more than you're going to get. can we really expect the seasonal tendencies to not work so profoundly two years in a row. does that increase the odds it will work this year? >> we're out of time for the show today that does it for "closing bell." "fast money" begins right now. live from the nasdaq market site overlooking new york city's times square, this is "fast money. i'm melissa lee. this is like the brady bunch tonight on "fast" a bold call on apple. why one analyst sees nearly 20% upside for the stock also ahead we'll find out what is next for wework after the company officially pulls the plug on its ipo. later, a golden opportunity. how much can you make on a big bearish bet on the gold miners first, break out your palm pilot because we're throwing it back to 1997

yep, 1997 because the s&p is having its best start to a year since then that song you're hearing, you "fast money" fans out there, this is not one of our traders losing a fast pitch. that's "unbreak my heart" which was topping the charts in 1997 in the box office a little movie called "titanic" was smashing records. here is the question heading into the fourth quarter. will it be a smooth sailing for stocks or like the titanic is the market headed for a giant iceberg? guy adami. >> well done. >> iceberg or smooth sailing choose your own adventure. >> i watched the titanic movie when it came out it was a good movie. it was very realistic. you felt like you were on the boat the thing about icebergs, just to get some science here. >> i was waiting for that. >> you only see this much of the iceberg -- >> they should have a saying like that. >> below water.

>> below the water so the market has done an incredible job of navigating through what have been numerous icebergs this year it's weaving its way through the people standing guard have seen the tips of these icebergs. i've thought incorrectly that these small icebergs in the water are huge urged noondernea far so good. the vix in this environment is too cheap, but the fact that the market continues to navigate through what i think are land mines is extraordinary to me. >> land mines? >> wrong metaphor. >> from an iceberg to a land mine. >> i think technically the market sets up first of all, i agree with guy i think everyone is positioned for all this negative space. i think we're going up from here having said that, technically i think we're challenged i think we close below a retracement. that makes me worried, so maybe not so clear. >> not so smooth >> leaving aside all these great

metaphors, think about where we were in '97 versus now globalization was on the tip of everyone's tongue. we were in a place where you had reflags and asset prices moving higher the point here is that i think the environment now is a post-crisis environment. if anything, we heard this morning from an important central bank the bank of japan told us that we're going to be trying to steepen our yield curve. we're not of the view monetary policy can solve all issues. we had no idea what central banks would eventually do. to guy's point, you can't navigate a small iceberg above water. the flip side is central banks have made all those people expecting there to be icebergs under water actually being traveling very slow through the arctic when you could have been scooting through for bigger returning. >> i don't know what that exactly means.

>> i would say this. we have two major catalysts in front of us. we have one, trade war, and now two, the impeachment if we can navigate through the icebergs, those two are massive to me. we dealt with the -- we've been dealing with the fed and navigate to the fed overall but the trade war is something we're all continuing to look at. the s&p is near the highs, dow is near the highs, all that stuff. yet we don't have any answers. we don't know when we're getting any answers and people are sitting there waiting, mel, not wanting to miss out but are they missing out? are they long enough if we get this settled there's a lot of things going on vaul at this tiolatility is lowc we have all these icebergs around us. >> defensively going into the fourth quarter --

>> a lot of people feel we could be on a sinking ship and you have a backdrop where we're not going to have a recession but the type of a pullback that would have a major market bottom when we have people come on, when you look at recessions we had drawdowns of 40% to 60%. that's not counting the financial crisis which was a little deeper than that. to me that's not what we're looking at we've seen a lot of this coming for a long time. a lot of this has been priced in look at the markets move over the last six months. while it has been somewhat higher, think of the defensive rotation that's going on you could make the argumentic quits are positioned for a much bigger fall -- >> when you say we're in the low 16s, we were 17.5 on a big spike just last week on friday with the sell-off look at how inexpensive we are looking at, mel, right now given what we've got in front of us.

this is the time to have that insurance policy on the boat as we go through this whole thing >> so you've got a life jacket, pete >> no, this is truly the insurance policy on the boat and you better be paid up. >> you go to '97, the analogy is to december. so for me everyone is positioned for it to be another negative december i don't think you're going to see that so i think we're positioned to have a coiled spring to the upside. >> there are little things that remind you of last year, aren't there? fedex, micron and carnival >> the fact that u.s. 10-years have gone from 1.47 to 1.82. it's back below 1.70 the bond market very quietly yields are going down dan. c con edison -- tim mentioned something and i think it's really important speed.

the speed of the boats if you recall the hubris of the titanic was not just that it was unsinkable, they were going too fast and this market has not been going full -- >> pete -- >> that was the more you know things. >> that was the titanic bell if you listen carefully. >> real quickly, what makes all this i think just a metaphor, after the reason why we've had the start to this year is because of the december 2018 we had. we wouldn't be talking about this year in terms of performance for nine months if we didn't have a 22% pullback in october. where are you if you eased out some of that we're probably up 6% or 7% nothing to be extraordinary about and a market from a positioning perspective that doesn't tell you we're going to fresh new highs. >> before we go to carter, can i just mention i got married in '97. i think you did as well. >> same month. >> just so you're good with your

wife on that. >> i know that >> well, you didn't mention it >> we can do this all show. >> two days before me. >> four days >> what's happening here >> you were going to make a point. >> that's it. >> he forgot his point. >> sorry about that. >> we're going to turn to the charts to see what is in chart for q4. carter has not one, not two but five different ways the year could play out he's at the plasma. >> this is the 13th year we have choose your own adventure which is not picking how the market ends but the trajectory traveled in q4. so here is a weekly bar chart, meaning every bar is a week for the past two years then i'm going through the five scenarios that were put out this morning in the report. so first, there's scenario number one the line is where we are now, that we back end fill here as we've been doing there are no washington woes,

earnings are presumptively good and we do break out in october, drift higher november and december and end the year at 3150 we're up 19 and change right now. so far we've got about 300 people who have replied, from largest long only to sort of beta neutral dollar players and this has been a pop lick pick. scenario number two. we sell off fairly aggressively. stabilize at 2750 and then have seasonal strength in december, late november, and we end up a little above where we are now. we close at 2900 plus/minus today and end up but not a bad year, up 20% this was also very popular scenario number three, we break out fairly substantially here, as was the case in scenario one, but people sell into that strength and we actually fade

for most of november, december and end exactly where we are now, 2980, for up 19% on the year now two more they're the exact same conclusion, 2650 but totally different trajectories in this scenario we are down hard here in october we're backing and filling a bit in november and then plunge again as low as 2400 and have a few weeks of strength ending at 2650 keep in mind to get to 2400 that's a 19% sell-off but we end up at 2650 the final scenario is that we just drift we don't break out but don't have any plunge and we just sort of kind of slump into the end of the year also ending at 2650 of these, the betting is coming in fairly even in certain years over the past 13 it's been a huge preponderance of voters voting for one or two scenarios in this one it's spread out

pretty evenly. >> a lot to digest there i had to follow along of the carter, come on over will will bring the chair in as he always does thank you, will. so what's your choice? >> exactly so i'm jumping the gun here because i do put in my vote. if i put my vote in to people i'm asking to vote that my bias them. >> so we'll never know. >> i think you yourself have voted in years past. so please put in your vote my hunch is that we're not going to do any spectacular, no big breakout, and that it's either a lot of choppy back and fill or something unhappy, that iceberg you're talking about is a little closer than would be expected. >> so either flat or a drawdown like last year. >> three or six if i'm scoring at home. >> there is no six there were five. where did you get six from >> there were five

>> i spent a little too much time at sea. i'm a little groggy. let's go two and five. >> you can make a six. >> well, i did >> he just created a six. >> sorry >> okay. in the scenario in which we're just sort of choppy for the rest of the year, what kinds of sectors will do the best in that environment? >> so the real risk to the market is not so much that tech gives way, because that's kind of happening it's that the hope for recovery of industrials and financials doesn't stick because that's what people are hanging on if that happens, i don't see how you would progress that would be more churn or if you have a simultaneous giving back the gains from industrials and other value names aztec contins tech contin slump -- >> and if there's a drawdown of 20% or so -- >> that would be to have news related. you would get a lot of fedex,

carnival cruise type misses or there's something really unhappy independent of your politics for the market because of what goes on. >> but all sectors would do -- there wouldn't be a rose plying the fingers off of her lover on the floating piece of debris that was a memorable scene in titanic. >> defensive things act better even if they go down. >> what do you think of these scenarios? >> so i paid attention >> are you following >> no, i have. i took copious notes here. in my opinion given what's happened, i think odyssey 2 makes the most sense a move down, i believe, to 27 sfift or so, close the year right around where we are now. that's somewhat logical. we are coming into earnings. maybe they disappoint. pete mentioned the impeachment, maybe the china deal doesn't get done but the president i think toward

year's end will say or do something that gets us that year-end rally which is why in my small mind odyssey 2 makes the most -- >> grasso, it's hard to get a december like that and another december like that >> i think even if you want the drawdown with impeachment, you don't get a conviction so either one will be a buyable event because you don't have the sfroets votes for a conviction in the senate >> do you get odyssey 1, though, do you have to have a deal done to get odyssey 1 >> right now you have impeachment. to the layperson no one knows what this is everyone sits on their hands, doesn't do anything. then the closer you get to the day of reckoning never comes. >> it would be a 6% gain for the quarter, all q4 returns is about 2.5% it's typically good but that would be very good. >> so you're six.

>> i'm not six at all. six as we said doesn't exist but five would be like wreck of the ed mondmund fitzgerald. i had to look because i got them wrong two times. number three is where even today we learned that fed pricing or expectations on how many cuts this year has gone from almost two guaranteed to maybe we don't get any. i think between that and where you start to see political positioning scare people i don't think you'll see any major changes. to the extent that the market has not priced in any competition from the other side of the aisle for the white house next year, i think that gets you to a place where you're somewhere around 2800. >> i'm looking at odyssey 3 as well the reason i do that, i don't think we get a trade deal but i think we get a lot closer and i think we start to get a little more negotiation i still stand by this and dan and i had it last week, we went at it pretty good.

i look at what's going on with china. i think the pressure is more on them than on us and because of that we get progress on a deal i think that lifts this thing up. >> carter, thanks. >> did carter tell us what his pick -- >> he can't! >> it's a broader survey. >> i'd rather bet down than up >> so cagey. coming up, wework officially calling off its ipo. we'll tell you what's next for the company. plus stocks ending the quarter near new records our traders will tell you which ones they would trade and which ones they uld wofade much more "fast money" right after this just ok? (in dutch) tell him we need this merger. (in dutch) it's happening..! just ok is not ok. especially when it comes to your network.

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welcome back to "fast money. big news in the ipo world. wework pulling the plug on its long-awaited ipo >> melissa, that ipo was supposed to bring in $9 billion, $3 billion in equity, $6 billion in debt. now, the company is forecast to run out of cash sometime in the second quarter of next year. before that happens, new co-ceos

are expected to overhaul the business and get it ready for a capital raise a little later under better circumstances better corporate governance, likely slower growth selling or spinning off some of its many acquisitions may be one way to cut costs in the runup to its ipo wework acquired more than 20 companies. they range from a coding boot camp for students to a marketing platform for brands, to the developer of a messaging app for college students some even look pretty similar. there was waltz and welka, both developers of an office sign-in system wework may get more help from so softbank the conglomerate is tapping its own coo to help with the overhaul now if wework is headed for more disciplined spending and slower growth, it raises the question of what happens to the commercial real estate market and some of its biggest markets.

places like new york and london where wework is the largest private sector tenant. so these are all questions that are going to be asked going forward. melissa. >> thank you,idrdre bosa. would losses be much deeper because of what's going on in wework it's like we're seeing it play out. >> in slow motion. even when you haven't seen that collapse in the economy or the real estate market new york city is a case in point where there's an enormous explosion of commercial properties actually the pricing for some of these is actually moving lower what i think this exhibits, and we're seeing it in other asset classes as well where you have kind of a story timeline, a story stock. something that structurally wasn't making money. this isn't just happening in the ipo market, it's even happening with netflix to a certain extent that is what's going on. the ipo market overall is being

held to something it should have been held to a long time ago, including corporate governance and insider dealing, let alone structural profitability i don't think this is going change and don't think this is just a wework story even though this story when people hold a bright light to it doesn't make a lot of sense. >> there are a lot of things that come into question. also corporate governance and the idea of a dual class share structure. at some point investors will be pushing back they think adam newman actually voted against himself when they did a vote on who should be ceo and whether he should continue there are some ceos who would they're do that. >> no. people say why do you spend so much time on wework? it's not wework specifically, it's the fact that softbank who a lot of people champion as some of the salviest investors out there, they made a significant

investment at this company at a $48 billion valuation that's now 70% less than that if that were the stock market or another publicly traded stock, people would say, oh, my goodness the reason why they don't look at it is because it's not pib li publicly traded. central banks have flooded the system with cash and people have gotten lazy. the concern in my opinion would be when does it. you were talking about the warning signs, the tips of the icebergs to get back to the to of the show. >> let's not. >> well, we did. i'm there. i'm right there. what do they call that thing, the crow's nest. >> of the ship. >> the market did this, right? everyone was looking for growth. when we heard the open of that segment, it sounded like this was google and their own investments. they were looking for anything other than what they did day in and day out. so do i think it's going to change yes, but i don't think it's going change as much as we think it is. >> softbank putting marcelo in

place to be the next ceo -- >> i think it's a great move to have somebody within to navigate this thing the problem has been that the investors have become relatively lazy everybody just wants to throw some money back. i've talked to guys even, a lot of professional athletes come to me and say what should i invest in and it's like hey, look, you better understand what the company is doing and are they going to -- i bring it up all the time, but a path to some sort of profitability. i continue to hit on that because i look at lyft, i look at uber, i look at peloton and wework you could throw in as well when do they make money? there's a whole chain of questions that have to be answered and i don't think people were asking those questions. they were throwing money at ipos, make money and take it off. >> and it's also growth funds, growth mutual funds who took big

stakes in a lot of these companies along the way. >> but a lot of this money goes back to pension funds who had to reach out the risk curve to anthony stuff. >> there were no other alternativ alternatives. >> financial oppression, if i m may. >> you can read more about wework on our website. here's what else is coming up on "fast. we're closing the books on the third quarter. so what's in store for q4? we're breaking out your year-end playbook. and later, our call of the day. one top-ranked analyst making a bold bet on apple. why he sees the stock jumping nearly 20% stick with us, "fast money" is back after this quick break.

welcome back to "fast money. stocks closing out third quarter in the green but it was one rocky quarter. dom chu is back in the newsroom to break down some staggering stats of q3. hey, dom. >> oh, what a quarter it's been, melissa. there are a few standout sectors to focus on. first of all, bad news it was a quarter to forget for the energy complex, by far the worst performing sector in the s&p 500. it was also rough for the health care sector as well. by the way, you can extrapolate that three-month trend into the year-to-date numbers as well where those two sectors, energy and health care, the biggest laggards by a pretty wide margin as well. as for the leaders this past quarter, is the best offense a good defense it was less economically sensitive and utilities, real estate and consumer staples led the way. some individual names in economically sensitive sectors and industries still managed to

post a stellar performance in the third quarter. the strength of the american consumer manifested itself in target shares, up around 23% in that span. you've also got social media platform twitter posting a gain of around 18% perhaps, but not everyone participated. jpmorgan chase, the gains were around a modest 5% caterpillar is being dependent around u.s./china headlines. so it's still a stock picker's market so where is the best opportunity into year end? i will leave that to you and the traders to suss out. >> thanks for the setup. seems like a good time to play a little -- >> trade it or fade it >> i didn't jump anything, guy. >> we're going to play our favorite game, trade it or fade

it we kick things off with target which dom mentioned. one of the best performers in the s&p this quarter target had its best quarter since june of 2003 tim, trade it or fade it >> i'm going to trade it i'm going to play the game the way it needs to be played out of the gates with it. this has been a case of the best defense is a good offense. target had a lot of room to make up in multiple of walmart which is trading in excess of its five-year average historical multiple as is target. i think you have to trade it there's such a good run -- >> you start with trade it appeared then you fade it it. >> i meant to fade it. >> youment meant to fade it? >> this is odyssey number 6 all over again. >> i'm a sell are er of this coy >> you know, when you're trying to establish your roster and you're looking to get rid of

something, you're trading that person the game is not named correctly. >> when you want to keep them, do you fade them >> it should be like buy it or sell it? >> too obvious >> anyway, back to this game. >> i would be -- so he faded target. >> let's be clear. >> yes, he did he did that as well. >> although the stock has had a huge run i would continue to trade it the run has been unbelievable but it's gotten the valuation it deserves as long as walmart continues to move higher and its valuation increases, i think target does as well so i would trade it. >> forget walmart, i think you've got to look that margin growth is there, e-commerce is there, digital is there. when you look at something going on, it's too cheap at 50, it's too cheap still. it's 16 p.e. or thereabouts right now. >> 17. >> maybe 17. but did you factor in the growth outlook they have in terms of what they put out there for the

next year? when you put all this together -- >> you've been right, man. >> i'm just saying i still think there's more upside here because of the fact their traffi numbers and everything is just a little bit bigger. >> let's see what you think about this next one who's also up big this quarter. twitter, trade it or fade it, pete >> i think you've got to trade it because you're going into an election year. this is a company that just continues to get growth the right ways and are starting to figure out the monetization. when you've got the president we've got in office, that almost alone tells you this is the place to be. it might be nasty, bob iger doesn't like it, somebody might step up in the future -- >> never too expensive now. >> not disney, but somebody might step up for twitter. >> i'm going to be a fade it on twitter. all of that stuff i agree with you. it's up 43% year to date. >> are you positive you're fading it?

>> i'm positive. it's got a pass in the social media space and i don't think that pass continues. i think more scrutiny with the elections is coming onboard. i agree with higher ad dollars being spent going to the elections, though. >> do you trade it or fade it? >> i'm going to trade this one, which means i like it, which means i would buy it twitter at the point of where we are -- the election cycle is nice the most important thing is that the daus or maus, their user base is growing low teens. their ad growth is in the 30s. this is something we've been waiting for for a long time. monetization, it is growing and that's what we want. >> let's go to caterpillar down 7% this quarter trade it or fade it? >> i'm going to trade this one i do believe you have a tailwind of that deal that is eventually coming down the pike and if we start to see a resurrection of value over growth, this yields over 3%. i'm going to trade this and i'm sure.

>> guy. >> i've got to go on the fade route because i don't think there's necessarily going to be a deal this has underperformed so i fade it. >> i've got to fade it too you don't buy commodities when they're cheap, you buy them when they're expensive. the headwinds for the entire global cyclicality of what they do, not happening. >> they lowered the guidance we do get a trade deal, these guys will be up. but that's still -- >> it was up 20% august going to september it's up 20% you could see that 20% pop. >> last but never least, guy adami. jpmorgan is up 5% this quarter trade it or fade it? >> i came up with a name for the game this i think everybody might like. >> bring it on. >> it should be, now listen closely. it should be crave it, when you crave something you want something, or wave it with an

"i." >> i fade your new name. >> that's one of the worst suggestions i've ever heard. >> it stinks. >> wow. >> i'm going to waive jpmorgan, with the "i. i understand it's a premiere franchise, i get it. tangible book at jpmorgan was 57.5, 58, it's trading at close to two times tangible book that is a loft evaluation in this market. yes, they deserve it but how much more are they going to get which is why i say waive it with an "i. >> that's terrible, don't use it again. coming up, apple jumping more than 2% adds jpmorgan bets on a big apple rally but can the new iphone carry the stock to new highs? plus health reetca gting hurt hurt we'll tell you why there may be more pain for the sector ahead

♪

welcome back apple might be focused on a big pivot to services but that's not stopping jpmorgan from catching iphone fever they slapped a price brand on apple which implies apple has

legs to run nearly 20% higher from here. jpm anticipating increased iphone sales will do it. apple jumping 2% today on this call are you feeling the iphone fever, tim >> yeah, i'm feeling it. i'm feeling hauot what jpmorgan is doing a little different than smchlt they'ome. they're talking about a multiple hybrid and talking about increased shipments. they're saying the 2019 expectations were too low and, yeah, we have 5g coming. they're also saying the 2020 lifestyle second half especially with three 5g phones is very good what i like about this story but i'll counting on their analyst to have the insight, they see better iphone shipments. that's not what other people are talking about. if that's the case, people are way too low on this stock. >> pete. >> i would agree i'm moving more and more away from the iphone. it's now less than 50% i don't know how many people not only on their desk but all these analysts, when did they think

they'd reach the point where it would be under 50% of their r revenue? you look at services, you look at wearables, a.i. and a.r. and all the different areas that are going to start filing in sooner or later we'll see these phones even with the 5g, i'd be happy to see that number in terms of percentage of revenue come down further. >> so 2020, what's the big catalyst for apple 5g >> but let's not forget when you're looking for margin and growth, it's wearables and service and that's where you're getting it and they are going to start spending a lot more money when you get towards the tv and all the different areas there so that will suck a little money out. >> where's your iphone >> no, i'm not a -- i love the wearables, but i do -- >> to your point, everybody was thinking about one day these services will happen one day apple arcade will happen one day app store will kcresendo

we break through 233, the stock is off to the races. >> to pete's point, it's a good thing that iphones are less. that's trending in the right direction. so go back to october of last year this was a $232 stock at its pinnacle we've pointed out it's probably going to continue to levitate towards that if you want to play the math game and say they deserve a blended multiple given all the different businesses of a 22ish, given they'll earn close to $12.70 next year and pete mentioned, i think the number is 280 and that's the $280 number. >> and gene munster. >> so it's got to 232 first. i think they report on halloween. >> are you going to wear a costume this year? >> candy corn? >> don't you want to know. yeah, maybe i will. >> are you wearing one now >> i know you were going there, tim. it was a tee up for that.

>> where's the laugh track, by the way? >> it's not good when you have to ask for a laugh track. coming up, taking a sick day. one analyst downgraded two health care stocks ahead of next year's election. and a golden opportunity why one options trader is making a bearish bet on the miners. don't go anywhere, much more "fast money" after this. it's for my family, its for my self, its for my future. annuities can provide protected income for life. learn more at retire your risk dot org.

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welcome back to "fast money. there may be some health care hurt ahead for a few names united health and humana was downgraded joining us is matt borsch. >> thank you great to be here. >> it's the fear of a democrat and specifically is it elizabeth warren >> it could be elizabeth warren, it could be bernie sanders i don't think investors necessarily see a big difference there. and actually we're not -- we're not betting that we'll get something like medicare for all. we don't think medicare for all can get passed this is about the investor concern that you go from having an administration that is about the friendliest you can get to for-profit managed care companies to an administration that would be a really tough

regulator, tough on these companies as i think would certainly a warren or other progressive candidate administration. >> so let's be clear you're not making a call on the election but you're making a call on the volatility leading up to the election as perhaps people get more concerned when they see who the actual democratic candidate will be >> yes and in particular last week with what happened with ukraine and the opening of the impeachment inquiry. this is not a sector downgrade what we're actually doing is reshuffling our ratings, looking for a more defensible position with the ratings that we have now. so we downgraded the higher valuation names, united health and humana that have a concentration in medicare advantage. we think medicare advantage has a high beta to trump and we've emphasized the lower valuation names that are more

tied to obamacare and so that's the aca exchanges and medicaid. >> so those are the more defensible businesses, as you say. >> yes because i think investors are going to expect, and i believe it will be the reality that if we get a democratic administration, the incremental stuff that they will turn to is strengthening the aca exchanges, strengthening medicaid, and so that's why -- that's why those companies are more of a hedge. >> i've seen other health care analysts track the spread between warren and biden and when warren pulls ahead, that's worse for the etf that tracks health care if biden actually manages to remain in the front and it looks like that lead is getting narrower and narrower as time goes by, is that as much of a concern to you >> it's not as much. it's not as much but i think it's still going to be the case that if -- if trump is defeated, the industry will have lost the best regulator

they probably ever had and, you know, biden is known as a moderate, but it's going to be anybody's guess what kind of people he's going put in charge of cms and other agencies that matter. >> and last quick question, is there one name in your coverage universe that you think investors are selling off indiscriminately that actually deserves to be held through the election >> i would highlight centene it's trading at 8.5 times our 2020 eps that is really extraordinary if you look at the history of the valuation. that's a 50% discount to the broader market despite an outlook for above low teens eps growth over the next several years at least. >> matt, great stuff thank you very much. where do you go here in health care >> i equate it to when obama was president, you had obamacare and everyone got ahead of it they oversold it and it was an

overcorrection i think all of these names will be buyable the closer we get to the election, i don't think trump is getting ousted i think that he's not going to lose, so i think all of these are going to be buys the closer we get. >> wasn't unh your final trade the other day? >> yeah. and the market has priced in an enormous amounting if we saw senator warren increase at least her standing, i think people would start to do the math i think the market has begun to do the math. we've been doing the math on this show for political risk for the last 13 years. to me it's always been an opportunity to buy unh on the eve of elections was a $140 stock it traded to a high of about $280 and the multiple grew about 30%. i think where you've gotten it back here around 220 and a multiple that's around 16 times is very attractive for this company. >> where else do you think is defensible in light of political turmoil? >> steve, you're makinga bold point. i like that you're doing that. i tell you what, depending if

it's biden or warren, that really does shift this whole thing dramatically i still am a big believer in some of the pharma names we all know as you brought up earlier, you start to see some of those names go down as some of the names go down in the poll numbers. i think there are big names in pharma you can still own. >> 16 times trailing unh but 13 times forward numbers, but historically at the low endi they report on the 15th. the levels we're trading at are where we bottomed out in april i'm more inclined to crave it than waive it. >> i wish you would just drop that. coming up, the gold crush. the yellow metal struggling today and options traders are figuring on more pain ahead. we're live at the nasdaq in times square much more "fast" still ahead on e ?

one to five? it's more like five million. there's everything from happy to extremely happy. there's also angry. i'm really angry clive! actually, really angry. thank you. but what if your business could understand what your customers are feeling... and then do something about it. turn problems into opportunities. thanks drone. customers into fanatics change the whole experience. alright who wants to go again? i do! i do! i have a really good feeling about this.

whai tell clients, etfs can follow an index, but which ones target your goals? it's not about quantity. it's about quality. no trendy stuff. i want etfs backed by research. is it built for the long-term? my reputation depends on it. flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. hey. ♪hey. you must be steven's phone.

now you can take control of your home wifi and get a notification the instant someone new joins your network... only with xfinity xfi. download the xfi app today. welcome back check out gold losing its shine falling nearly 4% over the last week as the u.s. dollar soars. one trader in the options market is betting if the slide continues, mining stocks might

end up in a big hole mike khouw is in san francisco with the action. hi, mike. >> i was looking at agnico eagle mines. we saw two times the average daily volume the november 50 puts were very active that included the purchase of about 500 of those for $1.20 the buyer of those puts is making a bet that the stock will decline below that $50 strike price by at least the $1.20 they paid that would represent a break-even price of 10% from aem closed today while we did see a little bit of bullish activity in gdx, we saw weekly buyers of the 27.5 calls and there was activity in the gdxj some of that may actually have been just covering some short positions, taking advantage of gold's weakness. i would say gold peaked it looks to me like the first week of september and not much of the flow we've seen expects it to

catch up with how the s&p has been performing since then. >> have we seen the peak especially after the dollar index hit a 28-month high. >> the rally in gold as much as we finding on occasion every reason to want to own gold, in its defense some of that is true deflation has been the biggest argument for getting gold into this range i think if you think that the fed expectations are not as aggressive for cuts, that's another thing weighing on gold along with the dollar. >> on friday's "fast money" because we followed by "options action" but one of the things i said at the ending is this will be an important week for gold to the upside that said, i don't think the gold move is over by any stretch of the imagination i hear what mike is saying he probably has some views on it as well. >> so you're going to waive it >> no. >> quit that >> no, i'm not waiving it, i'm not. >> i'm waiving all of you guys. >> you can't do that. >> yeah, i can i just did

i waive you. mike khouw thank you for more options action tune into the full show friday 5:30 eastern time up next, final trades. ♪ ♪♪ ♪♪ ♪♪

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time for the final trades. let's go around the horn, pete. >> we were talking health care earlier and i said i liked the big pharma names how about bristol meyers giddy up, it's going higher. >> tim seymour. >> we played fade it or trade it and i was actually trading and in fact i still want to trade it because i think the growth is there. they're finally seeing ad -- >> that means you're a buyer. >> i'm a buyer. >> just checking steve grasso. >> i agree with jpmorgan, apple. i think it's breaking out above that 233 price wait for that to happen. give away the $6 or $7, but apple is my final.

>> let me preface this, guy, don't give me any of this crave nonsense go ahead, final trade. >> no, i know, i have feelings too. biogen has been bouncing around the ttboom but it's i'm cramer, welcome to "mad money" my job is to teach you so call me or you with tweet me you want to know the single most useless thing can you do in this business that's easy. the most useless thing can you do as an investor is worry