fox, disney or comcast. >> we flow because they have the football rights. soccer rights. that's of concern to you wilf. >> nbc has the rights. that's not switching but anyway we will know that. >> who has the cricket rights. >> sadly here it's a hard to subscribe channel called willow hdp a frrn era fortune. >> "fast money" begins now "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square melissa lee traders tim seymour, steve grasso. guy adami tonight on fast nic' record run rages on. one of the traders says this is the beginning an a bigger rally. he will tell us how high hedge fund titan michael novogratz. he said bitcoin would be double. likely to hit 40,000 why is he calling for the crypt of comeback now and what does he think about the move in ripple he will talk all things crypto we heard you loud and clear

krips o universe we tweeted you voted you want the bit coin bug back boom there it is the bit coin bug is officially back by popular demand at least for tonight so twitter take a chill pill we start tonight with the fang fade out in an old school blast of maria carey. is it time to let go of fang as the market hits high after new high, the fang stocks no where to be found. none at new highs facebook in bear market. netflix in correction. google barely out of correction. amazon down 7% from its high all the fang stocks sell off today as well is this trade the fang trade over guy. >> i think it's going to start around 2 pretty soon but you have to pick spots we had conversations about this. we tab talked about amazon maybe ahead of the skis in terms of valuation relative strength. we said trades at 1850 i'll stand by as it trades 1910 now facebook is another name

i didn't think it was rallying offer the hearings in march. rallied to 205 i think you will see fischer back down to 1557 or there abouts without question. and the 13 one on my list for right now would be netflix i think as we get closer to october 16th when they report earnings that's a name you want to start to dip the toe in again. i can't believe and you have to prove me i don't think on this -- but i don't think you have two miserable quarters in a row. netflix shapes you interesting in the october 16th earnings release. >> i would say punt out netflix and facebook at this point they are specific stories punt them out done with the fang. >> i just came up with this we think it's original. mag an microsoft, apple, gogel. amazon those -- those four stocks. >> see what you did there. >> 10% of the s&p 500. >> right. >> and represent a

disproportionate amount of s&p. >> microsoft, google, apple, amazon. >> you could utter the four initials today. >> it comes from dan of all people. >> i need to work on the four letters. listen, i think that netflix is not particularly important anymore. facebook could be -- it really ranged bound the balance of the year the four stocks dictate the next step in the market. >> the next week you have jeff sessions has a bunch of head ntsds coming at this sector. it's facebook. it's google. nef a problem with it. amazon will have a problem with process with it. there is no problem with netflix. netflix you can still buy. i grow there but i don't know about the other twitters and this social i think there is going to be a regulatory headwind for the foreseeable future. >> i find it amazing now universally people don't like facebook and they think they have headwinds i'm not pointing fingers at these guys

two months ago all we'd say is see how cheap. they are not losing users and now they are focused on the regulatory environment ushtd be affection week as steve pointed you have you have congressional hearings and six companies including at&t and a couple other names that i think are going to be coming under more pressure and so therefore if you look at fang -- if you are a data -- if you are one selling data as opposed to someone selling products and use data for that i think you're in a greater regulatory headwind cross current than folks using technology to sell products. >> i think the original with facebook, though, was when they started screwing around with the news feed. we know about the privacy. but they started screwing around the news feed. that was the tip of the iceberg that was before all this stuff came down the pike. >> you like google because you left it in maga. >> well, no. oits maa no one to say. >> the jeff sessions thing is interesting. it's jeff sessions won't be the attorney general in a few months after the mid-terms.

the thing about regulations is that the dems are interested in regulating the entities as republicans. >> it's a major headwind. >> it is i think facebook is going to be range bound until we see how they deal with the election, until we see whether they self-regulate and how expensive that is, whether using disengage. whether advertisers are not there. we are not flowing that for a couple more quarter zblos up until the mid-terms that might give clarity because they are forced to do it sooner than later. ultimately it's a boying opportunity once you get through a little bit of the fire. >> i think these guys have massive margin, right? why are the companies doing so well why have they rallied outside of amazon basically the margins in the company they are high margin businesses and continue to be. i don't think they are going out of business because of this. but if you are in the c suite on the board of directors you are laser focused on what's going on in washington next week. >> and you're spending more. >> spending more money hold back and say we are doing everything we need to do and guess what i don't think that's great for

the shares i wrote the op-ed. >> he wrote it a while ago. >> i heard about it. >> he did in. >> apparently i guess nobody here saw it. >> he is just blossoming in front of are our eyes. >> really. >> i'd like to say in terms of tim's charge guilty as charged with facebook. when fischer was 155 during the hearings everything tim said that's what i thought. then the stock went to 205 on a i'm saying the market doesn't care now it seems to care again. >> the street hadn't rejaufrted the numbers yet. now looking at 20, 30% growth actually has -- it's come down the last two quarters here at least in analysts eyes the stock is trading at 17, 18, times forward process. >> it's not cheap. it's not cheap it's not cheap for two years. >> the problem was when at 155 in march it wasn't derisked. the street hadn't reset .consensus was higher than

now. >> what companies repeat what multiple you are willing to pay for them does facebook and the management team deserve a premium multiple? i don't think they do. but the market decided not me that's two years in the running underperforming the tech sector before net earnings. >> what if more and more people. >> can the market stay at record highs? that's the whole slim leadership can the market. >> yeah, yeah. >> and tech the biggest. >> we have rotation. >> fangs are starting to participate. here we are with the snch 500 around all-time highs when most stocks we mentioned sfiftly off the highs. for now the market hangs in there. >> i think the universal ownership and institutional ownership of several names it's difficult for someone to sell the names aggressively and give up the holdings. these top ten holders of the a lot of the names are hanging on. i don't think you are seeing any a forepersons selling or mammoth

zbleelg coming up, hedge fund titan mike novogratz isn't gifting up on crypto he will explain what he got wrong and why he calls for the comeback. plus the move in ripple. never anything like it a wild week in tilray but if you are tempted to buy options in that stock. we have a major public service announcement that might have you passing on grass puts. plus, the fang staging a big rally. the financials the second best the performing sector but something happened today that could spell trouble for the griep. we'll tell what you it is. for minneapolis after this hi, i'm joan lunden with a place for mom, the nation's largest senior-living referral service. for the past five years, i've spoken with hundreds of families and visited senior-care communities around the country.

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>> bitcoin can be at 2014 at the end of 2018. it easily could. and i think ethereum, which will just touch 50 oh or is getting close could be triple where it is as well at this pace it could hit 40,000 in three months, two months. >> that was hedge fund titan mike noevgts here on fmsz. we all know that call didn't work out but he is not giving up on the space yet says the bottom might be in. mike always good to have you. >> how are you. >> have we seen the worst for crypto. >> i'm not sure that call didn't

work out to start. we had a sprkt blow off the type got to 20,000. ethereum got to 1,300. >> directionally it was right but 40,000. >> you're right. you're right off on magnitude but right on direction. and then we had a pretty dramatic sell off. ethereum somd off 80%, 90% bitcoin 65% plus last week i made -- i put out a tweet i thought we had reached a bottom and that was basically on reading the charts and seeing kind of what i thought was a capitulation in ethereum there had been a lot of growth in the stre. as the industry grew you had more people to pay we went from five people to 75 people consensus went to 1,200 people so the salaries and health care and computers. and it takes capital all of a sudden as soon as the capital coming in slowed down, the ico people started selling their coins. and most of that selling i think is finished.

we have had a substantial bounce in the last week or so either lucky or good and you know, more importantly, we're seeing institutions slowly getting ready to be in the space. first in the venture space you are seeing lots of activity in private markets as a matter of fact, it was a complete bear market in coins. a disastrous bear market in coins. but in privates you would never have known it was a bull market it's been a bull market in talent and it's also a bull market in stukss building the infrastructure needed for remoney investors to start investing in coins and so you've had goldman sachs announce that they are going to do custody they haven't give men a date yet. maybe in six weeks you have jeff spreker at ice investing big into a company called backed where they are small partners in there which is an exchange in custody and clearinghouse. and you have lots of other people getting into the space.

and so i think three to six months from now there will be the all-clear sign for people to start big institutions and pensions to start investing. >> if we are going to start seeing a flood of money coming into the space thanks to the institutional solutions for problems like custody, then would you say that call for 40,000 could be around the corner this time around? i mean, because when you made the call before that was the expectation? but we didn't have firms like goldman sachs with the custody solution that seems like if there was a call for 40,000 to be made it should be made around now if you think that institutional money is the ticket. >> listen, we had a global speculative mania that drove prices crazy i think institutional investors to start with are going to be more sober listen there are plenty of levels on the chart you have to get through if you get through 680 oh you get through 880 oh then maybe 10,000 and then that opens up the old highs you need to see not just the

custody solutions in place you have to see the state of making the allocations i think it's going to happen we're talking to lots of them. and at that point, you know, the sky is the limit i think -- but there is -- we're not getting there by the end of the year we're going to be higher by the end of the year. i think in the first quarter, maybe the second quarter when the money starts moving in, you know -- because it takes one guy and then the second guy and then they all roll in one of the most influential endowments has made an investment she they swrnt announced it yet. i'm not doing it for them. at the made an investment in the bitcoin fund and the institutional fomo like the fomo will happen bitcoin will outperform for a while. i'm not a max malist everybody it in the institutional world is starting with bitcoin most of the big projects from

institution also start with bitcoin. it's a safe store value. people know the brand. and it's easier to value because you think about bitcoin as store of valued. gold as a market cap and bitcoin is 125 billion or something. and if you think of the rest of the blockchains, ethereum, neo, there is about 100 -- they're all vying to be westbound 3.0. the global decentralized supercomputer that processes and you a thent indicates data it's harder to figure out what the market cap of that is. is it the cloud times four i don't know. >> let me ask you about bitcoin. and i understand you're not a bitcoin max malist but because so many institutions that's probably the on ramp to the crypt of universe. what is a theory that is going to drive bitcoin to potentially thele 8800 level to clear at a thousand to get to new highs, the store value seems to be a challenged argument when you have seen bitcoin go from 20 to

6. and i understand we have seen these types of craters before. and it's come back but if you're new to the space and you are in not a devotee process then you don't get the store value argument. >> it's adoption, right? each year younger people get a year older and younger people are far more comfortable living in a digital world. and if you think of like gold -- gold -- you put it in a safe, it has negative carry it's not easy to deal with and so digital gold is going to be an easier thing to swallow for people i think it's just time and adoption listen, it's going to be used as a payment system, which surprises me star bucks and microsoft have both announced as part of the back deal that you are going to be able to buy and sell bitcoin in that will go directly to the exchange to -- so they won't take the coin risk, back will take the exchange risk you will see it in retail places which i think once people start

use going, they start hoarding some that will help the brand recognition and people's acceptances of it. i think it's just time you take out the crazy frenzy from six -- from 4 to 20 and back and lack at the broader chart, and still trending up you bought it a year ago you still made money. >> what do you make of the big move in xrp we have seen. >> you don't get it either. >> i wish someone would explain it to me they are building a great busy full disclosure we are a close to a 1% owner of ripple the company, not the coin. the company is building a great business they have a good story when something jumps 3 x it's -- i don't understand -- it's a short squeeze to a degree. i'm sure people were short i'm sure there were new buyers. >> let me push back on a second. you sound like you are accept he

want skeptical because of the parabolic move process when we saw the parabolic move in bitcoin when it was getting to be double and triple were you saying i'm at or were you still i will thinking 40 k. >> i've spent 40 years as a speculator when i think it's time to sell i sell. while i can long-term structurally bullish i did a lot of selling at the end of the last year. we had a hedge fund we decided not to launch a hedge fund because i thought prices were dangerous. so yes at the end of the last year i sold a lot. and, you know, i didn't buy -- i didn't wait until the bottom to buy back but i think -- one o, this is a multiyear structural bull trend, right. westbound 3.0 is going to happen not next year. it might be three years or four years or five years but we will have a web 3.0 we will are have decentralized positions. keeping a core position --

that's why we decided to sell a business. >> speaking of selling a parabolic move what did you make of the move in cannabis stocks are you personally shirt or is the firm short any of the stocks. >> galaxy, my crypt off business doesn't participate in anything in crypt ofr because i'm a speculator i couldn't help myself in the last couple days getting involved the tilray move, i don't think i've ever seen a short squeeze in a frenzy like that with the exception maybe of the porsche, vw fiasco ten years ago, the amount of volume and turnover on a low float. serves able to get a borrow hort it for a day trade make some money. and that was -- >> on tilray. >> that was just a. >> is that trade over at $130. >> it's probably not over. listen, the weed business has a great underlying story a lot like crypto. in five or six years we will have a monster weed business.

>> how did you get the borrow? more importantly i've heard it's impossible. >> it's difficult it's difficult. >> beg borrow and steal, literally. are you out are you not short are you long any. >> i'm not i'm not. and i don't think -- listen, if that was my business i would be short. it's not i'm spending 90% of my time focusesed on crypto. i couldn't help myself because i saw the -- >> one last question before you go will you grace us with a forecast this time >> you know, i -- my lawyers told me i'm not allowed to give actual forecasts. >> they're not here. >> i do think bitcoin will be significantly higher by the end of the year. and i do think those levels i talked about are important. >> 8,800 is a key one. >> go through one, go through 6,800. >> do you think we'll hit a key level by the end of the year. >> i certainly do. >> one or two. >> i'd be disappointed if we don't hit one or two by the end of the year. >> 88 or 10 okay mike thank you so much for coming buy.

>> thank you a ton. >> michael noevgts. >> he has to talk about the blazer is that. >> we could buy -- we did -- you see what he was we agree that's crypto what do you call it crypt of camo. >> this last couple days we had volatility, both here in the cannabis space. >> he is in the trefrms. >> log good, looking good. >> sorry dan. >> thanks again mike for more on the cannabis craze and the tilray wild week head over to cnbc.com in the meantime here is what else is coming up on fast. >> now ask if your dreams are crazy. ask if they're crazy enough. >> maybe you also ask if you should buy surging shares of nike ahead of next week's earnings we will break it down. plus, he told you to sell tilray on wednesday. >> the halting alone tells you that that is a spas motic sort of flairup that won't end well so i think the highs of today, 3,000 will stand a long time. >> and the chart master will

tell us where he sees pot ocstks going next when "fast money" returns. [phone ringing] need a change of scenery? the kayak price forecast tool tells you whether to wait or book your flight now. so you can be confident you're getting the best price. giddyup! kayak. search one and done. but prevagen helps your brain with an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life.

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priority: you welcome back to "fast money. it's a record high after record high as nike sprints to first place leading to all-time highs. the stock surged 37% with all the drama surrounding the company lately, do you buy nike ahead of earnings next week, it tim. >> if you stay long i guess you buy. if you go home blah blah, i think it's not cheap here. it's had a fantastic run really the turn around in north america and the complementary growth in the chinese business, so i'm staying long on earnings. >> i agree with that it's not cheap on valuation but it's historically traded at the top end of valuation as well i think the quarter is fine. politics aside, the company is doing extraordinarily well they have turned it around, caught up to adidas. >> the politics seem to help

them. >> again. >> i don't think the politics is helping. first of all the stock was up 33%, 31% going in the news event if you look at the high before the collapse only up 2% from the prior high i don't think the politics is really the cause of it. >> but the share price is up significantly since the. >> you were sitting cross from me you had said you that nighttime. >> you were talking about politics. >> what screen split screens >> final trade time. no split screen tim. >> at&t, despite the hearings under values >> bhc. >> dan, nathan. >> cramer my maga coming for your fang. >> buyer of ma gachlt. >> a buyer of mag avermaet. >> microsoft, apple, google amtzen. >> just a little g p we had a conversation about red hat it traded down to the level we talked about. >> it did 130ish now look at bounced today. i think if you look at the red

hat, the bottom might be in. i would say get long red hat here mel. >> that does it for us at "fast money. see you back here on monday in the meantime don't go anywhere options axe starts right after this break

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hey there, live from the nasdaq market site in times square the guys getting rrd behind my while they're doing that here is what's coming up on the show. >> this is your portfolio. this is your portfolio on tilray any questions? just one how can iplay tilray using option sns mike co with the psa plus tech is breaking down and the chart master says there is something to suggest even more pain to come. he will tell us what's got him so worried and talk about