wait and see on powell's message. looking still for dovish signs, may or may not get them. >> small caps still underperforming. >> again, that's another risk appetite measure it's not necessarily domestic versus foreign it's more or less risk on a given day. >> leaving it there, out of time thanks, morgan, for joining us "fast money" begins now. "fast money" starts right now. live from the nasdaq market site over looking times square. the traders are pete najarian. tim seymour, brian kelly and guy adami. tonight the bottle for the throne is on microsoft a few billion away from taking over the apple top spot and the answer might surprise you. the man calling the november selloff is back. mark yusko is back why he thinks it's getting where is before better the seems like he has thewhole

market, for president trump. gearing up with trade talks with tougher rhetoric he has thrown apple in the mix with the smarch tariffs and taking on general motors over plant closures ittet is president trump the biggest threat to the market and how much damage could he cause. >> i think he creates the most volatility for the mechanic. i don't think he is the biggest threat i think there are other threats. europe is a threat tim pointed that out a fed that seems steadfast continuing to move about you if you think about president trump it's about wins and losses he has said that the stock market is one of the things he looks as a win the stock market now basically flat for the year, rough month, month 1/2, one has to ask is he letting the market go undo my sense it is no. i don't think the chinese are in a rush to make a deal.

you could come out of the week and something to the lines of we had constructive talks with the chinese. president xi and are great friends and we have a path forward. that might be enough to make the market go higher i'll say, the market should have been down today after the apple rhetoric yesterday and the fact that it recovered is encourages. >> every time we have a market down because of trade, all of a sudden a mysterious rumors come out of white house that everything is better than expected a lot of fear is priced in the short-term we can talk about the long-term effects later. but in the short-term it's priced in fear and it would take a little bit of positive news to get the market going i think the opposite way, the way the market is setup and ignored other news to me means one positive bit of news out of g20 you could have a rally. >> joker, joker and triple

because i'm interesting having trouble saying anything different than these guys. i think the market traded great. the s&p was higher after a strong move over the last couple days in fact we had headlines that weren't trade constructive. i respect the white house. larry kudlow saying this president is doing things that other administrations never has done that's digging in heels. apple is a trade war stock which is a topic i don't think so and gm as a company that's going to also on some level be pastor political process now, not too worried about that you had oversold conditions, the most important today was fed vice chair clarida got out and said we might be closer to neutral than we thought. that's my interpretation but this is a fed, that is showing they might be more thoughtful on the aggression. >> some might look at what president trump on the administration is threatening gm and say this had been a president that was regarded as

probusiness president. and here we are he singles a company out and says i don't like -- >> health care and -- >> except this is the first time he said we might pull something from the company, take money back from the company we don't -- >> his rhetoric -- we see less and less reaction out of the words that come out from the president. now what we see -- and the interesting part today was we talked about this for a while. we haven't seen people come in to buy the down markets. we were down 150, 160 right out of the guy and then buyers step in in the options world we had huge pies in the spdr and others. including motorcyclist and apple. it's encouraging people are saying i want to be back in the market we are seeing a little we didn't see a huge spike in volatility last tuesday we were at 23 vix today when we were off 160 we

were off 120 and finished around the 19 level, somewhere in there. it tells me there is still volatility, yes, extreme moves intraday but the interesting thing today there were buyers when we were down. >> we're all constructive what's going on, which means the opposite is the danger here. if you come out of the g20 with absolutely no deal and raising tariffs, then all of a sudden the fed says we're not done, the kbhee is ripping we are raising. >> from the federal -- >> i don't think they are doing it. >> what we heard today, the fed basically they don't want to get politicized. >> we will hear powell tomorrow. >> we didn't want to be put in a corner but we are. >> you think they are going to hold. >> i think raising no matter what >> then they go back to the whole idea of we're a data dependent, seeing the slowdown. >> that's the dovish hike.

>> which is most probable. if they say anything different then you have to run for the hills. >> the trade is interesting because if they say nothing, has the market risen thinking they are saying something if they come out and say nothing -- specifically g20 then nothing happens with the markets. >> if any don't -- my point is i got -- i have to believe that president trump is lays are focused on the stock market. he has said that it's a report card for the administration i can't believe they will allow in to continue much longer if he can come out even if nothing is agreed to, if he says president xi and i have a great relationship, great friends. we think the world of each other, that might be enough to move it higher. >> let's not forget we had an historic holiday sales the consumer is in good shape. leaving aside the jobs joss lost

at gm. i'm sure that's tragic but people are employed and making more money in in economy than in a long time. inflation is not run away. you have gotten relief from energy provides. this is a back drop setting you in a different mindset for a market that was very oversold and stocks gave up a lot. >> i feel like the sales we see is a little bit rear view mirror is all the sales made on inventory brought in prior to the impact of tariffs. we don't have the interact are with kbraktet impact of the tariffs because it was pulled forward. if there is a price increase out there from the tariffs how will that kbookt are impact the consumer sentiment and sales. >> when i say saw we saw the paper and people were buying today, people are playing the g20 figuring something positive will come out of it. >> really? >> the short term i've never seen sh the short -- >> how binary were the bets. >> one week, two week type

options? what are they playing for? the g20. >> our next guest called the november selloff mark yusko at morgan creek capital management great to see new person this time. >> great to be here. i see the rose amongst the thorns. >> thank you. >> not the skunk at the garden party. >> how much worse. >> i told you, a couple months ago when we got together in october that we were just starting and i think it's a long path between now and 2020 and i think this year is going to continue to melt slowly, like a melting ice cube next year with the economic slowdown it gets worse probably double digit drauden and the big year is 2020 when the credit bubble slows up. >> what is the credit bubble what do you see brewing? >> every company has binged on cheap debt, overlevered, 14% of companies in the s&p can't

service their debt with the next three years ebidta, not pay off the debt, can't service it we are seeing defaults just like 2002 with enron and world cromme. >> 14% of the companies in the s&p 500 with three years of ebidta. >> three years of ebidta. >> the zombie companies. >> is that enough in the whole world to make a impact. >> we never had this level 6%, 8% in 2008 never 14%. 1 third of the companies in russell 2000 don't make money. >> what stress do you use in to yield those results? what are the assumptions there. >> those are the company's forecasts of the run rate ebidta i can't talk specifically about the individual companies but the key now is that we are in a situation where economic growth is clearly slowing.

global trade is falling off a cliff. we know throe things, global trade drives global profits. global profits drives global stock prices and we have an administration that believes that tariffs and trade wars are bullish i got two words. smooth haul hawley we thought that in the 1930s it brought on the great impression but we are going to have a garden variety recession equity prices are too high, i think. i don't think the fed is pausing. it's raising to get rates normalized, reload the gun all that comes together to be a really bad environment for risk assets. >> mark, you're talking about the next 12 to 18 months it sounds like which is fine. we're talking about 12 days which is fine. >> good point. >> if there was a according or

handshake moment at the meeting from the g20 what does that mean in in your opinion some of the bigds rallies happen in the market you are talking about. >> just what you describe, a big short covering rally is possible there is short interest out there particularly in bad names that have gone down a lot. people are piling on i don't disagree with that at all. and seasonally this time of year is actually pretty interesting for that because what happens is back in 1986 they changed the laws the end of the year was the end of the year and we had the january effect people sell in december and buy back in january. that got changed to october 31st, all mutual funds, big funds have to sell by october 31st they usually sell by october 15th after november 5th they can boy back to avoid wash sale rules. that buyback is helps there is risk of a little melt up here. >> your scenario plays out over the next two years

you don't want in risk assets. where do you put money bitcoin. >> definitely bitcoin even where the bitcoin gold tie to the orange socks the first place to hide is cashes i got challenged to the half marathon it was about cashes getting ready. they are argentina, russia, brazil, south korea. emerging markets wins he were we were together, facebook down 12%. amazon down 12%. next flicks down 24% apple is down 22%. ee mermging markets are up fractionally emerging markets are really really cheap that's one place to hide you can also hide in mlps. great cash flows, rising volume, great yields and the yields protect you if you are wrong by 8 or 10%. because you get the 8% yields. i like mlps.

i was completely wrong on the impact of futures on bitcoin prices i thought they were cash settled that you couldn't get rehypotheticalation. you are seeing that. and you see on the expiration dates before the futures conspire lots of pressure on the down days. i was wrong. as we get more usage going forward and people buy into the idea that it is a store of value, increasing use cases we are trading $4.6 billion a day of bitcoin versus five years ago suba couple hundred million. so huge increase in usage, long-term i'm big bull. >> what kind of heim horizon do you need you bought it today. >> if you buy in today you don't have to have a long time horizon at all to make a nice return

i look at it like this, over a decade i think you can make 20 times plus your money. really do. i think one of the few asset classes where you have that asymmetric risk profile or return profile i think over in one year period it's tough to tell it has to do how many people come into the network. what people have to understand about bitcoin is it's a network it's not a company if you think about today, five of the biggest companies in the world are networks apple is a network facebook is a network. and networks don't grow based on economic growth, interest rates and profits. they grow on technology changes. >> right. >> regulatory changes. we jaw oh saw jay clayton talking about across the street at consensus talking about how look if you break the securities laws we punish you if you don't, play in bitcoin we leave you alone. >> mark, good to have. >> you thanks for having me. >> at morgan creek asset where do we go.

>> you should listen to mark he is scared about risk where in the future but in the short-term those are risky asset classes. but emerging markets have outperformed mlps companies run better yields you can hold and not going out of busy like that. >> check out shares of salesforce after earnings. we tell what you the crow told jim cramer moments ago and microsoft tries to push apple from the top spot. which is the better buy? pete najarian has a tariff tree free stock he says is breaking out. his fast pitch coming up live fm rerohe in new york city in times square. much more "fast money" straight ahead. >> announcer: cryptoquote is sponsored by gray scale, a leader in digital currency investing. xfinity mobile is a new wireless network

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use less data with a network that automatically connects you to the most wifi hotspots in millions of places and the best 4g lte everywhere else. saving you hundreds of dollars a year. and ask how you get xfinity mobile included with your internet. plus, get $200 back when you when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. welcome back to "fast money. we have an earnings alert on salesforce the stock jumping after the earnings report. trieven by revenue growth in the sales and service business ceo mark benioff spoke to jim cranium. >> we see hitting our goal which is 22, $23 billion in revenue by fiscal year '22. to tighten that up we are giving fiscal year '20 guidancefare the

first time at $16 billion. we are excited salesforce is the fastest growing enterprise software company of all time incredible >> as of the market close, the stock was sitting in a bear market after getting hammered here but we see in the after hours up 7% pete where do you go. >> any went after this name. it makes sense when you look at valuations it's still extremely high going forward it's high. you got to love the presence of mark benioff i think he is one of the better ceos in the tech world i love that they raise as they look forward to 2019 this is the second quarter in a row they bumped up that. it's impressive what they are doing. but we get any pressure on the market and technology feels the pressure again, that name is one of the names they're coming after. i would be hesitant to jump in here at 136. and i love the name. >> the stock went, to your point, 160 to 120 in a blink of an eye and then people didn't care

about valuation. then you look at the quarter 28% year over year billings growth and operating margin close to 17%. the street was 14.5. they growing and yofg margin it's good. and in a benign environment you buy it but if you are scared about technology if you ask me to pick get long the stock here. >> what's proven in the last two to three month period in triple qs is is that company priced for growth when there is less growth, whatever the perception, regulation, competition catching up and even in salesforce case ahead of the competition you can't assume the multiple does well. like my friends i have to say be careful. >> there is so much conviviality >> i totally disagree. >> oh? >> they have great earnings growth which has been the case forever. we talked about the fact that we could get positive news. we got a market rally.

why wouldn't i buy something with mark benioff as the ceo the worst thing to do is go against him the last several year you had the selloff. sure the ralgs is high but if we get a market whip. >> more than a little high makes nvidia cheap. >> so is netflix and amazon. i fwroo he if we get the tech selloff this is the baby with the bath water but we are talking about the potential for short-term rally. >> you had it up 7% in the after hours. >> down from 160 you got room. >> for jim's full interview -- so much for that we should have polite them up the full interview of the ceo mark benioff tune in to at the top of the hour. here is what else is coming up on cnbc. >> when you play the game of thrones you win or you die. >> okay. calm down searcy pmt but apple and microsoft are neck and neck competing to be the most valuable company in america.

and a top technician says the answer is in one simple chart. he will explain. plus pete najarian is stepping up to the plate, and he has one stock he says is sheltered from the trade war woes he gafs us the tariff-free fast pitch when "fast money" returns right after this how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online.

it is big tech's battle for the throne as microsoft is inches away from stealing -- you guys are terrible -- from stealing the crown as the market's most valuable company dom chu is back in the newsroom to break it down. >> melissa it's about as heavy as heavyweight battles get the two biggest company battle attention for the marketplace supremacy. it's been apple for as many as remember but microsoft has won the last few rounds apple given the close worth $827

billion. microsoft given the fact that it had an up day is worth around $822billion. the crown for now still belongs to the iphone giant. but a few bucks here and there on stock price and we could swing the balance back towards microsoft. at each company's respective peak market value apple has the bragging rights having surpassed the $$1 trillion market mark and october 3rd it was $1.19 trillion that was the peak. >> microsoft hit a record high the same day is worth $892 billion at that point but apple's woes cost it a quarter of the market value since the highs while microsoft held up well, shedding only 8% of the value both companies are mature tech giants, trying to get investors to focus on faster growing parts of the business like say

services at apple the cloud business azure at microsoft. so else michigan lia which relative value trade will investors buy into that's the question. >> thanks, dom this is actually the perfect time to play a little, would you rather. >> would you rather. >> apple or microsoft? tim what do you say. >> at these levels apple this is a headway panel. there are periods joe frezier took on mohamed ali and won. vice versa we are down 45% apple to microsoft four years apple has been punished in way that's probably not deserving relative to what we thought of the company three months ago appleabsolutely. >> i couldn't decide where you would go on this, pete. >> it's impossible to answer i'll give you my first answer then try to figure it out. but i added apple last week. >> okay. >> i added a microsoft today i don't know where that puts me on this. i think both -- dom laid it out

perfectly by the way they have the areas of where the growth is -- you have services on the one side. you got cloud on the other side. what you want to focus on- we know there are legacy businesses that are slowing that's a fact. it's a matter of which you pick. i have to go with apple if i had to pick one. >> pick one pete that's the game. >> i know but i just added them both i reason say -- here is the. >> would you rather. >> what's the big are position. >> apple and the longest i have had of all the stock but i say this about apple interesting thing, these guys still have cash. they both have cash. apple has more. >> where do you go on the battle for the throne, guy. >> my kids were home for thanksgiving all weekend all weekend was a battle for the throne >> apple or microsoft. >> at these levels, apple. and something occurred to me last night going home in traffic. i said it's funny president trump went after boeing and

lockheed martin that was the bottom in both stocks. he went after pfizer in the spring that was the bottom of that stock i'm saying he is going after apple now with the tariff stuff. maybe he put in the bottom for aapl. >> why do you think about that in the car hide. >> are you thinking in the traffic on the way home that he marked the bottom for gm. >> that's a horse of a different color. >> okay that's. >> last night i said mel i'm concerned that this president, there are taped bombs coming from president trump i didn't think the next day. next day. >> our next guest says one of the two tech giants has the edge mark newton of newton advisers at the plasma to break it down. >> hi, there let's take a look. what is better technically one has fallen 20% the last few months other down 8%.

apple versus microsoft and now we are here a longer term area of trend line support. this is interesting at a time when you look at relative strength it's gotten oversold. also down to near 33 on weekly relative strength that's the lowest in apple since the early part of 2016 so the fact is we have a longer term upfriend and pullback down at a level which should offer support. looking at microsoft it's a completely different picture and how this bocas looks microsoft has been incredibly resilient. look at this stock and haven't broken down hardly at all compared to apple. apple is down 20% this is down 8% longer term perspective microsoft has a lot of appeal. down only $-10 from the all-time high en a monthly basis in the mid-70s. a lot depends on the to him frame.

short term in nature, apple to me is a better choice from a trading perspective. you can buy it at 174. today bad news on apple it could have gone down, up almost $3 from where it opened 171.5. closing over 174 as guy said earlier a lot of the bad news is priced in when it's gotten oversold. from a trading perspective apple could go from 174 to 200 or so that's a 50% move from where it's gone. and the downside is 160. microsoft on the other hand you need more signs of material deterioration. on a longer term basis microsoft has started to wain a bit. that's a concern over the last couple years the nasdaq is the last chart look at big cap tech in the last couple days we have this trend line from early november exceeded. what does that mean? well tech is obviously quite out of favor since the middle part of june. now you see small slow but sure evidence of tech trying to carve

its way back we saw that in health care in august saw it in financials in the last couple weeks now all of a sudden you see technology start to stabilize and trade better tech was actually one of three sectors positive in the last five days. for those that are down and tech on everybody turned against the stocks when they are trade war stocks sentiment has gotten negative many oversold. now you see signs of growing back for my nicol coming down to it microsoft is the where the long-term play right now until you see evidence of that turning down, from my -- but i would buy apple here thinking the stock could have a little bit better up side. >> in terms of the turn that you see in the nasdaq 100 mark does that necessarily mean you see a turn in the fangs? because a knock on the nasdaq was it was such narrow leadership lead going higher it was narrow leadership lead going lower? we have seen that turn around?

>> you are right there are charts looking at from a perspective of tech in general starting to gradually improve. many of in -- many people have thrown these in the same category for the right reasons many have been punished. apple more than others but apple and microsoft where the sentiment turned and they are oversold microsoft is in better shape obviously on a different category. >> all right mark, thank you. good to see you. mark newton of newton advisers at the plasma. >> battle of the throne back to that. >> yeah. >> yeah, i think if you want to consider the donnel the market break down and the stocks holding things up are an eventually hate it waiting to happen that's apple. i think there is overall pressure on the tech secretary are therefore, again, apple over microsoft. >> okay. still ahead, bitcoin's epic crash has investors running for cover but our own b.k. says it's

par for the cryptocourse he explains. plus trade uncertaintiys raise pete najarian has a stock that he says can weather the tantrum. we have the name when "fast money" returns

welcome back to "fast money. time for an instant replay back in september pete stepped up to the plate and pitched intel.

>>s in a company that still has growth, has great earnings, great revenue. and i think going forward any will outperform. by the way, when can you buy a stock off of its highs significantly off the highs that gives you a little bit of something in a market trading at all-time highs i think intel has plenty of room to the upside. >> i think pete's wearing the same tie. >> i like that tie and shirt combination but i look more tan. >> broader market is up a few days after the jitters and intel up 5% since the pitch what now what do you do. >> still love the name huge buyers in tld, emails in a company hanging around without a ceo in place at some point they make the right decision i think it comes from within when they do that i think that gives the stock a little more stability to the upside. >> with trade uncertainty looming pete says there is a stock he has that can weather any sort of tariff tantrum head over to the plasma and give us the best pitch. >> guys, you try and avoid the

tariff issues and figure out where to go. how about us bank out of minneapolis, minnesota that's where i'm going i did this a couple weeks ago. i bought in stock. and a lot of the reasons i bought it we cover here. the ceo, anderson serry has been at the company hawaiians since 1985 minnesota school of business, the carlson school of business mba, fantastic guy under richard davis. he was the c.o.o. under richard davis had who had been there a dozen years. they don't make a lot of mistakes, stay out of the news and seem to continue to be a strong company i like the fundamental stories the only big bank to win most ethical award, done it four consecutive years. very impressive. they are doing it right in terms of the c suite when you look at this from the fundamental perspective, 100% of the revenue comes from the united states. that's pretty great.

they bought back their own stock and they are not doing this as a sort of a employ they've been doing this forever. in the last five years they bought back 11% of the share count. pretty impressive. i love a company with growth they still have growth you look at revenue growth and in terms of all different aspects, the last quarter ned growth now long growth that's a little bit slow now but slow for everybody. we understand that people still trying to figure out their way around with interest rates and where they are. but this is a company that to me it's solid, strong, pays a nice dividend and a great sheet look at tier 1 these guys are as good as it gets a look at the chart right now, a upside but not a lot of danger owning this stock. i like this name. >> i got a quick question -- may i ask pedro a question. >> sure. >> i like the way you got the call nice pitch from minnesota. >> yes. >> trade is close to two times book value is valuation a concern. >> i understand what you are

saying and yes. that's why i don't know necessarily there is a monstrous upside and it's not a hide joud. but i like the fundamental story. we talk the banks and the multiple two times. is that high absolutely but i think they deserve it because of the fundamental story. and they don't have what wells fargo has and a lot of other banks. they don't make the mistakes publicly out there. >> let's vote. buying or selling on us bank corp., tim >> i'm sorry, pete this is high quality company but hold means sell i have to hold they outperformed the bks by almost a thousand points good for them but bad for now. >> you made a great pitch but the only time wind chill b.k. buys duty freed is airport the banks have not performed in the best snore but. >> i'm saying this is a big buffett named increased by 25%

125 million shares and, and, and if the banks do underperform us bank corp. is a company that will do better given the conservative bent. i'm with pedro there. >> you at home vote. go to the twitter handle@cnbc "fast money." >> and president trump's comments about the jerome paul let's get to john. >> president trump continues his pattern of blaming bad news on other people we have had the tusrbulence in the markets. and the layoffs by general motors and that angered the white house. and the president says i'm doing deal and i'm not accommodated by the fed. i have a gut and my gut tells me sometimes more than anybody's brain can tell me. i'm not even a a little bit happy with selection of jay powell not even a little bit. of course jay powell is the

federal reserve chairman who president trump put in the job he is somebody who signalled they intend to raise interest rates again. and more in 2019 the president says that that is creating economic consequences that hurt him. he is lashing out. >> john, thank you john harwood in washington, d.c. and of course this is renewing talk about the federal reserve ac and what powers the president may or may not have to actually remove a fed chairman. the language apparently in section 10 is they're after each member shall hold office for 14 years unless sooner removed by the president for cause. >> that's wlaus cause. >> we don't know that. but the president is saying he doesn't like the guy. >> he doesn't like the policy because it doesn't suit the economy. and if the fed is moving it means the economy is strong. it's common sense. if anything guy talked about this, doesn't this paint the fed into a corner. >> yes. >> doesn't it paint them into

having to defend the integrity of the institution. >> is that corner a hike in december plus a hawkish statement? or can the corner -- i mean, you know. >> something that shows. >> a hike plus a dovish statement. >> something that shows the fed is totally independent of externalities as it relates to forces and influence as opposed to economic data. >> let's say they were intending on releasing a dovish statement after the meeting. are they switching to a hawkish statement. >> i don't think so at all i don't think -- presidents have criticized the fed for years maybe this is harsher than typical or that we are used to but i don't think the federal reserve, i don't think jay powell, vice chairman clarida is the type of person that is changing their mind about the economy because the president is upset. >> see, it's interesting, then candidate trump was critical of the fed for keeping rates. >> yellen. >> too low and creating a bubble, creating a stock market bubble he was probably correct at the time

in my opinion you can't have it both ways. and again. >> what's your gut what's your gut? >> my gut is sometimes better than people's brains. >> depends on whose brain. >> quite a gut. >> this fed isn't making a mistake. they're cleaning up the mistakes of two prior fed chairs in my opinion. i think they are doing everything -- again, greatest economy in the history of the republic, not my word's, the president's. if we can't stand the rate hikes to get back to normalcy then we are in worse shape than. >> because clarida and bullard came out in front of this they can smooth sail to where they are going for 2019. >> which is. >> which is data dependent looking at things and not influenced by the white house. now, that being said, i still think they also stick with what they are doing because they don't want people thinking they are being manipulated. i'm more and more confident. >> if the president elevates about not liking jay powell and

not liking what the fed is doing and there is more talk of replacing jerome powell what would the market reaction be if the goal is to cope rates low. >> the emerging market would probably rip and it might not be bad for the stock market you look at other countries that went down that road where all of a sudden the central bank is let's call it compromised. the stock markets rip because the dollar or currency collapses. >> let's long at long-term rates this is the part of the market the fed can't control. 3.25 loolkts major resistance 3.05 is major support. if anything the market tells you that the economy is running into forces in terms of headwinds to growth and the economy is not a runaway train. and thereof maybe that's telling the fed something as well. >> good or bad for the stock market >> if powell. >> powell is removed but the promise is the next guy won't raise rates so fast.

>> it's interesting. knee jerk i think is higher. but then if people examine what's going on, if we have an administration that can ke whim of a stock market selloff can replace fed chairs that is problematic. that's longer term strerdly bearish. >> i go back to the example of gm not such a big deal if the president intervenes in a private company and says basically we are ripping away subsidies the federal government promised bus we don't like what you are doing with job here he is i don't like what's going on with fed rate hikes does it start a pattern. >> to guy's point -- to guy's point in terms of how it plays out i think you are right. the knee jerk it's a positive. but longer term that can't be did -- the president can sit there and dictate who is there and how they have to react under those circumstances why have a fed chair >> it's a tough analogy but central bank independence in

turkey is why the market went into you know what and the dynamics here -- brian said it well the fed endured a lot of pressure from a lot of past presidents i think the fed held ground and allowed to run as an institution. i expect that continues. i expect this president who likes to jaw bone and often it's effective and often gets what he wants. in my case, the fed continuing down the road they always go down. >> so far it's bark and no bite. until you have the bite you have to have the consumption. >> the bark is louder. >> the bark is louder but the market reaction is less. >> all right still ahead, they say the past predicts the future and that's what could be happening with the chart of by the waycoin. we will explain. we wiifou're on medicare, remember

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annual enrollment ends december 7th. to learn more about the only medicare advantage plans with the aarp name, call unitedhealthcare now or visit us online. we make it easy to enroll, too. so call or go online today. [sfx: mnemonic] welcome back as the cryptocollapse rages on some of the biggest investors have descended on new york city to talk all things blockchain and crypto. >> a number of big names at the consensus conference weighed on the cryptocollapse one says despite the pullback in cryptocurrencies they are here to say i think cryptocurrencies will exist and become more widespread but part of an ecosystem. they will not be dominant as a lot of the early adopters believed they will be. other market participants

recognize the sustained drop but didn't seem as concerned about it listen in. >> we price all kinds of things on our exchanges we set the world's price of oil. we set the price of interest rates. we set the world's price of various commodities. we are agnostic to price we see prices every day moving around. >> i think about the headlines today. will bitcoin -- will digital assets survive and i'd say the unequivocal answer is yes. >> s.e.c. chairman jay claman maintains it's not a the security but initial coin offering are however on the topic of the cryptoetfs he warns the risk is in the underlying asset. >> the risk in the etf is truly the risk in the risk in the value of the underlie asset. it's not a risk of theft or disappearance. >> bitcoin taking a break from

the downward move up 1% in the trade today. >> seema, thank you. seema modi from the stock exchange at new york. >> brian kelly. >> that's me. >> i said this to vinnie link on civic. the by the waycoin area spheres. tell us how you traded through the decline. >> through the decline we have had more cash in the fund than at any other time. almost 70% cash at this point in time that being said we are getting to a point where it feels more comfortable to get into this you know, i am a believer in this asset class i am a believer over the five, 10, 20-year period that this is a new asset class. but you know, in is subject to massive booms and busts, more than any other asset class out there. so it's important -- i can't stress this enough -- it's important to size this in your portfolio correctly and

appropriately. 1 to 5% to me sounds like the right number then you can ride out the bear markets which we have had several of. >> 70% right now of the the portfolio is in cash and not cryptocurrency. >> that can change rapidly i'm looking for a point to get eye. >> in terms of bitcoin they were talking about the bitcoin etf which sounds like it's not coming any time soon. institution. money, we heard from various people, they're not sure when that's here either so what is the catalyst you are looking for? >> that's interesting. we have a couple different catalysts coming up, the backed launch or the i.c.e. launch of futures, fidelity has the custody program coming up in january. so that may be something but we have -- we haven't really seen the catalyst yet. i can tell you we have seen actual institutional inflows and i think that over time again it might take a bit here, but we are starting to see interest in

this and seeing transactions increase here which if i say esaw transactions on the itcoin network fall i'd be worried. >> up next, facebook feeling the heat arrk zuckerberg skips out on a heing in the uk. investors are betting on more pain ahead & the staff needs to know, they will & they'll drop everything can you take a look at her vitals? & share the data with other specialists yeah, i'm looking at them now. & they'll drop everything hey. & take care of this baby yeah, that procedure seems right. & that one too. at&t provides edge to edge intelligence. it can do so much for your business, the list goes on and on. that's the power of &. & when your patient's tests come back...

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>> the activity in the options world for facebook was mixed today with bearish bets outpacing bullish. but the trade that caught my eye was the june 105 puts, somebody bought a thousand paid $3.22 for them that's a bet the weakness in facebook could continue and could be sharply lower in about six months time. and we have implied volatility hold up in this name there hasn't been a turn around in sentiment even though the market traded well, the options market didn't see a bounceback soon. >> thanks for that mike. for moreoponacon "tis ti," full show friday 5:30 p.m. eastern. up next, final trades. (indistinguishable >> announcer: "options action" is sponsored by think or swim, by td amer i trade really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches

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welcome back to f2 you know what pete listens to waiting in line at the bank. the celine dion. all by himself on this pitch 75% of fans voting no on us bank corp. >> laughing with you, pete. >> i had a bunch of negative guys coming at me on twitter yeah, i voted before the whole thing. come on guys >> what's the final trade. >> today is giving tuesday twin cities lawn foundation. keep and eye on us bank this is is going highe >> go, go first if pete picked apple i bet people own thapd that's my final trade. >> b.k.

>> playing for a trade war relief, xlis the industrials >> mentioned a retail j.w. nordstrom has the rack j.w. rack. >> that's it for us. in the meantime, "mad money" with jim cramer starts right now. my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a -- i promise to help you find it "mad money" starts now hey, i'm cramer. welcome to "mad money. my job is not just to entertain you, but to educate you. call me. how we going to know when this pain is over after a day when we opened down, sharply down, and had a sharp rally up