in the year when there was nothing else to worry about. it's not saying it's going to repeat and do you have an election this year and we have to watch it. >> i mean, august has been pretty lukewarm. evan, thank you for being here see you next friday. have a good weekend. >> and you as well see you somewhere around next week for part of the day that does it for "the closing bell," "fast money" begins right now. "fast money" starts right now, live from the market overlooking times square i'm melissa lee, tim seymour, brian kelly, first timer and fast money friend, tony dwyer and steve grasso tonight on fast -- tonight on fast, retail has been one of the hottest trades out there and there's one new reporting earnings next week and they're about to break out plus want to know where bitcoin is going next? of course, you do and tom lee will break down the one chart he says could tell you everything you need to know about the crypto universe, but first we start with two words we haven't uttered in months.

stock paradise >> yes the place where stocks go up and records happen every day earnings are great and interest rates stay low and the only thing that gets mad is your bank account and it all happens today as chad powell gives the all-clear signal so with the trade war beheine us or at least at bay, will stock paradise last? tim. >> i think that paradise should be sweet and two tickets to paradise with it being a big friend talk about threading the needle and whatever you want or listening to eddie money as much as you possibly can on a friday because it means money. >> we have two tickets to paradise what was the other one nobody remembers >> be my little baby >> take me home tonight. anyway, bottom line here is the consumer is alive and well and that's been the leg of this rally that has room to go. think about the wealth effect that's going with folks. certainly their stock accounts and their 401(k)s, and most parts of the economy, they have

wages and jobs look at what's run i think the consumer story especially as it relates to some of the home improvement names and the discretionary. we talked about banks and banks should be getting the beneficiary of them lending more and i still think that's the place to play. >> if you see what happens in the currency market, my view on this market has been the dollar is the new vix to the extent that the dollar starts to go down because we have a more dovish, not that they're dovish, but it was less hawkish than it was before, but if you have a weaker or stable dollar, even, just take it off the boil a bit, then yes, stocks will be all right because if you have money coming back in here and low rate and you have a good economy, what else do you want for this particular thing? >> you didn't go much higher, tony is that going to prevent you from being in stock paradise >> to me, it wasn't just consumer and it was a blowout last month and you got revised higher and our whole call on the productivity trade that you will

get. when you're at full employment you have to find a way to be profitable and we're just talking the capital spending cycle, of this cycle on top of a good consumer and now you have a fed put. >> what is that? technology industrials? >> and banks >> and industrials had a hard time this week off of the trump headlines earlier in the week, but i do think the market is poised to pop above -- where are you at 3200 and is that a street high >> it might be too conservative. >> we're running out of daylight for this year. that target of 3200 has to start ratcheting away and that's what we'll be beginning to do in the next couple of weeks >> conservative? >> where we are in the market, think about this, there are people that are want positioned correctly if you get a stable dollar and again, you can see the market just completely retire and people might say that will be the blow off top, but you know what? between here and there, there's a lot of room to get to tony's number do the stars align to 3200

>> no more trade war >> what you get is a sense if powell comes out after september and in the press release he says we'll take a pause and we're worried about the emerging currencies, et cetera, et cetera, we're up 7.5% in the first three weeks and the idea that you can't ramp the tape that's already up. >> i don't think we want the fed getting too far away from their plan here and i don't think it's shangri-la if the fed steps back we have real, systemic problems and look, i don't care whether the fed goes in december and whether they go in january or march of next year they'll go and get to 3% and they'll do what they have to do and i think they're behind on inflation and i don't think the pce is the right measure and we printed 2.4, but as we said, look, today's durable goods numbers, you don't talk about durable goods numbers except that this is the highest print since the crisis i continue to think that the economy is in very good shape.

>> don't you think they have time >> don't you think they have time on inflation? he wasn't concerned on inflation and he said the phillips curve is dead and powell is not concerned with inflation right now even though it seems like he's pushing himself to want to normalize or to get to the neutral rate i don't see inflation as a problem and none of the fed governors do it, as well. >> it didn't open up after the immediate reaction he said i'm not worried about inflation and we'll be neutral and not be too hard on it and if it goes down big i've got your back because you can't do anything. >> to tim's point, you don't want them to ease. you just want to find out if they'll take the foot off the brake into next year. >> if you want to see a risk factor here, check out the oil market if we start to get the weaker market, and by all accounts it would go down and add to the

inflation scare, but that's not today. i would just say, watch the oil market and that's the most important market to watch in that environment. >> brian talks about oil and that's very important. >> yeah. >> but china this morning said we've got nothing done on these trade talks and now it looks like there will be nothing that goes on until at least through the end of the midterm elections. so i don't know that you're going to get great trade talk. now, i guess the market is looking past that. there are certain parts of the economy that certainly, i think are vulnerable and we're seeing it we're seeing commodity names and steel stops who should be doing well in this environment, but i don't think they're going break down. >> here is a question related to trade and you bring up a good point with the chinese allegations and you know the talks until after the conversations and that will allow it to go into effect and it will be september 26th. can you continue to have stock paradise is that next round round of tariffs going to affect?

>> we've seen rounds of tariffives be mraused this week, what personally, i have not thought about was china starts to press a little bit on their president to get to the table sooner >> that's why china has all of the -- [ indiscernible >> there's a lot of rich people in china that are starting to push pressure on him because when their index goes lower they lose a ton of money and we're talking about billions so you watch how quickly and i don't think the market is set up that way and warning about the pressure on china. >> here's an interesting thing, when we've had the tariff talk and potential trade war talk, the citigroup economic surprise index in europe continues to track higher well off the early year lows and even if you look at the emerging markets index, it's still well off the june low. all we need is stability,

globally we don't need a tank we need a stable dollar and a mixed economic performance with mixed monetary policy globally and the stimulus in the u.s. kicks in >> i would say just on the trade front, as long as enough investors believe this is still a negotiating tactic, then you're okay. as soon as they start to think that this is going to be permanent, then it will be a problem. we can have it go through the midterm. as long as everyone says no, still a negotiating tactic, this will resolve itself. >> think consumer discretionary and the luxury sector and these things are kicking and you're seeing the multiples in these names are starting to get frothy and we were thinking some of the companies were going out of business i still like the transports and ten, 11 times in this economy? are you kidding me and and i know on it's been a difficult

phrase, and bad on me. >> what do you think >> i think you have to stishg with the productivity trade and you need to keep your margins up as a company and you need to invest in capital spending to create moremoney per worker. banks give you the money for that and investors implement it and use it >> tony, why are semis broken down, though shouldn't they be indicative of what you're talking about? investment and infrastructure? >> i think it's a great question and tom's coming on in a little bit talking about bitcoin. i think you have a blowoff move on the upside and when you have all of the work you're going into with bitcoin, but things are really bad. >> coming up, it is the question everyone, everyone, in the krito universe is asking talk about flower power upon pot

t are going up and we'll explain the holy grail of classic cars and it's worth more than its weight in gold it's not the irod z-28 we'll head out to find out what it is and the soaring stock behind it. we are live in times square in new york city. much more "fast money" right after this thank you clients? well jd power did just rank them highest in investor satisfaction with full service brokerage firms...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. that's confident. but it's not kayak confident. kayak searches hundreds of travel and airline sites to find the best flight for me.

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this is really one of the great times in the history of the world. in five years you're going to go into a starbucks and you're going to try to pay with a credit card and they will laugh at you and say, what's this? >> a small piece silicon valley legend had to say about bitcoin and you can catch the rest of the interview in the special documentary "bitcoin: boom or bust," we'll take you through the good, the bad and the ugly of the crypto universe and that is right here on cnbc right after "fast money. is he overstating the case when he says it's a great moment in history? it's not revolutionizing anything at this point >> well, it is, actually revoluti revolutionizing quite a few things we haven't seen the killer commercial app, but to me this

is the internet, and potentially because it is money has the potential to be bigger than the internet so i completely agree with tim draper. of course, i'm all in. i wrote a book about how digital currency will change the world never ask a barber if he needs a haircut. >> why would i walk into starbucks in five years and not have a credit card why are credit cards not worthy of a transaction >> credit cards do more things than just a payment, but in general payments are changing and bitcoin and digital currencies are part of that change we're going to mobile payments that is the big change and what digital currencies allow you to do >> if you're wondering where bitcoin is headed next and it has one key chart that can answer the age-old question and tom is at the plasma to break it all down

>> we think mining and fundamental factors really drive bitcoin's value, but macro factors have an effect on network value. the chart we have here shows you two lines. the orange line shows outemerging markets index relative to the s&p and the other one is bitcoin's price, as you can see as em actually rallied into the end of the year we had a huge bitcoin rally and since em has fallen it has fallen why do you think they're connected. the first is a hedge fund -- see, hedge funds typically respond bitcoin also suffers because of wristoff. the second ran has to do with soefl effect and if you're living in an emerging market, you see the stock market has a lot less money to buy bitcoin

and you can't buy bitcoin and there are reasons why emerging market indexes actually influence bitcoin. >> i think tom will come over. >> yeah. >> come on over, tom, walk on over we can't wheel you over. >> i thought there was a string attached >> come on in. this implies that the greatest percentage of bitcoin trading and bitcoin buying are crypto buying, and crypto trading comes from hedge funds as institutions and then also emerging markets >> yeah. do the numbers bear that out >> and there's an implication. i do think in 2018 trading has shifting and there's a lot more trading in the u.s. now and on the margin exchanges like bitmix have attracted hedge funds and i do think they're playing a role until they get other onramp,

they're in incremental demands and the cme, tebow ask futures are you seeing global macro managers adding this on as par of a proes is because i still struggle trying to find out a lot of those analyst hires and they're hiring all of a sudden the guys are into cryptocurrencies and they're not meant to add to the portfolio mix. i think there's still complication about how you store the bitcoins because today they don't really want to take custody. i don't think their investors want them to take custody and the second is understanding valuation models because there isn't a lot of research out there except for a few people wo do research on it. so i think there's a lot of education taking place and you mentioned many times it's a huge deal because it simplifies the process. it's one-day settled and then pretty soon we'll see the

potential for custody products around that to develop a matter of tim. >> a crypto tommy, did a great job. >> we do kind of the same thing, when you get feedback from clients it's a sentiment base, and are they thinking about it because they're down or it's a flexivity. >> and i think in crypto when people are bearish it's tough to actually be contrarian, you know i think what we're seeing is a crescendo of negativity. >> that's right. bitcoin index is 36. so it's actually pretty miserable. >> it's very miserable

>> it bottomed it around 21. so it hasn't gone back and we've had bad news this week and two big setback, right the sec and almost universally canceled nine applications and then china did essentially a reband because it sounded like they had to clamp down again on crypto and bitcoin actually rallied. >> 20,000 by the end of the year and more than that, were you i'm actually applying to change the calendar year. it only takes ten days and all of the return for bitcoin. >> all right >> tom, thanks tom lee. >> it wouldn't be that hard to get there. in the middle of november, bitcoin went to 20,000 or 19,000 or so by the end of the year and it is extremely volatile instrument and it wouldn't be hard to get there. >> coming up, check out the mystery chart. this troubled chip stock is

headed to a mystery, and i'm melissa lee and you're watching fast money on cnbc first in business worldwide here's what's coming up on fast. >> it's worth more than its weight in gold, but ferrari's stock could be a different story. we'll explain. plus -- ♪ ♪ >> tim and mike ko are teaming up how to buy pot stocks for less and that's when "fast money" returns

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>> welcome back to "fast money," it is known as the holy grail of classic cars and going on sale at an auction and how much is it going for? it is so valuable that it's worth its weight in pure gold.

robert frank is in monterey, california with the details. hi, robert. >> hi, melissa tomorrow night the record will be broken for the most expensive car ever sold at auction the only question is by how much it's a 1962 ferrari 250 gto. estimated sale price when it sells, between $45 million to $65 million. they are the holy grail of classic cars they're prized for their beauty, their racing history and their scarcity ferrari only made 36 of them this one is being sold by greg witten he was one of the microsoft employees and he bought it for less than one-tenth of the current value and he said the values and prices are all things driven by collectors >> it's very hard to fathom, but you're in a space where you have collectors and car collectors and ferraris are the most

collectible cars and this is a gto that's a pinnacle ferrari. >> when i ask witten, he said he loves to race this car, and it's gotten harder to race against the newer, more powerful cars and he doesn't buy cars as investment i asked him whether microsoft's stock or the gto has appreciated more since he bought it and he said hands down the gto, plus he was a lot more fun he is losing a per ary and he's got about a dozen more including two of these ferraris valued at a mere $3.5 million. melissa, back to you >> robert, thanks. robert frank. take a look at the major car company's market values. tesla only selling about 12,000 cars so far this year, but it is worth the most at 55 billion and ferrari selling 500 cars and ford selling an impressive

500,000 vehicles and still smaller in value than tesla. this doesn't make a lot of sense and i'm short. there may be footage of me driving the california t it was a great afternoon and i look at ferrari at these levels. be clear, you don't price this like an auto company which is what tesla bulls will tell you about that about 35 times, it's a luxury goods maker and their desire to get into the sport utility vehicles and that doesn't happen overnight and this is excessive and i don't think it deserves it >> we have a news alert on twitter. ceo jack dorsey. let's get to leslie picker. >> jack dorsey, the ceo of twitter will be testifying in front of the committee on the afternoon of september 5th the chairman announcing that when decisions about data are made using processes, the american people are right to raise concerns and that this

committee being the house, energy and commerce committee intends to ask, quote, tough questions about how twitter monitors and polices content so that will definitely be something to watch out for december 5g9 back over to you >> leslie, thank you leslie picker and the benefit that twitter and they have over facebook is they were able to deal with the problem before they had a problem thanks to facebook's problem >> i don't think it will ever be as big. >> to your point, they learn from facebook and it's a muted effect and i don't think it has the exposure that facebook did with the negativity and it's up 42% year to date i don't -- i think they're in the big boy's chair now and i think they'll be okay. >> it almost feels like twitter and jack dorsey had the policy on it. >> i had a pillow. >> but i agree with grasso i think that this is not going to have the impact on twitter that it has on some of the other social media stocks.

>> what do you think >> i'll tell you what, i think twitter is a media company and facebook is a data broker and they're in totally different businesses and i love twitter and i think facebook has challenges >> it was also the reaction in facebook's management that created the issues for facebook, which is again, your data. >> it's been a pleasure. >> come on back. >> for us here on fast you'll catch us back here monday at 5:00. n've, options action starts right after this break. introducing e*trade personalized investments professionally managed portfolios customized to help meet your financial goals. you'll know what you're invested in and how it's performing. so you can spend more time floating about on your inflatable swan. [ding]

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makes it possible to track glucose levels. without drawing a drop of blood, again and again. the most personal technology, is technology with the power to change your life. life. to the fullest. hi there, we're live at the nasdaq at times square look who decided to join us tonight. tim seymour, while the rest of the gang is getting ready, here's what's coming up on the show >> yeah, that's what chip stocks have been doing, but if you missed the move, dan nathan thinks there's one name you can still buy and here's a hit he will break it down. plus, pot stocks are, well, smoking! yeah something like that, and mike ko has a way to get long canopy

growth for under three