ross stores also falling after issuing third quarter guidance despite an earnings beat and that's been another extremely strong performer. >> up double, up 60% in the last year, but a retail loser and intuit announcing the company's ceo brad smith will be stepping down at the end of 2018 and he'll remain at the company and become the executive chairman and be on "squawk alley" tomorrow morning >> all right that does it for "the closing bell," "fast money" starts right now. >> i'm melissa lee, your traders on the desk are tim seymour, karen finerman, and bob grasso >> before the bulls bailed on the name, so is it headed for another breakdown, or could this be your best chance to buy in the top technician will be here. bitcoin is hanging tough despite rejections from the ftc and brian kelly says the action could be a bullish sign for the crypto universe. he will explain, but first we

start with the words that raise a lot of eyebrows on wall street today. >> i'll tell you what, if i ever got impeached i think the market would crash. i think everybody would be very poor because without this thinking, you would see -- you would see numbers that you would not believe in reverse that is right. president trump does seem to have the whole world in his hands or at least the whole stock market the s&p 500 is up 34% since he was elected, has gained a whopping $6 trillion in market cap during that time and so as the drama around the president continues to build, is this stock market rally really all hinged on trump and if he does get impeached or resigns, and of course, that is a big if, what would that mean for the market tim? >> no one wants to hear my politics and i don't think anyone wants to hear on a market show to hear the politics. to me what caused the market's move and what was more important was when we found out the republicans had the clean sweep of the house and the senate and they had the executive branch

and to me that tax deal didn't get done without essentially congress and to me that is the most important part of what's going on here and the mandate that was given to this administration is one where many folks is not getting into the electoral college and bottom line, people voted for, i want less regulation. i want the pro-business stance and i do want lower taxes and maybe i'm very concerned about how we interact with the rest of the world. a lot of that stuff has happened a lot of that stuff is already well under way and that will not be overturned whether this man is in the white house or not. >> doesn't a trump administration, though, represent all of those things that are pro business and represent the market higher? >> also, not being political the obama administration as a backlash of '08 and '09, and people felt very anti-business the reverse is true of a trump administration, pro business and so that causes sentiment to

change which causes couple ofs to feel much better about being able to spend and having some certainty about the regulatory environment wouldn't move against them so that was really important remember, the trump administration has careened from crisis to crisis since the very first week, right? and yet the market continues to go up. they didn't get tax done until the end of last year, and i was surprised they got it done, but they did so i think those things are staying in place even if he's not there, and i think they're staying in place and it's been too good for the american economy, even if we had to sweep the other way and they were dismantling the corporate tax cut. >> they would have to have a huge sweep and they would have to take over the house and take over the senate and they would have to get to the magic number. all of the things that were pro growth, bullish, that happened not going away corporate tax cuts are not going away

>> he's out for whatever reason, under whatever circumstance. and the tax cuts are still in place. >> tax cuts are still in place and those are not going away and that would be a major, major upheaval to take away any of the pro-growth things that would create in the rally in the marketplace. so rallies have intact earnings. >> i'm not sure. as long as the approximately sees stay in place then the stock market will be okay, but the act of impeachment and why he's getting impeached will create a tremendous amount of political uncertainty. so i, in the short run, i think that happens and you do get a market pullback correction, whatever you call it i don't know if i can call it a crash, but i would agree with the rest of the panel saying that's a buying opportunity, but the process to get there is extremely important. >> we are bakley all saying, you guys are saying that the economy will remain fine, but the reaction.

>> how is that going to work are we not going to be are the deals going to be better than they were all of these things that we don't know and we know that markets don't like uncertainty for a period of time there will be weakness. >> they had 31% to 21% these things are not going away. this is what the knock-on effect is and this is what earnings are all about. it's not just that face value of an effective tax rate getting notched down it's all of the knock-on domino effect of pro growth policy of lower regulatory environment and this allows companies to spend more freely. >> this is the uncertainty we're in the uncertainty if you were to leave for whatever reason, that's the certainty, right this is the uncertainty. >> i'm saying the process between here and there, and -- the market became the buyer. if it's a russia issue, that's a

huge -- i agree with you on that that is a huge issue for the marketplace and if that has tentacles past this whole payment process and if it's a real russia problem, then the market was up a couple of nights on the show and 73, 74 with nixon. >> again, and you were talking about very different, i think, market cycle, but you did have the uncertainty that was sur rounding from being the saturday night massacre all of the way to the point where nixon resigned. >> with you i agree with what bk is saying and we've also seen despite what karen says that they careened from crisis to crisis we have seen points where the trump administration's ability to hold their ground has been something that would move markets around the market from an economic perspective would be tethered mostly by what the federal reserve does mostly by where we are, i think

i would push back and say i think the corporate tax cut is great for them i think you front loaded a lot of growth and i think a lot of these companies probably aren't necessarily going to be spending dramatically or investing in their business as much after what they've done already. we got a big boost to it i think the economy, though. it's after the fed and the global politics. >> you don't think that big boost originally was worth it and we've seen the market greet it favorably without the market ratcheting up and increasing higher i will tell you, the china trade issue with him gone, you want everyone to be softer? we wanted to rescue cte so i don't know about that angle of the china trade issue being better both companies want to be really a griff. based on how he is active so

far. it's not, like, he's got a pitch. it would be a fight. that's where i have the question i don't know if we're in that period at all. compare what happened. >> we'll get some clarity after the lecelection shortly, right? does the house go? is that priced into the market >> the house going >> think the house going is is not priced in, but that's a real, vent that could happen we're talking about 24 feet. so that'sthe real, vent that could happen i think it's half way priced and that's what's holding the reins on the s&p. >> i ask that question because if you believe than we are, will it be different? because position has changed and whatever you want to look at the

polls, we went from being quite bearish after being overly bullish to where markets have acted like they don't care about much they're joining us at all-time highs and first of all, september is a very difficult month of the year and the calendar is something that can repeat itself or not, but when i look at where you should be cautious and playing here. we just have to read what sectors have more at risk here than others. whether we like it or not, i like banks and i think they're cheap and it went to 20 basis points and there's a lot of pressure in certain parts and the investment sector breakdown and that's something that will continue. >> why don't we look at what sold off over the last couple of days and the industrials and materials, staples, utilities, financials everything else rallied and i know it sounds like a lot. >> industrials, right? >> all of those were stalled off based on what we've seen over the last couple of the days of the news cycles.

semis run and energy also ran which was shocking to me >> what would you do >> well, it depends and that's what my lawyers tell me. >> but it depends on, so at these levels, if you have a fresh dollar to spend and that's what i've been saying for the last week or so, why am i putting a fresh bottle to work, so that answers your question of are we in it we just started having the impeachment talks over the next few days do i need to put an extra dollar of work today? if everything's humming along and the dollar keeps rising at a steady pace, money is slowing into this country and it will find its way to the stock market and it will find its way to the bond market. >> karen >> i really don't have time to time the markets and you have to time it on the way out and you have to time it on the way in and you have to time it in the middle i would own more of everything that i own i own alphabet, and i own the

banks and own it for a long time and that's a big position for me, as well and some retail, i think, i'm not going to be able to trade around the mueller investigation or anything else, really >> you picked a hell of a career then >> the only thing i can do is trade around protection so i do that. >> coming up, check out shares of gas getting crushed after the earnings reports and there are still a number of retailers waiting in the wings to report and the traders will tell us which ones are the big winners and losers and alibaba with the chinese tech stock and it is adding to the carnage of the embattled group and the top technician says there are three names to buy right now ask later it's the heat versus the knicks. y i know it's not basketball season, but we're talking esports. we'll tell you how big the finals could be. we are live from tim saresque in new york city. much more "fast money" right after this do you offer $4.95 online equity trades? great question. see, for a full service brokerage like ours, that's tough to do.

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welcome back to "fast money," we have an earnings alert, and leslie picker is in the newsroom with more >> shares of gas plummeting in after-hours trading after reporting second-quarter figures that failed to impress investors and this right here is that gap global comparable store sales were down more than double the rate than analysts were expecting and the company has been grappling with supply chain issues within the gap line which has led to a boom in inventory and especially old navy brands like decent same pf store sales in the quarter and they weren't enough in the eyes of investors to offset some of the weakenses

that were very apparent in their did gap brand and as one of the few retailers in the red for the year, investors in toechlerred expectationses and they reaffirmed and the call began 15 minutes ago where the ceo spoke about their commitments to brick and mortar stores and they're continuing their focus on technology it perplexes me to continue to hear over and over that stores are a liability they're an asset, not a liability. sure, if you've got a store and a dying mall, that store needs to go away and that's work that we got on early and we will continue, but the simple fact is that most apparel is still sold in stores and will continue to be sold in stores. >> all right our team is listening in and we'll let you know if other news that comes up on that call, melissa. >> thank you very much, leslie picker in the newsroom

what do we do with gas here and does art peck -- art peck's background was heading up the gap e-commerce business and here he is seaing stores are necessary. >> maybe not >> they've got a lot of store, right? >> there's a gap on every corner >> there's a lot of gaps >> yeah. >> their biggest driver and those kind of numbers are, you know, that's that. so the stocks should be down however, i got it. it's a brand and it doesn't trade like a brand it trades like a wholesaler. >> three of the four brands there under the umbrella are doing very well. i don't think the stocks are very cheap and they've got a massive run and it's easy to be defensive about the fact of the matter that you still have dying stores it doesn't mean that that wasn't priced in at some point, so i think the company has obviously addressed that the retail space has been surging as earnings are in full

swing. the etf hitting an all-time high tracking for the best month since november 2017 and it's not over yet as retailers are waiting in the wings to report next week. names like lululemon, dick's sporting and abercrombie and dollar general trading at or near 52-week highs given these moves we thought it would be the perfect time to play a game. >> shop it or drop it! >> shop it, means you're putting something up for sale. that's not -- [ indiscernible >> here's how it works i'll name a stock and you say you like the stock, you'll say shop it and you'll see this. if you don't like the stop you'll say, drop it. you'll hear that >> got it. >> all right let's play >> karen, kick it off. shop it or drop it reluctantly, i would say drop it its had a huge, huge run, and i just think the bar is very high, august 30th is the report.

why are you groaning why is everyone growning >> i actually like the idea. a lot of these retailers and yeah, i would drop it as well. a lot of the retailers have had such a run, how much more do they have with them? >> i stopped going into abercrombie after the bags had pictures of guys with waxed chests on them it's too intimidating. drop it. get out of there i would shop it. i don't like the exposure they have in europe and i think that could be a little bit soft and i do think this was so out of favor for so many years that i think people bet against it and now it's just that bounce effect and that bounce can probably go further. >> again, it's had this enormous run and why should dick's succeed where other specialty sporting goods store has failed. they're the only one left.

>> we're talking about abercrombie. >> yeah. hang on. >> first of all, you worry about the bags and now you go straight to dick's. long day >> second time this week, i think. >> let's just move on. no comment necessary >> dollar general. shop it or drop it dollar general i think you shop it. unlike some of these names i think you have a valuation of 15 1/2 times that makes sense and also what's been difficult for dollar general is whether walmart has been in predatory pricing mode or not and i think the landscape out there is actually decent and despite a massive move, i shop it. >> we had walmart do well and walmart do well and amazon do well >> it looks like we're just starting to get a breakout from basically a year-long sideways track. so i'm with timo this one. i think you shop it which means you put it on the bag and buy

it. >> well played another stock to talk about. lululemon. >> calvin broadus, you drop it like it's hot. it's the same as everything else yes, they've got great earnings and yes, they have the men's line coming out, but they're not cheap stocks and -- you've been wearing the women's line i've got it all mixed up the men's line is very important, but nonetheless, its had a tremendous run how much more is left in this and you drop it. >> they have the pants that were many, many pants and that men are wearing into the office now instead of real pants. >> abercrombie >> whether they fit or not. >> i think valuation has always been the problem with this one and karen can talk to that better than i can, but when you look at the name they have to do everything right at this point if they do one thing wrong, just

a little bit wrong, the stock gets clobbered based on valuation from me. >> i agree they've done a fantastic job and it's hard to get onboard a p-e multiple on that run >> now it's time to talk about -- >> wait! i think tim will disagree with me >> i do not like this one. >> grasso, shop it or drop it? >> i would shop this one you know, a lot of their competition has -- they hated the arena due to bankruptcies sports authorities have seen sports chalet and that has left a lot of room for kohl's stores and left a lot of room for dick's sporting goods and i think dick's sporting goods still can be bought at this level. >> people have said it over and over again. >> talk about walmart. >> exactly or ulta, i believe, from earlier in the week. >> i still think the specialty sporting goods store has proven that the model doesn't work. i don't see why you need to

believe that you guys are -- i'm sorry. i'm going to drop it >> good job. >> i didn't see that coming. >> all right coming up, it's the first-ever nba finals and the managing director of the league is here to tell us why this weekend could be a game changer for esports. i'm melissa lee, you're watching "fast money," on cnbc, first in business worldwide. stocks in the internet is tumbling and the group is flashing a rare buy sign he will break it down. plus. >> time ex, it takes a licking and keeps on ticking >> you might as well be talking about bitcoin and something happened today that was particularly bullish bk will break it down when "fast money" returns

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session down 3% after a big midday reversal. let's get to dom chu in the newsroom hi, dom. >> it was looking promising for alibaba for a little while today and the company that some call the amazon of china. it posted an earnings miss, but the bright spot came from a 61% gain in sales as well as a jump in the monthly active users on mobile devices on a quarter over quarter basis. alibaba is growing in areas like cloud computing, supermarkets and entertainment, sounds familiar to anyone out there it was good enough for a pop in the stock that was part of the broader medium-term sell-off in the chinese name this year by 10:30 eastern time that sentiment all changed to the negative and pretty quickly. baba dropped within just an hour and the traders any investors out there looked to alibaba. it's the blue chip of chinese internet names and a bellwether. so perhaps no surprise that baba struggled today and it rippledthrough the rest of the whole industry taken down ten

cents and j.d.dom and it's been a painful month overall for the chinese internet stocks. cnet plummeting 23% in just the past three months and j.d.com falling 15% and alibaba down a respective 13 and 11%. so melissa, what looked like what could have been positive data to help the value case for the chinese internet stocks turned into questions over whether things could get worse from here. back over to you guys. >> thanks, our next guest says don't worry, there are three internet stocks to buy, and let's go to todd gordon. >> hi, melissa the earnings have not been very good in the chinese internet names and technically from the long-term point of view, they've taken a big beating ahead of these earnings and i feel it was baked into the cake here and first, let's start off and last time i was on fast about a week or two ago, i was talking about this name and we did get a nice pushdown that dates all of the way back to 2015 and this was the pocket of volatility last

week that hit the market and we went right down to the beautiful scale and we're looking at a percent change and that will change where the trend line comes in and it's important to keep that in mind and it looks like the chinese internet kweb is reported specifically as we reported momo. i love it, you can see that the pullback has been much less severe here. again, a very nice uptrend support on the scale these are very, very well supported here and headed over to the next one, alibaba, and it was scary and sold off post earnings and again, just a massive shelf of support right around 165 that goes back about 18 months so until 165 breaks on the down side, you've got to continue to be bullish i'm going to look to pick this up in my account so i like alibaba topside. the other one was a miss, and still technically supported and

you can't get it too much, ten cent and what a beautiful symmetrical channel here and you connect the lows and the traders are looking for that to hold support despite how bearish the fundamentals might be and how bad the earnings are and you can draw a perfect parallel challenge and see how much order there is in this very large, chinese stock and we're holding support. this is a weekly chart and if you draw down to the daily and get a look at the reversal right at the orange channel. this is like trading the fourth dimension like back to the future so you have to remember what happened here on the weekly. this is the daily. so there is the big gap down and we've come straight back any even if it comes back and gives back the gains from over the last week. a lot of the markets are doing this just over the last couple of days and as long as we hold some lower levels just a little bit lower here on this pullback following the earnings report, i still think those weekly and daily trends continue and support will be inexistent so i stay long

>> todd, the thinking here for a lot of the chinese stocks and they're getting up in a lot of the trade concerns and i wonder if you think, is there a high correlation between some of these stocks like an alibaba and one of the biggest and some of the major chinese indices. >> i'm sorry, melissa, say that again? >> the correlation >> oh, the correlation alibaba is not correlated to the other stocks, those had beautiful uptrends that just got caught up in the stock and volatility in the trade war. i think it's correlated to the yuan selling off and trying to break out, but that alibaba stock is rock solid and it's been in a major trading range for years and i think it's been pretty rock solid and it can go higher, but yeah, it's a volatile sector and be sure to position the size accordingly and you stop, but there's money to be made in here >> tom gordon, and todd likes alibaba. >> why the midday reversal, in your view?

>> think people started to listen to how they'll spend and cube is where they'll be spending and the margins may be coming down a bit and if you think about the chinese internet stocks and the 8% intraday reversal is very dramatic and he talked about the technicals that he loves and he has the jobs and what not and the fundamentals are extraordinary. to me, ultimately what happened is they're being traded one like the trade war stocks and if you think about what we got from alibaba and local e-commerce their version of aws growing 92% and 93% and the concern is whether their core business is starting to lose some of its margin and the other is the valuations, it trades roughly 31 times 2019, 21 times 2020 on a peg ratio of less than one significantly cheaper than amazon and the emerging market

headwinds and the ten cent the stock and that's ten% of t10% o index. they get push around when it gets pushed around >> you had a trade on baba >> it seems -- i get it through options and it was a pete-like trade and it traded up on monday and i saw it up eight this morning. so really, really dumb and then by the end of the day i felt much better. sadly, my whole sense of self really was determined about where did baba end the day >> how are you feeling >> i'm feeling good. all that aside, i think it's interesting here i think it's a buy >> the problem is though that everything tim said, accurate fundamentals are extremely bullish, but when it sold off today was when president trump started talking about ratcheting up trade war so it sold up a little bit before 11:00 so this is getting

tied up in it. up fortunately, i still own it and i have a great profit in it and i'm willing it hold onto it and 165 is the crucial level. >> if you can't get enough of chinese internet stocks be sure to head to tradingnation.cnbc.com meantime, still ahead, video games are still ahead and it could be kliilng traditional television much more fast right after this. at&t provides edge-to-edge intelligence, covering virtually every part of your business. so this won't happen.

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welcome back to "fast

money. it's not just netflix that traditional media companies may have to watch out for. kids are playing games and that's taking time away from the tube josh with the fast-growing beard is breaking it down from san francisco. hi, josh and beard >> melissa, let me tell you something, it's gotten so bad that even jennifer lopez can't get the kids excited to watch tv mtv's video music awards just hit an all-time ratings slow, but miss lopez shouldn't feel too bad. the truth is kids don't watch as much tv as they used to. the independent media consultant relates data specifically that american teenagers 12 to 17 watch an average of 22 hours per week of television back in 2012. that has now dropped hard down to 12 hours in 2017. that chocks it up to two broad factors and one, he says, these kids gu up in the digital age so they're very comfortable

consuming online video and two, the rise of video games especially on mobile devices like smartphones and tablets which means they can play the video games any time anywhere. research firm idc and revenue from video games hit $120 billion in 2017 and it will jump 14% this year. how much time do people spend playing video games? a lot. the average amount of time, and people in the u.s. age 13 and older hit 7.8 hours in 2017. that is up 60% from 2011 according to nielsen it did show a slight decline, but it was still 6.5 hours per week and that might not be totally honest either as the journal notes, video game fans might not be underreporting their useable. what do they want to see louis ward, iec's director of gaming says they want to watch other people to play, and they

appreciate a strong social component, too like something fortnite offered like our own julia boorstin, and it slowed down dramatically. melissa, back to you >> i love how you ignore my comment about the beard entirely like you didn't even hear it let's move on. okay, josh my feelings aren't hurt. >> still doing it. he's still ignoring you. >> he's just laughing it off okay >> the beard right there josh lipton in san francisco it's not just kids who are ditching tv sets for their consoles and phones and investors have gaming stocks nowadays video games are crushing big media in the last three years, via com and cbs and disney up 19% and 13% in that time and it's nothing compared to the big three gaming stocks and take two, activision and ea have destroyed media stocks so that bigs the question here,

have video games the tv star >> no. i don't think so i think it's shifting a kit is a huge beneficiary, that, tvs have schetted and they're doing a broadcasting and what not. in this case i still think you -- >> they will flock to watch the esports team try and beat the heat in the first-ever final for the nba, two 2k league welcome to fast. great to have you with us. what should weexpect how big is this going to be? >>. >> we think it will be huge. we had four more teams added on and we fully expect that all 30 teams to be a part of it and beyond we see this being an opportunity

and we see this having a shanghai team and playing the gaming and we think this will be global >> who is watching what's your demographic? >> so there are three distinct audiences we look at and one is the players who play this every day and there's 1.6 million playing 2k on the daily basis. certainly, we have nba fans and we have 1.4 billion nba fans around the globe and the last group we think is a real opportunity for us which is why we think it's a great partner is esports enthusiasts and we think we are bringing in the new options. >> so given where you see the three distinct people who are watching this, where do these viewers come from? >> we had julia boorstin on earlier today talking about it and how they had been thinking that social media was losing some of its users because of things like fortnite and the video game where do you think these people are shifting their time from

do you have any sense of that? >> it's hard to say. certainly, they have a digital product and we have a ton of data, and we do think there are a few hundred on twitch and they're browsing and they're finding several different games and they click on the 2k lead. to put it in perspective in terms of e sport, 15 million daily active users are on twitch for nearly two hours a day. >> 15 million for two hours a day on average >> that's why we think it's an amazing opportunity for us. >> and twitch is such an incredible, valuable platform that's launched so many other big brands in your space where is disney, abc, espn where are these guys they start to telecast the overwatch finals and they said cast that for the first time and how about globally how about telemundo that are

focused on where nba is a global brand. what we love a about it is we're talking to them on a daily basis and how can we change for next week and the reason we can do that is because on twitch we have a twitch chat on awe normal broadcast for us, there's five to 20 schents, and in some cases the audience are telling pea and when they see the following week they're thrilled and we're doing it different than what broadcast has ever seen. >> where will it be in the number of teams? are we close to that point where there will be the convergence that we're talking about >> or at the garden after a knicks game? >> i think the linear networks now, they have streaming options. so you see espn plus and you're seeing this happen already so, you know, it's merging and i

don't think there will be much delineation in the future. >> all right great to have you. good luck this weekend thank you very much. so where do we go here so you would think the first knee-jerk reaction would be electronic art asks blizzard take two and interactive which is not the first collateral play and i would say based on esports and i would go take two. >> a lot of these guys have battle royale features rolling out in the fall especially against fort night if there is that concern that they are losing gamers or players to a fortnite >> i think you have seen that there is an evolution of each brand and at some point it's time for the next one. i would go back to our last segment on the chinese internet seat i think tencent is the largest gaming company in the world. if you wanted to own this and

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♪ welcome back to "fast money," the crypto universe going head to head as the sec knocks down another bitcoin etf and our bob pisani is at the new york stock exchange with more. >> they have proposals for the bitcoin etf. this latest rejection has shares that would track bitcoin futures contracts and another from granite shares and five leverage an inverse etfs from direxion and the winklevoss etf in july similar to the trois jekz of the winklevoss etf, it expressed concern about the fraud and

manipulation of bitcoin market it said the nyse which filed the post share application had not met its requirement having rules that were sufficient to prevent fraud and manipulation the sec also specifically addressed the fact that the pro-shares etf would be tied to bitcoin futures contract and they said that the nyse arca had not demonstrated that the bitcoin markets were significantly large enough so while they get to approve a crypto-based etf other applications are still on the table including an etf that would attract ape basket of crypto currencies that was followed in july by bit wide and the bitcoin trust which the sec announced it was holding off on ruling on until september 30th so we'll hear then about that one. critics of the sec's decision have told me that they're frustrated because they say the sec has set a very, very high standard, maybe impossibly high, it's not clear what they would have to do to demonstrate that they are adequately preventing fraud and manipulation

back to you, melissa >> bob, thanks bob pisani at the nyse if not now, when are the bitcoin etfs coming? our bitcoin ballers are at the plasma steve? >> we had this rejection the other day and most people, the sentiment was that we weren't going to get any etf to me, february 2019 is probably the likeliest and the earliest that we can get it why do i say that? the van eck decision will come at the end of september. they actually have until february so i would expect in september they push it off we also talk so that's 2019 and also the surveillance, and the sec talked about fraud and manipulation it wasn't so much preventing it, but how do they surveil it do they have an arrangement with other exchanges? are they globally regulated or at a nasa level, regulated exchanges to surveil what's going on and finally, the futures market isn't mature enough and that's

probably true at this point in time although it's growing that's why i think as we get into 2019 we get a better shot of it. >> here's cme futures and open interest of large holders. since april, you're starting to see this big increase. that's about an 85% increase or growth rate that they're having. so if you extrapolate that out by february of 2019, you will have a very, very robust market and add in something like the nyse and the exchange coming out, that's going to add to it and finally, we still have to hear from commissioner hester who in the past has said the sec commissioners hester has said these things need to be approved sooner than later. i think we're incrementally closer to getting an etf and bitcoin didn't sell off on this. so the market, and it doesn't matter if it's bitcoin or oil doesn't sell off on the news that it should, that means there is a sentiment change.

>> hester pierce tweeted out earlier this afternoon that the disapproving sro rules related to a number of bitcoin etfs are stayed pending commission review >> that's kind of interesting. >> i knew that was somewhat breaking out there, but basically what they'll go back and look at and have a review of it i think we're getting closer to it and they'll look back and say 5% growth and cme and open interest maybe that's a change. let's look at whether there are other ways and also at least in my view is whether or not the commission's decisions denied the is actually at this point may be inhibiting from investing in the proper investments. >> all right so i totally agree it no longer trades down on the multiple rejections, but how big of a deal would it actually be if one of them got approved >> i think it would be -- i think it would be a huge deal and here's why if you look at where the demand for the product is coming from

and by that i mean bitcoin and cryptocurrency, it's from the retail investors and they haven't pulled the trigger, he said, easily, but the retail investor has already said they want to buy it they've shown it last year and the retail accounts in the u.s. and there's about $50 trillion of aum that's a lot of money and it would only take a small portion of that to go into an etf to spark a nice rally on bitcoin. let me ask you this, say they approve an etf and bitcoin doesn't do anything? >> well, that's a problem. >> would that cause you to pause? >> it also goes back to how did it go into the decision, right bitcoin down after the last decision, if they approved it today i would be shocked if it didn't go up, but if you have a massive rally going into it and they approve it then the expectations are on the market again, just like my lawyer said

on the top of the show it depends and that would be $1500. >> there should be a special about this >> i'm glad you asked that, tim, because there is a special documentary, bitcoin: boom or bust it explores the good, the bad and the ugly of crypto and that is monday at 6:00 p.m. eastern time right here on cnbc. >> excellent. >> advanced micro hitting its highest level in more than a decade and the chip stock is about to crumble naaqe live at the sd marketsite in times square much more "fast" right after this s...again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab. schwab, a modern approach to wealth management.

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>> welcome back to "fast money," shares of amd ripping higher by 27 to 30 the chipmaker has been red hot this year, up 116% now the best performing tech stock, but one trader betting amd is going too far, too fast. let's go to mike in san francisco. >> amd is always a very busy stock when it comes to the options market and trades quite a lot, but we did see double that average options volume today and while some of the bets we're making short-term bets, it was 6,000 puts that paid $2.26 for those which was more than 10% of the stock price at the time, and those are bearish bets, but the stock is going to be below that $21 stock price by the $2.26 that they paid or down

for the last six months. even if this trader turns out to be wrong, the options market is expecting that this stock will move 30% one way or the other between now and then all right. mike, thanks mike ko in san francisco for more options action, check it out tomorrow at 5:30 p.m. eastern time there's jim on the cramer cam talking about why it will continue to dominate the chip space. that is at the top of the hour on mad much or after this >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate.

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time for the final trade tim? >> that was very cool. i think the gaming stocks are alive and well and i think tencent is the way to play gaming right now it's a global play. >> chairwoman? >> yes i'm going to go with baba which we talked about. for all of the reasons that tim laid out so well i mean, they're growing nicely and the valuation, i think is way closer to the value side even with the growth so it will trade with trade rhetoric, but that's okay. i like it right here >> b.k.? >> so a few days ago the u.s. said they would release oil on the s&p and guess what it didn't go down. oil, it went up. just like i said beforewhen markets don't go down when they should, you want to buy those usos are the most important trade in the market right now. >> are you going to say tim? >> i feel way late on this

canopy growth -- >> i'm probably going to buy it. cgc. >> that does it for fast thanks so much for watching and see you back here at 5:00. "mad 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 >> i'm with stupid i'd love to wear one of those t-shirts o