omfr apple will be the first client he tells the ft i will not be an apple employee but sir jony saying i will be very involved i hope for many years to come. guys >> josh, thanks for that i'm sure more color to come in the hour ahead we are out of time here. that's it for "closing bell. "fast money" will pick it up right now. breaking news continuing now. after hours apple announcing its design chief, its chief design officer jony ive is leaving that company and stock falling 1% after hours. dannathan, we can kick this around somebody who is a household names. >> steve jobs passing in 2011. i think the announcement around

that era would have been impactful. he was the guy who put their ideas into steve jobs pushing him through to make them products now at a point their products are less revolutionary and more evolutionary i know a service-driven model less about every year some really slickly designed new hardware device. five years ago the stock would have been down 5% on this news i think you'll see a sort of muted reaction. >> you're seeing it down only around is% which i guess is surprising >> what i'm concerned about apple they would be some trade war dynamic but a competitor around 600,000 does that a iphone could do. the other part of this would be app store and do people need to

go to the app store and talking about that services revenue to what extent are there alternatives out there if anything apple has been on a regulatory pressure for that very dynamic those are the things that have me the most worried. dan pointed out no evolution under jony ive the last number of years and evolution people are talking about is the issue app. the stock's reaction in the after hours is appropriate. >> it's a perception problem not a production problem the stock is up 26% year-to-date the numbers we talk about service is 40 billion now. just under this is really switching the game yes, if the app store becomes in play and that becomes a problem of competition i don't think it will be and i don't think that is going to happen then a worrisome for apple. i think services are strong enough you could still buy the stock. >> the design of the iphone and other products now is the

design that has jony ive's finger prin prints all over it. >> maybe make an incremental change but you probably don't need jony ives to do that or his independent design firm can do it this is probably the final signal to say that apple is transitioning and they are betting the future of the company on services and not on hardware they have been growing the services but i think this kind of is the flag out there that says apple askis a service compy now. >> let's not act there is not a relationship between jony ive and company. he gave an exclusive interview saying paapple will be a cliento his and not jony has nothing to do with apple products in the

future. >> i think jony has not been taking center stage a lot of these product announcements. they bring up a lot of other product heads. he actually narrates the one-minute video the last two years so i suspect something-the-something in the works for years now. to your point this iphone is 12 years old or something like that basically the form factor has been fairly consistent the last few years. we know samsung tried to do this foldable thing there has to be some bold strokes in the high-end smartphone we know placement cycles are elongated so have to be new designs to come out. you said one of your biggest worries on the hardware front there is a much lower priced phone that does the same stuff in the areas they want to grow in china and india there are much more lower priced phones made by locals that sort of thing and in this trade war environment we are in there is

going to be fervor about the products you buy so this is a huge risk. i said if they come out with slick cool sort of hardware device in emerging market would have been great but never able to do it. >> talk about the stock bigger picture. 200 bucks and north of that 20 is high is 23 what gets it back to that level if not beyond? >> it's great to talk about this very point round one of trade war traded like a trade war stock i realize much of the market has decoupled. i think tim cook deserves a lot of credit. i think the stock, first of all, in this environment where we are looking for somewhat defensive but also names that can be consistent and have a back stop

under their bid this is that we all just said if they are moving to a services company we all can rattle off services companies that traded stratosphere i'm not saying apple deserves that. >> it's tough to get it but once you get if, if you get it they have a rise. then it was trade war. >> sub 150. >> right exactly. then it was trade war concerns when you really look at the stock as a whole what can they do to get above it if trade war concern start to ease a little bit sideways. >> we get 17% of their revenues out of china. >> we already saw the print they are trying to lower their dependents on china. it's already happening forthem i think those are positive headlines and until this headline hit you had momentum

above 200 and momentum trying to push back to that. >> speaking of the headlines let's go back maybe you can't

fault him to spread his wings and put his elbow out and have more personal identity going forward. >> we have talked about the fact the apple phone has not changed so what more for him to do at this company maybe something in driving maybe he designed a car for them maybe a bigger project he works on but for apple the company, this is a big kind of symbolic move but we are talking a bit about where are the risks now with apple? to me the big risk here is they can't grow the services off of the install face because if you're not going to have a new shiny phone everybody wants to buy and draw new people you better make sure that install

base really wants those services. >> you know what is funny? real quick when you look back on the chart when apple started with those installment payments, you follow the chart it was straight up from there i agree when you look at the phone that is a thousand bucks, 80 800 bucks. we pay it in installment you trade it in and think of likea car lease now on the phone. those bigger priced phones aren't as big now in the emerging products. >> once you start doing that and thinking about what is apple prime look like, right you're leasing the hardware and leasing other services you know they have made a huge splash in gamingor announced t do so in entertainment just because a huge part of it >> you have to wait longer to

upgrade. if i know it's costing me an extra three or four bucks a month i'm to upgrade sooner. >> look at the operating margin i think the market has gotten use tothis trend on apple and think it's living with it. maybe a bad example but think about what people are willing to do to disney in terms of the -- what it lived to until it got into a business it started to compete and netflix. disney is absurdlyexpensive or netflix is standard it could be trading closer to. back to blended multiple on apple. who is to say this company shouldn't be trading 25 times? if so especially when they give you back % a year and earnings buy-back process? i don't run out the door on this news i think we are all saying that. >> last comment on this wondering if 1% decline in the immediate aftermath of this announcement is commensurate >> it sounds like a big deal i suspect you'll see jony ive on

the board in the next year i think something to keep him in the phone. you will not see him designing consumer electronics or any of their competitors. he is an artist and may design stuff never in apple's purview and might be a nice arrangement for him going forward. >> breaking news story throughoutthe evening and we will follow it once the market reopens. our thanks to josh lipton for helping us deliver that news more breaking news this time on the banks leslie picker is back at the headquarters with all of those details. >> jpmorgan stanley and wells fargo getting boosts in the stress test results. announced withinthe last 30 minutes or so. jpmorgan hiking its difficulty by 13% and returning 29.4 billion to shareholders who with

buy-back and wells fargo raising 13% and 23.1 billion dollar buy back and morgan stanley hiking 17% and returning 6 billion dollars through a buy back deutsche bank shares gained after hours trading after passing the fed's stress test along with 1 is other firms tested banks able to move forward with returning capital their investors but credit suisse was flagged. it will be required to maintain pay outs from last year's levels until it addresses the fed and identified weaknesses by october 27th fed gave credit suisse what is known as a conditional nonobjection to its capital plan essentially a middle ground between pass and fail and no firm's plan was rejected on quantitative grounds. the fed described as having, quote, identified weaknesses in the assumptions used by the firm to project stress trading losses that raise concerns about the firm's capital adequacy and capital planning process jpmorgan and capital one adjusted their plans compared to their earlier submissions

meaning they requested distributions that put them below the required minimum and then they had to tweak them. this is the second time all of the banks objected to the stress test have pa issed first one being two years in 2017. >> thank you. financials had a good day today and i wonder if in anticipation to a rosy stress test. >> i think highly unlikely the banks would fail we kind of knew that you're making a bet earlier today who would raise their dividend and who was going to return capital i think the market got it mostly right. look at jpmorgan and morgan stanley probably the two came out the best for them easement look at wells there unchanged. you see other big banks and wells has its own issues obviously. >> look at bank of america up

14% year-to-date and goldman up 19% and citibank up year-to-date everyone looks at jpmorgan as the one that leads the financials i'd look to a citi orman in the virnted we are in. >> you have to see how aggressive jpmorgan was. these are guys want to give as much back in terms of capital as they can and they know its balance sheet as well as anyone and has the ability to what do we say is in the things are trading cheap? the fact thee guys are loofg to be aggressive apple return to investors we are now probably two and a half years in this regime after almost a decade where banks couldn't do anything as an investor i like that. >> rates are where they are. there is no real belief that rates are rise what happens with the banks in the future >> i think it's interesting to segregate the money center banks and investment banks when i look at them, they should be it's a party over this the ipo scenario and a lot of the

banking environment we are seeing mna is crushing. goldman is take% off 2018 highs which was their post prices high and doesn't add up with the things we are seeing in the capital markets. to me that is kind of curious. we look at where interest rates are and the yield curve and think about the margin citi is off 15% and i've been saying this for 18 months since the january -- they have been good trading vehicles when you buy them down but i don't see them getting back to the highs any time soon. >> coming up, stocks hovering at record highs and at a tipping point ahead of the trade talks this weekend but one of wall street's biggest say they can't compete in this market

oh, wow. you two are going to have such a great trip. yeah, have fun! thanks to you, we will. aw, stop. this is why voya helps reach today's goals... ...all while helping you to and through retirement. um, you guys are just going for a week, right? yeah! that's right. can you help with these? oh... um, we're more of the plan, invest and protect kind of help... sorry, little paws, so. but have fun! send a postcard! voya. helping you to and through retirement. your but as you get older,hing. it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish.

in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life.

mno kidding.rd. but moving your internet and tv? that's easy. easy?! easy? easy. because now xfinity lets you transfer your service online in just about a minute with a few simple steps. really? really. that was easy. yup. plus, with two-hour appointment windows, it's all on your schedule. awesome. now all you have to do is move...that thing. [ sigh ] introducing an easier way to move with xfinity. it's just another way we're working to make your life simple, easy, awesome. go to xfinity.com/moving to get started.

r welcome back market at a tipping point. wall street trying to guess what will happen next as stocks hover near record highs for the third time in a year our next guest, though, says a deal won't save the markets. let's bring in one of the biggest bears on wall street mike wilson chief strategist the at morgan stanley. do you like being described like that are you one of the biggest bears? >> i'm more skeptical out there. we have been talking over a month the fed and trade and can this get us through 3,000 final? it's not december so that will help a business cycle is flowing and fundamentally our call is more right than i hoped this year inventories are bloated. things are slowing teryl and you can't blame it all on trade.

>> let's say we get a trade deal right? this looks similar to the meeting in november in argentina g-20 also end of the month. a trade truce. everybody back on monday big pop. 1.5% and december was december i don't think it will be that bad but think if you're a procurement manager and trade deal and a deal i don't have to worry and burn that inventory down faster and kind of what happened in december >> what if you get no additional tariffs for the time being another six months and the fed raises a hike -- sorry, cuts rates in july. >> i think a positive. why the markets trading at 2950 again and pricing that in. i think the big debate is around the fed. if the fed is more important than trade here is why. fountain fed is cutting for insurance reasons, taking on insurance policy, this is positive if the fed is cutting because it's ended a cycle and we are

about to have three, four, five, six cuts the course of the next year which is bond market is kind of saying. >> maybe that will happen this week. >> think about this. if you're the fed chair and you're trying to get sentiment back up and confidence up each if you felt like things were getting worse you're not going to say that. you'll say we are doing to stave or concern about trade and stave off concerns we are seeing in the corporate sentiment numbers. right? you won't say we are worried about a recession. >> would you agree it feels more preemptive than reactive or however you would characterize if they thought something was terrible >> no. i think this is reactive it's appropriate i think the data has been really, really bad you go through the numbers we talked about the last time we were here. isms are weak and leading indicators suggesting they will get weaker and consumer confidence this week was poor. >> it was bad.

>> retail earnings have been quite soft gasoline oil prices coming in significantly which is signal of demand being weaker. small cap stocks underperforming and banks underperform ening and domestically oriented businesses i think this is reactive and i think it's appropriate they are reacting that is why we have a 50 bases point cut forecasted for july and not 25. >> why do you think it's on the bubble all of the things you just went down that litany of reasons why you should be cutting. let me give you the setup. obviously, you named the trade war and if that eases and then you have two or three cuts in his back pocket. he is lingering out so that i have that ammo once he kets cuts he thinks people will sell with both hands? >> the signal is powerful.

they want to use those tools in a sequential manual. they didn't end qt prematurely another tool they could pull out. i think the fed is going to be aggressive and aggressive for reasons that are not necessarily bullish. they could win when the fed begins a new rate cutting cycle it's not normally a positive stock for events over the next four months. >> you talked about the preemptive fed for the market as opposed to reactive. you get to a place where the fed -- last five years data dependent and wait for the data. it gets to a place i get the sense, i can't tell if you think the market is ahead of the fed or not can you clarify that to me whether it's 2% gdp i realize is probably what we have in the second quarter, i don't see where the fed should be

going a hundred bases points >> i think the bond market is ahead of where the fed is today in action. but not at their word with i think the fed has been aggressive with their -- i think they are telling you they had give you a lot the course of the next year. look this is the ying and yang that happens at this point in the cycle. the reason they didn't cut rates last week. we have three big numbers. job mums on thursday and friday and a holiday week they want to see that data and i think that is appropriate. also a big meeting this weekend and if there is a deal there could be maybe bigger deal than we expect maybe they don't have to go as aggressively. they want to keep the bullets in their pocket. >> explain to me sector fix you have of staples and financials and utilities. how does that work where do financials play into that is curious to me.

>> we have had the defensive rotation on for the last year and worked really well that has been a bond proxy call. i get that the financials -- the fed start cutting aggressively which we think they are the curve will steepen again quickly. typically, once you enter that faye it's good for the financials insurance has worked really well banks are early cycle. kind after hedge position. you can't be bully defensive in your positions we have this here and then there group over here. >> last question who wants it >> i view what is going on with the interest rates i've never seen anything like this % and s&p looks like it's breaking out of 18-month trading range. i guess the question, mike, you just mentioned rate cut cycles is not usually good for stocks who is buying stocks for

breakout here when they are telling us growth is slowing and they are going lower >> the s&p 500 is the most defensive stock market is in the world. global stock markets had a rough time the last 18 months. anybody owning stocks is owning s&p 500. even the nasdaq made a high last week cyclical stocks are underperforming. if you listen to what the market has been saying it's not so far away from bonds as people might think. it's been trading very defensively and we think we are going to stay in that consolidation and our call for 18 months and think we get rejected in 3,000 and pop over quickly on monday. we will see what happens. >> good stuff as always. i think he is saying no party in the back for more on the markets, go to cnbc.com here is what is coming up on "fast money. ♪ >> the race is on for tesla.

as its electric and autonomous rifles pop up the competition. we will tell you why the company's demand problem could be about to get even worse plus it's a bit coin ballots two wall street heavyweights sounding off today on just how big of a deal facebook's new liberty r libra coin really is much more "fast money" after this

we are hearing about greater competition for tesla and today was a good reminder of that. look at volkswagen announcing it

is starting a ride sharing program in germany it's just beginning and early on but combine that with other news porsche all electric coming up the end of this year and increasing hearing from analysts who are skeptical that tesla's growth will be able to continue as it has been in the past credit suisse out with initiating coverage today and what the analysts had to say about tesla. underperformed rating and $189 price targ aet and niche automaker. then the google self-driving car project and they have started their service with lyft out in parts of the metropolitan phoenix area ten cars that will be on the lyft platform. if you go for a lyft and you're in the area, you might get a waymo autonomous vehicles. the drivers seem to like what they are experiencing to far in

the waymo van. >> i think there is a curiosity that is pervasive in our community and i'm quite sure the world would feel the same at some point. >> put it together and you have people saying does tesla face more competition for the second half of this year? we will be getting q2 deliveries between monday and wednesday of next week. that is the expectation. those are the numbers that will really move this stock next week >> no doubt and we will hear from you then for sure, if not before phil, thanks so much. >> you bet. for mere, let's brimore, le in our guest what should we be thinking about with tesla >> i think chl there is too much focus on the delivery figures, right? we look at tesla and see if it's a long-term play, we have a five-year horizon on all of our investments and it's really an autonomous electric vehicle company. when we talk about competition, we think tesla is at least three years ahead on both autonomous

and electric and it's really just a good thing other players are coming into the market it validates the space. >> you got a 4,000 dollar price target on the stock? >> we think it will go north of 4,000. >> how can you say don't pay attention to arguably the most important thing that tesla does and that is make and deliver vehicles >> that the is most important thing that tesla does. one, the 4,000 price target is really looking at the autonomous vehicle business combined with the electric business. but in general i think what people missouri people are missing the electric vehicle market we think there could be 26 million evs sold in the next five years and up from 1.4 million today and out of 86 million, right it's off of the penitentiary trags rat - penetration rates are low and we think it could be big. we think tesla remain a position in the market but they have the

most performing and most performing evs on the market and we see the numbers showing us that from the nonpremium segment. >> do you think tasha, the company's technology has been ahead of the competition for a long time? when you look at the operation dynamics and balance sheet of the company, do you think they can make it five years honestly that is what the market is challenging right now there has been a semirestructuring going on you see elon musk talking about they are cutting back this or that and not cut back for growth company. >> so tesla earlier this year in our valuation model we are factoring in $10 to $20 billion. we would be happy with that because it means they get more cars on the road which is what we want ultimately we want them to get at scale when they launch atutonomous. >> is it because the valuation is not where they want it right

no you it seems like they need that money. >> they did the raise this year so probably good for the near term certainly for the cash requirements that they have ahead of them for 2019 but, yeah. i think, you know, in the future, they could be waiting for a good buy point but i think the greater picture is, you know, we would be okay with them raising that capital and the equity market because we think this is a large opportunity. we think that autonomous driving should be valid at 2 trillion dollars today in the equity market and it's voirirtually unaccounted for. >> their program has been controversial, right you're trying to get ev to a certain production level and gives them the ability to move forward on autonomy but how do you see it because, you know, it seems like the headlines on autonomy right now are not good and it might really hold investors back a little bit. >> yeah. so there's this idea that autonomy is scary, right and i'm not going to say one bad headline couldn't, you know, push back the industry, say, six

months but we think ultimately, i mean, we are already seeing signs that cars with autopilot are safer than cars without it an independent study has been done by ntsb what will cause the adoption of these is really price. we think that the at scale the price of an autonomous taxi could be 22 cents we are mile to the consumer that is down from $2.50 per mile today. that dramatic reduction will make people adopt this service. >> tasha, we appreciate it. >> do you own it >> not any more but i go traditional on this and i go back to ford ford is up 33% year-to-date and tesla down 3 % year-to-date and gm is up 14% year-to-date all margins are up in both car companies ford and gm. ford was unnecessarily beaten up

on mexico tariff concerns. now you see it popping back. i stay with ford maybe ford and gm look constructive. >> the crux of the argument for tesla or the crux of the problem is when you got. is this just a car company and can they execute on that and that is what the markets concerned about now. or is there a bigger picture here a new kind of disruption going on if you think there is a disruption going on, which i actually think this is there is clearly in the automotive business. you want to own the disrupters you have to have a long-term time frame because tim will tell you they may run out of money. >> disrupter is only a disrupter if it can deliver the disruption if there is questions about whether they can actually deliver their vehicles. >> they are delivering their vehicles but the question are they delivering it on the same time schedule that wall street wants? the second part of that is can they survive long enough for the market to grow and that to me is the real question about tesla

right now. >> i think there is a trillion questions and otherwise the technology is there, but five years from now may be a long time i'd like to see what they do tomorrow. >> let's get a check on nike it's making a big reversal after hours. you see it there it was down as much as 4%. a conference call is under way it missed on its eps and we will get much more into nike when we come back. plus bit coin having a bizarre week bizarre couple of days and breaking out nearly 1400,0 and crashing fast and what is behind all of that wild trading our gang will weigh in on that when we come back. no. that's motorcycle insurance. slime everywhere? ughhh nooo, there's no insurance for that. do they help when i have bills health insurance doesn't cover? yeah! that's it! aflac! gross guys. get help with expenses health insurance doesn't cover.

get to know us at aflac.com man: stand up if you are a first generation college student. stand up if you're a mother. if you are actively deployed, a veteran, or you're in a military family, please stand. the world in which we live equally distributes talent. but it doesn't equally distribute opportunity, and paths are not always the same. i'm so proud of you, dad! man: i will tell you this, southern new hampshire university can change the whole trajectory of your life.

welcome back rally that never came to be. kind of did but it crashed $3,000 in 24 hours after a surge seemingly fueled by facebook's libra coin and facebook head said this morning that libra is their saving grace. >> in a really simple way, one of the largest companies in the world said we believe in crip tow currency and not just facebook but mastercard, visa,

uber, paypal joined on this saying this is part of the financial infrastructure and consumer infrastructure of the world. if you're an investor getting close and worried about investing it makes you that much more confident. >> that was novogratz. but our own sat down with stanley gorman who warned about libra. >> they didn't approach me personally i don't know if they talked to the organize organization but i doubt it is this different from bitcoin because of 28 poorns partners? is it it worrying you it will take money from stanley morgan over time? >> nothing with 28 partners worries me that does not seem like a highly focused initiative. >> who is right with bitcoin still up 200% this year and facebook's nominate a smoke in mirrors or a major catalyst for

bitcoin. >> listen. the guy makes his living over moving money around the world. he is the head of morgan stanley. that is what they do, they move money around the world this is a product disruptive to that he may prove out to be right but i happen to be making the other side of the bet. i would disagree with him on that i would disagree with jamie diamond on that and they can both call me and i'll explain why they are wrong. >> diamond has softened his view from the original. >> they understand this is a disruptive technology and they either can get ahead of it or they can go out -- they can be disrupted by it. >> do you think the spike, because this spike, gold spike i know jones was positive on gold middle of the june but do you think the spike when we started hearing from the fed how dovish they were going to be and powell steps back and it's not two, it might be one or none

in july, you start to see and you start to see the bitcoin come off and does have anything to do with it in your opinion. >> for the first time ever i would say yes to that. typically in the past i say not a lot of people are trading both bargains but what we are seeing this year, for the first time in bitcoin at least since i've been trading in 2013 constitutions are coming in and buying into the futures market and trade it like another currency like the euro so you are seeing that. >> tell people what to do today. you go up to 14 and down to 10 in a nano second now what >> it depends on your tame frame. if you're a trader like i am i would pick some up here. i bought a little bit more today. remember, it is extremely volatile right? this can go down 2,000 points and even up to 07,000. you have commanding in from and next year get daily supply cut in half. you have big commanding in in

and supply cut in half and simple economics over the next couple of years i see this as another bull market. >> go can down or up 2,000 points in is15 minutes. >> coming up check out nike shares the stock is still lower after hours. the company is expected to give guidance on the call any minute now. we are tracking it by the second > plus, dan nathan has a chart.

welcome back earnings alert on nike falling after hours. sir eisen is at the new york stock exchange with the latest from that conference call. >> the cf on gave outlook for the current year and kurn quarter and high single digit range. exceeding last year's row. they started a new fiscal year they did say q1 current quarter revenue growth in line or above what we have just reported during the past three months but foreign exchange strong dollar will continue to hurt he called it an anomaly in the first quarter but said it will abate in the second quarter and going forward to then -- from

then it's going to be improvement bottom line on nike a lot of anxiety going in about a slow down in global growth, a strong dollar and especially china. but nike posted more than 20% growth in china and mark parker the ceo led the call by talking about the strength in that market listen. >> we added more than $1 billion of incremental growth in the geography over this past year. we are and remain a brand of china and for china. nike is proud of the investments we have made and the relationships we have developed in energizing this marketplace we are confident that we will continue to grow sport and our business in china for decades to come >> so that was a clear statement about their condominium to china. in fact, the first analyst question was about whether they have seen any kind of nationalist attitude from the chinese consumer that affect

american products like nike. they said we have seen no impact of the trade tensions in china parker, the ceo, got on and said, yes, the consumer sentiment in china has only been strong and that continues to bear out in the numbers. wanted to tell you north america was a bright spot. the biggest chunk of sales for nike the home market continuing to grow there also in terms of why they missed so much on the bottom line the only knock against the supporter is high cost cost rose 10%. you know the company spends on athletes and celebrities and world cups and spending to tip their business to more direct to the consumer but the executives on the call are talking that growth up, especially in their sneakers app that has exploded two years why they need to make those investments. the stock is rebounding on some of that discussion. >> it seems as though the market likes what it's hearing in that strong guidance. sarah, thank you for that. she is down at the new york stock exchange is the guidance enough to get

the stock on a little run? >> they said strategic initiatives are beginning to outweigh some of the strand on some of the profitability margins that we are a brand of china for china is indicative that these guys really have not been hurt while other companies have been. i think north america is the most important greek freak line coming out in about a month. i know dan will be lacing those up mvp. >> mvp. >> he should be. >> it's funny. we often talk about nike in terms of one of these multinationals at a premium valuation. but here is a company that, obviously, had a difficult fiscal 2019. i think what makes you feel decent is the growth is expected to be 20% on 8% sales growth and trading 27 times or something like that. seems pretty reasonable especially because they do see more optimistic into the back half. >> coming up stocks hovering near the highs heading into that highly anticipated meeting over the weekend with president trump and china's president xi will the outcome send the s&p

soaring? we will brk oseathe down next. live at the nasdaq in times square where there is much more "fast money" straight ahead. can you help with these? we're more of the plan, invest and protect kind of help... voya. helping you to and through retirement.

i'm off to college. i'm worried about my parents' retirement. don't worry. voya helps them to and through retirement... dealing with today's expenses ...while helping plan, invest and protect for the future. so they'll be okay? i think they'll be fine. voya. helping you to and through retirement.

mno kidding.rd. but moving your internet and tv? that's easy. easy?! easy? easy. because now xfinity lets you transfer your service online in just about a minute with a few simple steps. really? really. that was easy. yup. plus, with two-hour appointment windows, it's all on your schedule. awesome. now all you have to do is move...that thing. [ sigh ] introducing an easier way to move with xfinity. it's just another way we're working to make your life simple, easy, awesome. go to xfinity.com/moving to get started.

g-20 conference about to get under way and investors on the edge of their seats awaiting any headlines and could move the options. option traders are betting on the summit and a trump/xi meeting being a make or break meeting. >> we were talking about the s&p 500 and mike thinks it's a defensive equity index it acts pretty well relative to some of the scares going around as far as growth around the world in what interest rates are telling us, you know is in the options market implying over the next month or so only about a 2.7 b 2.7% move in either direction. we will break it down later. that is between now and july expiration on july 19th. go to this chart quickly despite the fact the s&p 500 is up 17% on the year almost and made a couple of new highs this year from that high it hasn't made a lot of progress this is the 18-month start this is that all-time high in january 18th

we had a 12% decline once we got that level and new high last year what did we do 20% peek to trough decline in q4 earlier this year we had a new high again and we had 7.5% decline here so we are kind of backfilling a little bit and not making a lot of progress. i want to hit that one comment that mike made about the g-20 in argentina back in late november. what happened? we had this really pop after we had supposed truth or something like that. then we had this flush this got things going down about 15% the course the next two weeks after that let's go to the options market and figure out what the options market is telling us in the s&p 500 over the next month here this is the price of options of the spy. we had that spike in april that is when the s&p 500 made that prior high and made a new high and you can see option prices are below that, so you might say to yourself things are

a little complacent now head nothing an event maybe expectations aren't very high but history has shown us the market can move on that. let's go back to how we figure out the supply movement in the spy. i'm looking at july expiration the etf was trading 229 and you could buy the july 292 and 292 put and if you bought that you were buying the implied movement between now and july expiration. the most important part if you have a direction or inclination you think it will break out or break down you could buy that july at the money put or call for just 4 bucks, that is 1.35% of the underlying price the next tastweeks with lots of calys. i like thag playing it that way. >> catch the big show tomorrow at 5:30 eastern. we will be back with your final trade. s going on. i've done all sorts of research, read earnings reports, looked at chart patterns. i've even built my own historic trading model.

and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade. ♪

time for finals. >> competition for tesla gm autonomous and everything else. >> you know what i pick something less than chris did. tesla buy here.

>> okay. >> chemical space buy it i'm in it. it's been beaten up. >> danny >> just buy into g-20. i like buying those after money supplies >> join us, scott. thank you. ou thank y. >> thank you. >> thank you. >> thank you "mad money" begins 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 bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramerers welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not just to entertain, but to educate and teach so call me at 1-800-or tweet at jim