me there's a chance. >> that's what they're saying and the key, vent today may just give them hope we'll explain. plus -- ♪ ♪ >> we will tell you the simple steps that cldavyodog ou he u in just that when "fast money" returns.

welcome back to "fast money. wal-mart is soaring. the world's biggest retailer saying online sales grew by 40% during the quarter the company adding $25 billion in market cap alone today. meantime, the move comes as its much bigger rival amazon has been surging and in the process, turning the 1967 hit by the turtles into a very important question for investors today,

and walmart and amazon be so happy together karen, what do you say >> they both seem to be. so i'll go with yes, but just looking at walmart alone, very impressive numbers i kind of have to say i'm a little bit surprised it was up that much, right the numbers were really good that's great however, right it's still -- it's still, there's a lot of competition out there, right i thought that -- online was very, very good. the same-store sales, that was really, really important and impressive that they were able to do it well, so to be able to keep their margins and all of it was very impressive, but for walmart to move that much, that is an enormous -- enormous. >> they just got back to even on the year >> it's back even on the year. they being manage the business well i've been negative on walmart because of the expectations of spend that they have to go after to compete in this area. e-commerce is a very small part

of their business. on pace to do $16 billion in sales in e-commerce where you have amazon that's got 320 billion. it's not even a competition. the big question is going into the analysts when they have it up in november i believe it's november, hearing about the cash burn for india and it will be very important and on people's minds. >> and of course, when you say investment price investment and you know what price investment is discounting and that's analyst speak, right >> and that's what's going to happen and they're more exposed to groceries which don't have much of a margin here. to me, if you want to play the entire sector and the entire shift to online, why don't you look at something like the warehouse, and it was up today and they had the warehouses no matter who goes online and that's the way to play this. >> i think it's a matter of sentiment and here's the company that told us what they were going to do, and they told us who they're competing with and they were making these

investments and they were doing stuff in-store and i think it was the best in-store traffic they've had in years and the stock was trading below 90 for the last four or five months and down from 110 in late january and 110 in late jannian. so you had a matter of low expectations and poor sentiment and you had all of their peers doing very well and with all of this enthusiasm about the u.s. consumer so to me this move makes sense and your point of 10% it's re-rating a little bit. your point about november and that's going to be very important and the analyst meeting and the stock had a massive 10% gap and i would expect this stock to consolidate in the high 90s next catalyst. >> before we go to our guest, would you rather, amazon or walmart? >> b.k.? >> i would rather walmart. >> why >> well, because they have their momentum back here

yeah up today, absolutely why couldn't it run from here? >> let's go to the charts, a fund check global adviser. hi, rob. >> hi, melissa the question is can they get along together they can and the question is will they unseat amazon? technically, there's not a case to say that walmart would take over leadership from amazon. let's take a look at the long-term chart here, and as a starting point, amazon's long-term trend is firmly intact to the upside. is it extended yes. a better entry point is off the 200-day moving average as we've seen here and here and here and here, but i think the relative strength continues to build to the upside so it's really early to make a case that something is changing in terms of amazon's long-term chart and maybe it's extended here and i would rather buy it off the 200-day moving average

here and here and maybe you get a pullback and the relative strength is driving to the upside and it's always a mistake to be shorting or betting against established leadership in the bull market and we want to stay long amazon from a long-term perspective and when we look at walmart's chart from a long-term standpoint, it is an attractive chart and it's been a huge trading range and it's 25, 28 years and it's just starting to break out this is the kind of thing that real price chartists love. you have the move starting to come out of the base and it's exciting and everybody loves it, but here's the problem, when you look at the relative performance, you haven't been paid to be owning walmart versus the s&p 500. it is starting to turn, and i think there's money to be made in walmart and i get back to the point that amazon's long-term leadership is firmly intact. >> when we look at walmart from a short-term standpoint, again, it's coming from the trading range. i think the trade is to the upside in walmart, but here's the key point.

when we run walmart relative to amazon, it will be a long time before we can make a technical case that that leadership of walmart is starting to perform amazon and there say 20% move on the upside on a relative basis and the leadership is still firmly with amazon >> bob, why don't you come on over we have questions for you. michelle will bring the chair in thank you, michelle. >> good to see you >> just to underscore, in the re would you rather game, you would choose amazon. >> i do think walmart's going higher and it consolidates and starts the move higher from here and it's a good, long-term price chart, but the leadership is still firmly in amazon. >> how is the overall value look to you >> it's starting to get a little bit extended and overall i still think the domestic-related stocks despite today's rally is still kruscrushing the internatl names and despite being oversold you can get a bounce in those

names and still think the leadership is on the domestic side >> we spent a lot of time last month talking about apple to one trillion in market cap and do you factor that in from a sentiment standpoint you said the incline is getting a little steep away from the moving average and before this was all said and done this will tick one trillion, amazon, it is >> i think it is >> i don't see, if we just look at leadership in the market and how it's been to stay focused on the names as core parts of the portfolio, there's not a lot of evidence it's turning around yet. i think it's going higher. >> let me ask you, on the middle chart which was the relative -- walmart relative to the s&p 500, the last time walmart hit this low relative to the s&p 500 it actually -- >> it did. >> it went sharply higher. that's not how you read a chart? i don't know >> think of it less as an oscillator when it is oversold and think of ge's chart in the relative performance and it took a long time to hit various

levels on the way down before it snapped back marginally. so be careful that just because it's down at these levels it would need to recover to the upside and i do think it will go sideways and it will pick up more upside, but if you're a secular growth leader and pretty tough to be buying walmart, nice value stock and amazon which will be a solid growth stock >> thanks. coming up, bitcoin is rallying and the crypto king, bart smith says there could be a new product that could be the answer to the prayers of the crypto universe. he'll be here to explain and the number of 401(k) millionaires hitting a record high and karen finerman here will tell you how you could be a millionaire, too. much more "fast money" right after this

welcome back to "fast money," the tesla ceo and elon musk and let's go to phil lebeau in chicago for all of the details on this developing story. >> melissa, we've been talking for some time when the sec looks into the matter of what did elon musk tweet out you get to the question of what was he trying to do? was he trying to flush out the shorts according to dow jones there are three questions that the sec are focusing on, at least three questions. the first one, did musk tweet about a potential deal in order to hurt short sellers? in other words, it was his intent here? it was to notify investors of a

potential deal or you know what? i'm tired of dealing with you guys what did musk tell directors about a potential deal were there previous communications were there text messages and were there discussions and that is the third question, as well what communications did musk have with the tesla board of directors and we talked over the last couple of days how tesla has retained its own advisers to look into the possibility of going private and also the deal with this issue of the sec probe, and elon musk also has his own set of advisers to advise him as the largest shareholder in terms of whether a deal should take place remember, this is all about one single tweet last tuesday and anything that might have led up to him issuing this tweet when he said and considering taking tesla private at $420, funding security and that immediately led to days of questions of where is the funding

is there a term, et cetera on monday of this week, elon musk gave us an explanation when he wrote in the blog post, i left a meeting with the director of the saudi managing director of the saudi sovereign fund. i left the meet with no question that a deal with the saudi sovereign fund could be closed and it was just a matter of getting the process moving and this is why i referred to, quote, funding secured, in the august 7th announcement. again, guy, it gets back to this question what was the intent and what were the actual facts regarding his discussions with the saudi funding, et cetera >> just to be clear, phil. in terms of the questions that you outlined specifically with the intent question behind the tweet whether it was to flush out short sellers and the communications to the directors. they seemed like two separate things >> correct >> are each individual issue, are they separate violations of securities law >> good question i wouldn't be able to tell you if they are separate or linked together, and one other thing to keep in mind, melissa is once

this story broke, i got flooded with people e-mailing me or sending me direct messages saying, there is a lot of commentary and elon must have said you're okay, you'll be paying the price, et cetera, and i'm paraphrasing here. it's interesting that the sec look at those previous tweets, as well. >> even if he tweeted to the goldman sachs panel about tesla's stock about the call coming from that firm basically saying you're going to be long so there's a lot of that in terms of the paper trail phil, thank you. phil lebeau in chicago and that is separate from proving the intent behind a specific tweet and i would imagine it would be difficult, and watching the shorts and when he tweeted that tweet on that day. >> maybe there is some sort of trail that will easily give us the answer, right? >> that's true there's that and those two things can be true he can be wanting to take it

private and simultaneously wanting to hurt the shorts, right? those can both be true, and i suspect, actually that both are true i'm want sure what the remedy is this is probably the most exciting thing to happen to them in i don't know how long i don't remember how the overstock situation got resolved with fern and the shorts and that was a very heated, many -- i think the end of the day the remedy would likely be some sort of fine, but you mean, it gets a little scary if you think elon is the key to the whole business, which i actually do, right? and many do. >> right and i believe he would be able to stay, but sometimes these things spin out of control. >> right >> and the outlier situation that has to be factored in >> i would say it's snot so muc of an outlier. there's something here and i

would be very concerned and you have to deal with options or you could even do it with puts on this thing if he thinks that there is going to be a problem here there are multiple tweets and you don't know what the intent was and even his statement about oh, i thought i had the funning and it was just a matter of signing the paper and i want to buy a house, too and it's a matter of getting the mortgage. >> that was his best spin on funding secured. >> the block was his best spin >> let's see what the options would indicate >> in the near-term especially, when you look at the september after-money -- and it was the september 335 put premium was offered at $45 and that's 12%. so if you would buy between now and september expiration, you would need this stock to rally more than $41 or decline more than $41 to make money and that

is unusual especially as we go into a holiday-shortened sort of period over the last couple of weeks. isn't that right, trip adviser look at this five-year chart of the stock and throughout this period they've been doing capital raises and elon musk has bought every one, and look at over the last year and a half consolidated a great deal and it's showing a lot of uncertainty and i think one last point and we were discussing the other day, that tweet indicates that elon musk is a seller and he put the place out there and 420. >> oh, he's taking the company private. >> he's want going to go as much equity as he did before. >> no, how does it make him a seller >> he'd be a buy are >> do you think that he's going to end up with more equity than he has >> it's a deal that would close

day one then yes. >> do you think he would owe more equity than he does right now? >> i think he plans on rolling in his entire equity and that would be 20 to mathematically, yes. >> i don't know. >> the negotiation to put the price out with the first piece. >> we don't know that that's the end price. >> we don't know and what about that tweet makes sense >> it could be five. >> or we were surprising yesterday and what if the very carl icahn comes in and says that's not enough. >> that would be quite a twist >> let's hope that happens just for entertainment purposes >> for more options action check out the full show tomorrow at 5:30 p.m. eastern time bitcoin will bounce around, and what will get it out of purgatory? wall street's crypto king will be here plus what would you do with a million bucks a record number of americans are answerinth qstn g atueiofor themselves tonight we'll have that story and much more straight ahead.

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>> welcome back to "fast money," a similar way to play the crypto universe hi, bob. >> there's no bitcoin etf, but since 2015, europeans have had access to a bitcoin etf or exchange traded note and the bitcoin tracker trades in swedish corona and there is a bitcoin trader, and it's listed

and regulated in sweden. as of today you don't need it, you can buy it in dollars. a brokerage account to own bitcoin through an alternative means. the bitcoin tracker one does reasonably track the u.s. bitcoin index both down 50% so far this year. this sounds like good news, but bitcoin barely moved today and the u.s.-based bitcoin investment trust is a closed-end fund that owns bitcoin directly dropped about 5% and that's curious, the fund trades at a premium to bitcoin and some investors put it into this tracker one. what is the difference between an etf or an etn or exchange-traded note it's important and with the etf you own the underlying commodity and in this case it's bitcoin and you do not you own a debt instrument that's backed by the issuers that track the index or commodity and doesn't actually own that commodity. the good news here is you don't

hold the underlying asset and there's very little security issues with the etn. here's the bad news. the investments are undesisecur and melissa important to note, this is not a new etn. you can buy it using dollars now and it's been around since 2015. >> bob, thanks bob pisani at the new york stock exchange what does it mean for bit koip this took me by surprise and i didn't think it would be as big of a deal and $5 or $6 million which is a lot for the first day and it allows you to buy in the brokerage account which trades at a premium and it was down 5%, selling out gdpc and buying this one and actually, you can buy more this one because gdpc buys at a premium and that would be new demand for bitcoin if we start to see that, them

yeah, this could be a catalyst and the way it traded today shocked me i did not think it would be a big deal, but it is. and it's still stuck in bitcoin purgatory. between 6,000 and 7500 where hopes are dashed begging the question, does it need to see another hellish drop let's bring in bart smith, the head of digital asset at susquehanna known as the crypto king good to see you again. >> hello are. >> you as enthusiastic about the first day of trading in the u.s. >> if you had 8 trillion, and that would add up pretty quick and if that persisted over time that would be a big deal the market didn't move and the market is in show-me mode. there's a lot of news that has come along that you would have thought would be a catalyst

where the market hasn't responded and it ascends to heaven and we'll see, but yeah, i think right now the. >> i think we're right back to where we were and dan's been spot on that this is a bear market rally and he's not buying it. >> he's had tons of guests come out and say this will be catalysts and it makes a new low which speaks to anything that we've ever seen and it's the bear market action >> this sort of product, is it not as bullish for the crypto space as a product that would actually own the underlying commodity? or was it fcc regulated? >> right >> if it was fcc registered and it would have a much big e

effect and for something driving the price of bitcoin that would raise it up. >> how is it for the average investor for tv ameritrade to buy this etn >> again that's more of a question for each broker-dealer, right? these are not -- these are not -- every broker/dealer and every investment house has a list of securities that their investorscan buy so in some places you might be able to buy and j.p. morgan and jamie dimon and it's dependent on when you have your brokerage account and whether you get access to whatever it is in the ticker and etn at that place. >> i know a bunch of people who were able to buy it and let me ask you a little bit more about some of the other news, right? i thought it was there as well and what was your thought to that and why is the market

reacting >> we saw it, and paul and all on twitter saying i don't know why this isn't a bigger deal, right? and i think that you have a cftc-regulated warehouse maybe it was a slow friday in august and the ones not familiar with the commodities world and it doesn't have a new impact as custodian might, but yeah, this is an opportunity for the nyse, i.c.e. and the parent company and i.c.e. futures to cut citi warehouse and the commodity for institutions and it's a name that they trust and a bigger point, you plug right in, if you're a market maker and a trader, you already have a technology and there isn't that much of a build. so that's a headscratcher. that's one where you thought, that's what people coming to the

show would say it's a big deal >> it's in show-me mode. when they register those and when they trade and when volumes are high, i think the market will come back in, but you see it over and over, there will be an etf. >> we're lookinging between this picture and the 6 800 level. >> purgatory >> if it were anywhere in the world, would you say higher or lower? >> whatever the asset is >> it's tough. looking at just the charts without any other knowledge it looks like it will go lower. the technical setup right now for bitcoin does not look promising in my eyes >> so obviously, it's very heavy and when you overlay the fact that it doesn't rally on good news, i would say that in the underlying thing when you talk to guys like bart or people that are focused on the custody and demand of those services, it leads me to believe that there are institutional investors who are very interested in this

asset class, and not to rally back to 8,000, but for the next eight to ten to 20 years >> coming up, want to be a millionaire? think, you do. a record number of americans just hit the milestone in their 401(k)s. plus how you get there, too. we'll have much more on that next and let's take a sneak peek at the krarm camp as tonight jim is swapping out a letter from his famous bank trade. what's his new aoncrym >> we are live in new york city. much more fast right after this. this isn't just any moving day.

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welcome back to "fast money," a record number 401(k) accounts now hold $1 million or more d dom chu is in the newsroom with more >> the millionaire ranks are growing, melissa and a stock market near record high territory is the reason why. according to advisory giant fidelity, the number of 401(k) retirement accounts held by fidelity grew by 45% over the same time last year. so this is the first quarter of the year where there were just around 157,000 of those accounts that had balances of at least a million bucks. the firm does attribute the growth of millionaire accounts to not just market moves and investing discipline investors are continuing to save and many are increasing their contribution rates to retirement accounts and fidelity notes that three out of ten favored the

contribution rate since last year, meaning the average contribution rate is 8.6% and the highest percentage in nearly a decade and it's not just the big account of big savers participating in this trend. the average 401(k) balance now sits around $102,000 and the average ira balance is $105,100. so how do you stay on track to grow your 401(k) fidelity experts say it's important to start saving as early as possible and use the power of compounding returns, also take full advantage of any company match you may be entitled to for making contributions to your account so you can see, or how you can work your way up to contributing to the max for your employer match and don't invest too conservative relative to your age. if you are young, don't be afraid to use the stock market as opposed to bonds and something we should all think about. >> dom, thanks dom chu in the newsroom. what does it take to have a

million dollars in your 401(k) our karen finerman is over at the plasma with a new segment we're calling the 401(k) >> start saving as soon as possible, right? it doesn't matter whether or not you've saved up until this point. for the rest of your life today is the best day to start saving. so don't not having done it keep you from making the same mistake again. that's the important thing and that's first and the second thing, this is so important, use the company match. companies are allowed to contribute to your 401(k) to up to 3% of your salary this is free money if you can do this every year, get free money, there's no reason you shouldn't do that you contribute 6% or more. they will contribute up to 3%. remember, this keeps compounding. so if you're really young and if you're a millennial here, let's see what -- you have to decide whether you'll need the money

for retirement and say 60. when you're young, you want to have a much more aggressive composition to your portfolio. >> 80/20, stocks to bonds and you consider that riskier and also likely to have higher returns and if you have a longer time for that cocompound, meaning you lose money and you have a lot of time to make that back >> and it is sort of a proxy for what one might do. you have to weigh your own situation and how aggressive you want to be. >> for me, i always like to be more aggressive and in the composition of the portfolio and i would probably be higher, but i'm older than a millennial and maybe i would start to take it down, but the very first thing, start saving as soon as possible and use the match. those are the critical points. >> b.k., our millennial on the desk with a question >> give me some avocado toast. i have a question, what exactly is a roth ira?

is it people with the last name roth >> that's a great question it is not just for people with the last name roth these are pre-tax dollars that you put in you don't pay tax on it and you put it in here and when you take the money out you get taxed and a roth which i prefer you get taxed, and the money is taxed going in it's after-tax dollars that you use to put into the roth ira however, when you take it out, you aren't taxed and to me, i don't know what the tax rate will be, but i'll know that it's not taxed on the way out so both are great instruments. i happen to have a roth and both are great. start saving today. >> within that stock bucket, karen, and i understand that that stock bucket adjusts according to your age and within that bucket, are the allocations to riskier stocks slide as you get older. if you're a millennial, and you have the 80% will be bank stocks, for instance you can choose as aggressive as

you want and choose your own company's stock and other things, do it for me i am not so pro risk and they'll do it for you. they'll rebalance. >> great work, thank you up next, final trade anymore, td ameritrade lets you trade select securities 24 hours a day, five days a week. that's amazing. it's a pretty big deal. so i can trade all night long? ♪ ♪ all night long... is that lionel richie? let's reopen the market. mr. richie, would you ring the 24/5 bell? sure can, jim. ♪ trade 24/5, with td ameritrade. ♪

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>> i'm buying nvidia on weakness and the touring launch is going to be important for them and the gross margins weakness not so buy nvidia. >> i like cisco here. u thanks for watching and see yotomorrow at 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. 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 isn't just to entertain but to educate and teach you call me at 1-800-743-cnbc. or tweet me @jimcramer forget fang. this market has fallen in love with w