>> you beyond that this is still the best june for -- >> 1997 was close to this one? but yeah, 1955. that does it for us on "closing bell." >> "fast money" begins right now. thank you, guys, live from the nasdaq marketsite.

♪ i can't see me loving nobody but you ♪ >> meanwhile, gold and bonds are booming. can these assets continue to rally together >> i thought it was the loving spoonful. >> the turtles ding ding, nice job by tim welcome. we love it when you're here. i know it's a long day what's the question? now at 24 times forward earnings continuing to make all-time high s to answer your question, where can you still be we haven't said this in a vacuum something is happening in the

gold they gold mining stocks are breaking to the up side. >> i'm not even sure -- it's a great question there's a lot of things that should be flashing caution on the there. three year lows on they. what is a healthy market, is really the question. if you own coca-cola, peppist, mcdonald's, starbucks, these are defensive stocking probably going higher, and the valuation probably doesn't even matter.

>> staples hitsing new highs, bonds going up, bitcoin going up, stocks going up. what's the message in that >> it's really simple. now if you're just looking at the s&p 500, that made a new all-time high. if the fed is telling you they're getting lower rates, ten year of qe and all that stuff, it tells us no inflation, and the only thing that's inflationed is the s&p 500 in that we say with the s&p 500 topped out, around 1600, got cut in half both times 3,000, you take a 50% hit to that, you get right back to the support at 1600. i'm not saying that's going to happen, but it looks like on the charts. >> starts to scare people. >> a little bit. everyone is saying the economy

is agree, the only thing that's doing well is the s&p 500 and the stock market is not the economy. >> it look at the transports, but the economy and the global economy more importantly is look that great there are signs of weakening ism, pmis, those will likely turn lower, and here's the thing, take the playbook from japan. this is after they already tried. then they cut near to the lows, and the japanese market did not responsibility are you say that's what's going to happen? i think there's a chance that the fed cuts rates in july and the market goes down and how bad

is it? really the question is you're get concerns, and what's a happening, it's hard to argue, the consumer is going to resilient. for whatever you want to say about a rear--looking measure in gdp, the economy has been growing. it doesn't show that it's going to fall off the cliff. if the fed is getting out of your way, shouldn't the market be able to get in its own way here and continue what it's doing? >> that's the question, though >> if you look at some of these leading indicators, things are starting to it -- the only caveat, if we get some movement, and it would have to be -- some

kind of truce in this trade war, you can see the market hit new highs, but that's the one thing we're set up for right now >> you know, you that talk about what is happening well >> let's like at maga, that's microsoft apple, google and -- >> what was that >> did you see that blue hat microsoft is acting like a defensive name what did we see out of or aically. enter price spending is constituent pretty good. that's great, but here's the thing, back to the market. if the market's going to break out. you're going to need apple, google and amazon getting back

towards their prior highs. a to them to be that a torque to get the market to break out. >> you knee small caps in september of last year the iwm was 175, but guess what? the s&p 500 effectively at all-time highs, we're nowhere near the russell if the market were as strong as everybody wants to believe, but to answer your. >> i answered the first question, but then another question, which i'm answering now, what does it tell you with all these assets it says to me that the fell is looking at inflation in awful wrong places >> are you negative oust justify

i'm carb we're at the top of the trading range. they are signs out there i'm saying i'm cautious. i don't have a lot of equity exposure i think you can buy puts if you want to hold on to your stocks in this market, there are certainly times you just need to be cautious. >> did he answer the question? >> i said cautious about eight times. how about cautiously optimistic. >> i realize that people don't

like the quality, but they're some of the a greatest companies in the world, and these are companies when markets were at a low-growth standard, we're not doing -- coke had underperformed for years. when we were in 2014, 2015, and kind of going through this fed-induced environment, and people were wondering what happened, these great companies are chugging along on all cylinders. i think you have to tay the market that is with you and not get carried away and say everything is perfect. there's a lot of issues out there. >> it's far from perfect. >> i think it's closer to bad than perfect, but that's what makes markets. you know locked answer it more succinctly, a guy like a chris harvey, who might as well be the fourth imagining brother. >> do you want to answer >> no, welcome chris harvey,

wells fargo head of securities strategy is he great? >> he's outstanding. >> i feel more negative that positivity what about you >> what as low volatility don't since september? it's outperformed by 13%, 14%. what did it do in 2008 it's outperformed. >> what happens six months out from the summer of 2007. equity market was down 3%, the fed made an emergency cut, and barnes sterns was about to go belly up s&p up 25%, the fed perhaps cutting, and oh, by the way, the bank industry test, and bank balance sheets you quite, quite strong. >> we're not trying to equate. whether the banking system is stronger today than in '07, what does that have to do -- >> the point being that we're in

a better situation. >> a lot of people are saying recession, recession, recession. now does the market -- only because the banks are better capitalized? >> absolutely. yes, i assume it's rolling over. payrolls don't look great. all of that is telling us, b.s., is we have just peaked it doesn't mean things have terrible. >> and now we're having strategists cut their earnings estimates. so you have an s&p if you have $166, you have an s&p pushing almost 18 times. all crowding, or microsoft trading at 26 times, that's kinds of the problem we'll look back and say, that was kind of obvious. those stocks never should have been trading at those levels. >> if the ten-year is -- if they're going to be 120, 125

basis points, where should multiples be they should be relatively high 17, 18 times, not particularly high roll it back to the late 90s, with 25, 30 times. that's expensive here on a relative basis -- >> so if the fed cuts rates, what does the market do? b.k. says it goes down. >> i don't think it goes down. what happens with the g-20 what i think is trump wants things to go okay, but not great. he does want uncertainly that will cause the fed to cut if it cuts, i think it's better. the yield curve has gone up. what can you get the market higher is in the financials start to who if the fed cuts, trump can start say maybe possibly we have a detente, and by the way i'm going into an election cycle

i can't have the global economy rolling over in that type of situation, so you can't have the sun, the moon and the stars start to align. >> the bar's low, don't you think? the meeting between trump and xi all they have to say is it's cordial, we're going to keep talking. i think you have to have move beyond, hey, we're talking again. i do know there's a lot priced into this, a lot of expectations, but at some point you'll have this, we had a nice cup of coffee and huge piece of cake, and the market goes down >> it seems to me the fresh kind of volley on trade, we had this case where the fed then went the extra yard so you have this case where really on the fed wants to is it become maybe upon, maybe not intended, but will do anything that goes on and right now the fed is your

friend there's nothing to change the fed's ways and means every time you have tried to fight this dynamic, the market has been painful >> why would it be any different this time? what's different is we had a crisis brewing, and then in 2007 and '08. we don't have one here, except for the fact it's self-induced we can get through -- >> i didn't thanks him yet he's still here. >> when you hear an equities strategist talk about how the president is trying to thread a needle into an election year, that makes me a little nervous when you have all this negative yielden rates globally, you have the rates cycle starting from 2.25%, we are that far away from big, big mishaps that we don't have the ammo if we have a crisis. >> what's your last word for us?

>> um -- >> and then we're going to thank you and you won't be here. >> be careful. don't light your hair on fire, but there is upside opportunity. >> chris, thanks good stuff. as wall street awaits the big g-20, a handful of stocks are soaring. the traders will tell you which stocks to trade or fade into the event. crossing back above 11,000, how much hotter can this rally get a top analyst will be here to weigh in along with b.k., the bitcoin boss there's much more "fast money" right after this trip. thanks to you, we will. this is why voya helps reach today's goals... ...all while helping you to and through retirement. can you help with these? we're more of the plan, invest and protect kind of help... voya. helping you to and through retirement.

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in an exclusive interview, they talk about how the company plans to tackle tariffs. >> we'll so everybody we can to try to take costs out of the business, working with suppliers, opportunities in the supply chain, other limits, and then we'll try to protect the customer on the project. >> at 25%, there's no way. >> yeah, some of it has to pass through, but we'll try to

minimize that impact. >> >> xhb homebuilder is up almost 30%. >> home depot will probably trade on sensitive some can offset what's going on on the tariff front. i tell you, it's had a good run off the bottom that probably peaked when we peaked at around 325 i stay in the trade. reify cycles will only increase here every tick lower you'll see more people spending more money on the house they have, not the house they want. >> in the past it's been true, but the data doesn't support it. >> just the verbal equivalent to

that, guys. >> we had another set of tariffs coming up. so far a lot of companies have absorb the prices, these new tariffs will not be able to absorbed prices. they put out a future remodeling index. that is rolling over near lows of the last three years. all these things combined, i'm not sure if that happens again i'm inclined to favor b.k., we've stead does that fast bulls in this. they debt it, but go ack, scott, to january of 2018. the stock had a parabolic move to 210, then a falloff e guess where we just stopped out at so maybe if the broader market does roll over -- >> look at you it took you a few seconds. >> i think it's a better time to

take profits now than to lever up the trade i would probably buy it on a breaks we were just talking about expectations were low for this g-20 what's important is we already have $200 million, that are in limbo right now. so i believe those 200 billion will be in place for the balance of this year until we have a substantive trade deal look at how that's already weighing on u.s. corporate earnings, how strategists are thinking about it, they're already cutting their estimates for the back half. if this doesn't go well, i don't think it's priced in i think eel have companies in july we know that home depot and lowe's are on a different cycle. you'll see murky guidance to

watch the full interview, head to cnbc.com. you're watching "fast money. here's what else is coming up. >> i won't believe this. we have to go back to 1955. >> i don't believe it. >> that's right. the s&p is having its best june in more than 60 years. plus -- bit counsel is going full moon. one top strategist says the sky is the limit he will he beerto weigh in. much more facebook facebook right after the break. air. when-- when you hear those words that you get diagnosed with cancer. (osamah) successfully treating it still remains one of the most enormous challenges facing us today. we realized that, if we developed the technology that could take 2-dimensional patient imaging and convert it into 3-dimensional

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breaking down some of this, and famously said two months ago the market was one tweet away, and also one tweet away from a 10% correction he was right on both counts. like at what happened in may we were down 8% on trade worries, and now we're up about 8% in june since the bottom on euphoria over central banks, and tariff talks with china. you can see this with the best performers if you look at industrials and metal names, consumer names, u.s. steel, whirlpool and tech trade-related names. everyone else also had a big really

union. wynn also up 14% 75% of their revenues come from macaw in china, but we need a little more participation from some other groups. the transports, for example, the railroads like union pacific, southern, as some of the big health care names, basically flat back to you, scott. >> bob, thanks so given all these moves, we thought it was the perfect time to play our favorite game, trade it or fade it. >> love this game. >> guy >> trade it or fate it -- isn't that you normally do, with the animation? >> there's usually a graphic white house, i would never do that again >> you have graphic envy

>> we should make a bumper sticker. implts i'm going to -- if you ever say anything bad -- it's on the website, the cnbc website. apple wrote a her to mr. look highser. >>. >> i would say face it here. >> they are the poster child for trade war. >> sure, because you've got this environment where all the trade war dinattics have -- but apple is a stock, if this is an environment where coax, pepsi,

mcdonald's, all these games can go higher, apple with a blended multiple on the services side, that no one really knows what to do with this, this is a safe bet. >> they know what to do with it. they sold it down when services was a big part of the story. the bigger problem is not this concern about what they can do or not do with the capital market it's the fact that iphone is not growing anymore. that's two thirds of their sales. >> we've known that for a year and a half but if you have the underlying aspect, the hardware not growing, that will impact it overall. it's a company where people know what's going on. we know there's a blended

multiple be at 35 times on services and you could have a company with a capital markets dynamic, what were share but this stock when all this other stuff would be changing overhead if you think that china is priced in. and i do >> i think the rally this moon is china -- positivity about china being priced in. that's my concern, so i'm going to fade it so i will double fade it i'm with dan. >> what a surprise i can probably guess the rest of this based -- i can probably tell you exactly what it's going to be. >> we'll see we'll see. >> timmy, you're up. u.s. steel >> i'm going to trade it again, this is a company with a lot of pressure for trade war dynamic, for hot rolled prices, flat rolled prices what do you think is in the

price. the biggest think for this company is the balance sheet if they can show some moderation, i think the stock can do fine in an environment. everybody knows manufacturing is not in a great place the stock knows that. >> so he thinking he knows what i'm going to say, but i'ming going to say trade it. run the graphic. inflation is coming kee ining ki after 12.5, $13 ritz trading like it will be out of business. they -- it's.

>> so this is the sort of thing that's -- >> that's idiotic, it does nothing for steel companies. next up. >> just a bit, but i'm going to stick with it and fade it. it's not that i don't like deere, but look at the run this thing has had. it's been like ra scalded dog taking off here. >> whoa. >> that's not something that b.k. wants to buy. he wants to sell it there. so you fade it. >> you know in january of 2018, where john deere stock was trading? you can say it was probably broadband 170, and where is it now? probably about 170 valuation is not the concern. >> it's a concern here, but you

have a major double top, i'm with b.k fade it. >> it's tough being one bull. >> my back is breaking from the burden i'm carrying for the rest of america, but here's the problem. my john deere lawn tractor broke down my lawn is now two weeks without getting cut, the neighbors are complaining. what can i tell you? i'm fading. >> danny, win. >> i think you trade this one, and let me tell you why. this stock last year, come in what was when there was concern, it was trading he almost $150, it went back down to 100 i think they're finding a flow here bob pisani already told us about

two thirds of their sales come from macau i think equities have acted okay, and i think this is a way that u.s. investors may try to play some sort of reflates trade in china. >> yeah, he said trade it. >> i say fade. >> i meant to hug it out. >> we usually wait to the break. >> ialready said i was trading >> we'll hug it out. >> please. all day tomorrow on cnbc don't miss the special report "made in vietnam." he's profiling that manufacturing boom it all starts at 6:00 a.m. eastern time fedex tumbling today, now down nearly 40% from the september high one trader is betting the stock

will continue to break down on earnings this week we've got the details. going crazy for clippo after facebook unveiled its libra last week we have an explanation when we return

i'm not bullish on fedex at all. any strength has been a sell, and i don't see any reason why it will change tomorrow. >> look at some of the things outside of fedex

the rails don't like good. all of those look horrible again, if we were in a great cyclical economy, those things should be screaming. they ain't. >> but we're not in a recession. >> i didn't say that. >> it sounds like you are. >> we're at all-time highs it can go down 10% without having a recession. >> the bears are talking about makes sense in terms of probably the truckload spot rates, if you look at export coal items, they're down about 26% year over year, so the number for shipping and freight don't look pretty. i think the alliance are pries for a recessionary imply i feel comfortable with the airlines i feel comfortable owning fedex. dan has pointed out, at a trough

multiwall means zero. >> nice. >> i like oa i watch at 5:30. he pointed out ten times, yeah, it's a trough multiple, but this is a stock that goes well through that i feel very comfortable with fred smith, and this is a stock i hold long term options trader are betting on ute down turn going to go to the plasma? >> they report like i said, after the bell the markets isablying imply a 5% move the guy's point, it's a sale on rally, but it does find buyer because of that fine management and the cheap valuation. with a stock about 161, they were buying the june 2nd, this

friday expiration, put peretz paying about $3, looking for a move that would be in line with that timed movement. this is that one-year chart, the december low, last month, it kind of bottomed out, and now it's turning lower as we head into earnings tomorrow night, and then here's the ten-year these really interesting here. this stock had this huge ramp from the 2009 financial crisis lows here, and it's down 40% or so in the last year. it's light at that trend line. i could say 150 is a very, very important level. i think expectations are very low, so this company does not have to put up a big number. >> good stuff, danny for more options action, check out the full show every

friday at 5:30 bitcoin is surging to the highest level since 2017, but mitch steve says wall street is getting one thing wrong with the crisp ocraze we'll tell you more after the break. ♪♪ ♪♪ ♪♪

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welcome back to "fast money. we have a bitcoin alert, the crypto ripping through 11,000 for the first time since 2017, there it is, 10,916.75 it's been on a wild ride, nearly up 200% as investors jump back in you're starting toes real buyers come in, and actually even in the 4,000s what you are seeing is we have a supply cut that's coming in 2020 you generally see a rally one year before and one year after right on cue, he comes the rally. we are now up almost 200% for the year remember, this is a extremely

risky asset class, even in 2017 when tiffs up 1,000%, so, you know recognize you're buying at the highs. >> you said the magic words. it's a risky asset class i've heard some people say that bitcoin is a safe haven. how can it be both >> the investment thesis is it will be digital gold, at people need to buy into it, that would be the investment case its not a, quote will unquote safe haven. >> it's the most volatile asset class out there. you have to exercise caution with it, but there is an investment thesis this could disrupt gold, and if it does you're talking about prices that exceed the last bull market. >> thank you for doing that. the cryptocraze has been fueled in part by the facebook unveil of libra, but the our guest

guest, mitch steve, an annual at rbc. good to have you on. >> thanks for having me. >> what are we getting wrong >> we have to start defining what a cryptocurrency is people believe it can be central i'ded and decentralized. i think that's correct one is a centralized occurrence, and one is decentralized like a bit counsel. there's really three key items with a centralized cryptocurrency sit, they can shut down your transaction facebook facebook could easily just stop your transaction if i wanted to send you $5 at the bitcoin, there's nothing can you do to go on to the libra system, you have tore approved

the bitcoin system, you don't have to do anything. in india, you cannot get any libra, but if you're india, and i want to send you money with bitcoin, i can today it doesn't matter where i am the consensus protocol, this is a little more complicated, but it uses what they call bidden te -- byzantine fault tolerance. in bitcoin, if you want to download the code, can you do it yourself if one you're trusts facebook and everyone they charged $10 million to be part of the protoc protocol, with each transaction. >> let me ask you this question. how many bitcoin dollars do you think the libra announcement was worth? if they didn't announce it at all, where would bitcoin be trading today? >> i'm not sure if they're really related to be honest?

>> really? >> the problem is -- the one thing that is related is it's making people read before i would get a lot of questions like you can separate blockchain and upoccurrence. the actual investor is -- now they understand you can't separate blockchain and cryptocurrency now, after the libra announcement, if you're wait a minute, and a decentralize the cryptocurrency sit that's what i think is happening i think that it's helping education the difference >> sure, i get it. i didn't mean maybe so literally, but you get my point. i wonder if bitcoin would have had the crazy weekend it does. >> i have a question you have in the past talked about this asset class by a $10 trillion asset class get me there is that all bitcoin?

or are we talking about multiple different assets that are going to emerge? >> to me there's two different asset classes. there's a store value/immediate union exchange, which would be a bitcoin on z-cash effectively lite coin, then the decentralized application, which would be ethereum, es on and more so look at gold, it's about 7, 8 trillion, that gets you to 10, right, over 15 years the second is significantly more complicated. essential you're looking at a decentralized internet essential all the privacy goes to the user. what that means, in the future when you are using the internet, you will be paid to see ads. you will no longer be forced to give out your financial information, you'll be allowed to choose to see who sees your financial environment vgts when

that one scales out, i think that will be significantly more, but i think people are still trying to understand the store value side as you already know, that's the digital gold argument that people make. >> mitch, we appreciate it thanks what do you think about that take >> license, he's 1% right. it's not a cryptocurrency. to your point, though, we were when that announcement came out, i sigh miners who are selling, i'm not selling for a bit. he. >> interesting. >> it seems, though, that if nothing else, they reignited a fire, it certainly ignited a fire, so everyone thatset it was left for dead, first they said to spec lake.

coming up, amazon threatening to take down one of the best performing stocks in a decade we are live athe t nasdaq, and much more "fast money" is still ahead. the flexible class schedules allowed me to go to work full time, run my catering business and be a mom and parent. when i reached this accomplishment, it was like, it's here, it's happening, it's now. we at southern new hampshire university are the ones who succeed. we are the ones who break through.

we're back time for a little "buzzkill. it was an ugly day for ella, after amazon announced the opening of its own beauty show beauty stocks dazzling with coty you want, elf, ultimata also up, but is amazon's break into beauty a bad thing >> in the short term, yes, remember they said we would go into home depot's lane, i think the same thing is going to happen here. ulta is 350 now, the move has been fantastic it's not expensive at 23 times forward earns, but when amazon is onned radar science, i think you take profits

it's the big box retailers of cosmetics and then glossier on the other side, which is the direct-to-consumers cool factor here this is not a good thing for ulta. >> but amazon has been in their lane from the beginning of time. i think the brands themselves are in a good place. such a high margin, but estay lauder and l'oreal i think are places yous stay ulta has traded like one of those restaurant stock like they keep opening stores and they guess earnings growth? you do not want to compete against amazon i'm a fader. are we still playing that game >> see, we tied it today, fader and hater. up next, final trades.

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let's go around the horn, final trades, timmy, you're up

first. >> a lot of good chat about transports, everything around that space i think fedex, and as dan pointed out, there's a lot 6 bad news in the stock. i think this is a company that a margin on on valuation i think you can own it here. >> we talked a lot about warning signs, one of which is being gold, we are seeing some people buy the bitcoin because they think there's a occurrencely war. you're going to get abm & a boom jdx, is the way you play it >> cramer said it friday morning on the area. procter & gamble is not the sort of stock when -- i think you sell the staples >> i like when dan paying fee attention. you do enjoy this. you have fun i know you're tired, but then you ramp it up

this is fun, high energy terry duffy watching your show. >> big fan >> and 19% up year over year atoe being with all of you th ds it 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, and i patrol mromisep 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 want to make you money. i want to educate and train you. tweet me at jim cramer you want to know the most useless thing you can do in this business i