measurement momentum it seems the market wants to gain traction at least re-testing the highs less than half a point on the s&p. again we are kind of i think held steady and static by the trade deadline coming out but see if the market wants to front run that. >> thank for watching "closing bell." "fast money" begins right now. >> and we do live from the market site over looking the world famous new york times square this is "fast money. i'm brian sullivan in for melissa lee and traders on the desk tonight are brian kelly brock tepper karen finerman and guy adami process. the man moving markets he says there is a quote extraordinary opportunity in the market right now he is telling you where it is. straight ahead plus the great divergence why oil stocks go down while prices go up. could this be the group you must invest in next year? en >> at new year's revolution por

pot belly cfo why the klain lost 6% today we will get to it all let us begin with the federal reserve as expected no change in rates in the time meeting of both the year and final meeting of the decade. >> come on. >> that's all in the past, guy what should we expect in the future the new year, a rate cut, a rate hike, steve liesman was there. asking questions at the press conference and he joins us now with more good evening, steve. >> sully, thanks the federal reserve ended a momentous year for monetary policy by lawmakering what it indicated was a new regime where policy is likely to remain on hold for what could be at least several months the move to neutral follows three successive rate cuts beginning in august and reversal of plans to hike earlier this year now the policy statement the fed called the current stance of policy appropriate feds overnight lending rate standing at a range of 1.5 to is 1.75%. jerome powell saying that could be the case for a while to come.

>> we believe that the current stance of monetary policy will support sustained growth, a strong labor market and inflation narrow symmetric 2% objective. as long as incoming information about the economy remains brewedly consistent with in outlook, the current stance every monday tear policy likely remains appropriate. >> the statement said the fed is monitoring global developments that means it is watching trade war appear foreign economic weakness in china and europe while the chairman didn't rule out future rate cuts he suggested the bar for hike something high as in high inflation. powell said policy is not on a preset course. but 13 of the 17 members of the fed forecast no change in rates for the next year. you tell me. is that risk on or off. >> i can't but the trader can. >> what do they think. >> i want to ask you one more question, steve. because we get a change next year you have voting members out. you got new voting members in.

because they rotate every year you know all the personalities how much changes or dissent or debate do you think that's bringing in the new year >> what's interesting this year we found, brian is that doves became hocks and hawks stayed where they were and some people moved center people aren't necessarily ingrained where they are i think only one he isser to moved messter moved to center she was hawkish. i have to wait to see the policy to know where people stand but one development worth talking about, i think powell has control of the committee this is policy he supports and the committee is not in a place he doesn't support and b he didn't lead it to. he says let's talk about what happened we went from planned rate hikes to now we are going to cut to three cuts to now on hold, all in a 12-month period it's well to remember this time last year we in a 3% 10-year and a forecast from the fed itself

that the funds rate would be 3% at the end of the year instead cut it in half 1.5%. >> steve liesman in d.c. it's been a republican day we appreciate it sfl. >> thank. >> with the fed seemingly out of the way for a while what toes it mean for stocks? we head to next year guy adami and how much of the year is spectacular gains have been fed induced? >> this year. >> this year. >> how about the last eight nine years induced this year i would say most if not all. but clearly not on earnings growth because you don't have earnings growth you don't have revenue growth. it's on stock buybacks and the market beliefs that somehow the magically the fed has their back i find it interesting paul volker passed away at the same time the fed lost remaining semblance of credibility they had. i don't want to get on the soapbox. but the fed talks about inflation. they measure everything x inflation if they factored it in it was surpass any benchmark

they had but the market wants to go higher i think president trump is pulling the rip cord on the tariffs on saturday night. because in in his mine the chinese are weak, vulnerable the stock market at an all time hi i can step on their neck cost me a nont in the market but february, march turns it around et cetera up well for the election if i'm not convinced they won't happen this weekend. >> go ahead. >> that's the risk to the market i was surprised the market wasn't higher today. because you ask the impact on this, the federal reserve has had a tough time almost impossible time creating the type of inflation that they want but they're excellent as creating asset inflation that should be great for the stock market after today's reaction and they're telling you hey we are running the economy hotter we want more inflation, you would think equities would be higher but i think there is the trade war trade tariff risk hanging over the market. >> why -- why would anybody buy stocks this week, karen when

you've got not only the sunday potential tariffs which we're getting more with kayla, because peter navarro, the trade guy in the administration wants the tariffs. you have this election in the uk tomorrow as well which could determine again the fate of brexit there is so much risk out there. why put more risk on >> if you think -- feel like there is a bit of risk priced in for tariffs? i don't think people think there is zero risk of tariffs being in place on sunday, so i think there is that. and also we have sort of managed to earn through tariffs. the market is higher even -- we know we had tariffs this summer. we had tariffs in may. so ultimately the market has been higher. i'm nervous. i think the vix is up. i think that's telling you that people are nervous 15 -- it hasn't been hovering around 15 for a while. i'm long and nervous and have protection >> yes, i think there is a lot more downside risk right now than upside potential. i'm nervous as well. i think there is nothing wrong withholding cash

i see no reason to put cash to work prior to next monday. we need to to see whapz. in my opinion tariffs get delayed or come into effect on december 15th. there is not going to be a deal, right? and when we talk about the fed, the fed did a great job this year 25%, the stock market up, the s&p 500. but my concern is how much of 2020's performance did we pull forward into 2019? so now. >> answer your own question, mark. >> five, six percent maybe mid-single digits. the upside of next year has been pulled forward the fed is off the table now focus on volatility surrounding the election you need to focus on a trade deal when is it actually going into effect if we get one and you need to focus on the consumer because the consumer has been the work horizon of this economy. >> let's bring in somebody answering all the questions. >> who is that. >> there we go. >> we added a gentleman on the

set. marko klonovich. first to markeace question, marko, thank you, which is have we stolen next year's gains this year. >> no, i don't think so. actually if you look the market performance last two years i think market is up maybe 5% since january of 2018. so if it was not for the rally last month we would have been basically down two years russell down so i don't think we stole anything i think people say that we had a record rally this year they don't say that in the last quarter we had the worst quarter since 1929 which bounced back in the first quarter and basically market was exactly flat for 18 months before that i don't think we stole anything. certainly last month we had the a bit of melt up you said that sort of why with would you deploy cash now? that means many people think that way i think there is upside. i don't think we stole anything.

some of it is priced in. we had a good fed and a little bit of brexit. >> you remain farrell optimistic not wildly bullish not pounding the table. but you think the equity markets as a whole will go up again next year a bit. >> yes we think it goes up a bit when you talk about s&p. and s&p is basically has stuff which is expensive and stuff which is cheap we think it's a bit of rotation. but globally sort of equities outside of u.s. we think they can go higher. if you look at emerging market, japan, europe, and then specifically the cyclical sectors we have a bit of space. >> so the fed since i think it was september 17th or 11th or something when overnight rates spiked to 10%. there -- they increased the balance sheet faster the last couple months than over the last ten years. what's going on? i mean what to they see the rest of us don't see? because there is nothing normal about what they're calling normal. >> so certainly we have a

slowdown globally in manufacturing as determined by the trade war. still there is a lot of political uncertainty and not just coming from u.s. but other parts of the u.s they see that. i think they probably also recognize they did overtighten in the second half of last year. specifically december. i know powell said they were doing the same thing but december was the worst month since 1907 for asset classes they did overtightened so they are adjusting back because of the trade war. the uncertainty is prompting central banks around the world to cut actually if you look at them right now, the number of central banks cutting versus hiking is it near record so we do have something which looks a little bit like a synchronized monetary easing globally. >> marko, i read your notes. you had a 3450 target next year. do you get there on earnings growth, multiple. >> it's 34 and basically we do have a bit

positive on earnings on 180 and eps and s&p. that does assume that some of thes tariffs will be rolled back december the deal has been chinese wants a rollback off tariffs u.s. wants concessions on purchases and other stuff. we think some progress will be made including some partial roleback of the tariffs. that's why we are optimistic on the e process s. as you said that's why we're not pounding the table for 3400. we think cyclicals catch up to defense he was, value catches up to momentum and growth and high beta stocks can catch up to quality stocks that's the view. >> mark p.o. i'm curious is this a first half view and things change as we approach the election >> it's certainly a first half view because seasonally you do have these type of moves happening typically early in the year. and if we do get the space one i think that will be the catalyst

for this he could second half of the year could be more rick tricky but we nonetheless think the u.s. elections will not be the massive risk we don't see the big probability of progressive left or extreme left candidate we see it more as a match of trump versus maybe somebody stsh -- >> the risk might be doing nothing. i wish i asked for a chart of this process if you lack at the markets for about a year and a half before the 2016 election the markets did nothing. >> yeah. >> did not nothing for 15 months people sat there and watched the election and wondered what happened because there was such a gross disparity between the two candidates we have huge disparity now between some of the positions. and i do wonder, marko, if you are an investor you made a good amount of money last decade, fed induced or not guy. >> yeah. >> why not sit out and wait? >> i can -- i can see your point. i would just say that we do have

a sort of trump who wants to get re-elected and he knows that re-election chances are somewhat related to the fate of the market and he has some lets bullets to spend specifically on trudy. he can pull some breaks out of the market to help the re-election prospect that could be one element again going back and say if you made a lot of money in the last two years. i'm not sure everybody did we had a big swing from december. >> ten years for sure. >> the last ten years. >> since sort of the last two years a lot of people are buying high selling low. >> just timed it, yeah. >> look, we will certainly monitor election probabilities how they evolve. right now we are not concerned about a far left candidate if that comes back in a game, we will turn a bit more cautious. >> if and when you do let us know and we will get you back on one of the shows, right bk. >> i think so. >> marko thank you very much. >> thank you. >> good stuff.

>> mark tepper. >> yeah. >> you're out there what they call them swing states. >> exactly. >> i don't want you to get political. but ohio where you are from, a very important state and any way to sort of read it vis-a-vis the markets? >> to read it vis-a-vis the markets, as far as the state of ohio goes, you know, you have a bunch much blue collar people working butts off trying to save as much as they can. and what's happening there is they are happy the portfolios have gone up but at the same time they are very skeptical of what next year brings ahead for us, right i mean they are concerned about the election i mean that's first and foremost the election and trade are the number one and number two concerns that i hear from clients in ohio. >> and you wonder, guy adami if we get close and it looks like it's trump versus a centrist or maybe a mayor pete or michael

bloomberg. although bloomberg chances are minuscule. we get that. if it looks like the momentum is more progressive side, the taxing side, do you think we get a move. >> well, if it's more centrist and if obviously president trump is the republican candidate i think that's market positive on the margin for sure. but these are stories that play out in the spring of next year it's hard to game it now and listen, i understand what everybody is saying. sometimes you have to make it easy and the easy thing is just ride the wave of the mechanic i get it but the warning signs are there. newmont mining, the gold market is telling you something yield curve flattening all those things are out there the repo market stuff which everybody says is is not a big deal. >> doesn't say everybody, my friend i've talked about it. >> fair enough. >> to a point where people say why do you bring it up up? because there is nothing wrong did owe with it. it's happened before it has happened before but it is unusual.

>> it's more than unusual. >> this year is different too because of the basl three rules you haven't seen the bank balance sheets be constrained like this. there is a tirchs year end. >> it's the blood stream of the market, fair to say. >> and what's the medicine you need to keep the blood flowing i don't want great detail. but that's what's going on. >> what's that sned. >> i have no idea. >> what's the medicine, guy. >> i don't know. >> we are following developing story on the trade talks this one is one of the more unusual we have had on the last couple days or weeks kayla tausche in d.c. with the latest on, yeah, i don't want to call it kayla. >> brian, the last few days various members of the trump administration have been sounding off on trade ahead of the december 15th deadline but the resident white house hawk peter navarro is leaning on fictional alter ego which he calls ron ver aire to disseminate a case that tariffs are good and phase 1 deal bad. in a email memo circulated

december 9th obtained by cnbc and reported by "the new york times" ron vera makes this contrarian argument that quote tariffs are working to defend the economy and have had had no negative impact on growth or stock market rise thp thp. they spur growth by improving net export and he also urge the white house uncertainty out of the market until announcing no deal until after the election and ride the tariffs to victory. it's unclear whie navarro wanted the talking points out there especially under the stage name of ron vera appear how widely he circuited this we reached to nafr memo and the white house for comment. navarro himself has been arguing up stream against in phase 1 deal since announced brian but certainly now he is taking his case over email and sending out the arguments as his alter ego ron vera zblientsds a

jumbled up annagram of the last name is there aed rrd one you know of kayla. >> as far as we know ron vera is the one he leans on the most an australian scholar realize the that ron vero was appearing in many books and he couldn't find the expert cited elsewhere. navarro said it was an open secret that -- essentially an inside joke that it spilled out into the open but even after coming under fire for that and criticizing journalists for using their own aanonymous sources, why navarro chose to lean on this identity again to disseminate the case is really perplexing. >> a lot of perplexing turns kayla, thank you very much for the interesting story. you could do the annagram and call it tepper >> i don't understand why he he didn't use his name, right. >> he has a powerful position.

>> you are one of the most powerful people in government and advocating a strong position on something you said publicly many times. >> exactly. >> it's like guy adami writing about the repo market programs under adamis. >> i'll spare you the google search remember hannibal electricer was a fan louis friend. >> so maybe pete navarro is watching too many jodi foster movies and i know he watches the show lame. >> there you go. male ana gram. >> and earlier we heard from jeff gunned latch here is what he had to say about a trade deal. >> i've been consistently stating that there will be no trade deal until the 2020 election there is no reason for china to do a trade deal on the terms the united states wants when there is an election coming up in less than a year and potentially they could have somebody else that is

more old school and wants the genie back in the bolling and would take away tariffs. >> bk, nodding. >> you know what i've been nodding somebody on the desk said this about a year and a half guy adami he said consistently that you will not have any trade deal until after the election and i think you have to at least as an investor plan for that now. i mean we came with the phase one which came out of no where i don't see a lot of incentive except perhaps a weakening chinese economy. that might be the kolgtsist to get them closer to the line. we're a year away from him -- from the president saying we're getting close. >> guy is getting a lot of love well deserved tonight. >> true. >> and number two what gundlach he called it phase 0.1 because it wasn't like a deal to make buy soybeans we are making a deal for you to buy soybeans somewhere in the

next few years even if there was a deal it's nothing. >> i think there is an argument to be made for some certainty, though right. >> a step in the right direction. >> i think there is going to be a deal if you think it president trump's approval rating -- small deal something has to get done because president trump approval rating is directly correlated to any progress on the trade front. and as we near that election, i think he has to get a deal done. china doesn't have as much incentive,right. that's the issue. >> why don't we keep the tariffs at this level forever. chinese -- the currency going down some of the suppliers are eating we're eating a bit the consumer chewing along sales up stock down. kind of sums up lulu lemon right now but it's a heck of a money maker year for investors we're diving in lulu then perhaps the most confusing market story this year oil up, oil stocks way down. plus a stat that will blow your collective minds as always live from the new york

times square and so much "fast money" right after ts. hi when you move homes, you move more than just yourself.

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lulu lemm. appear shares of the retailer, down about 4.5% right now. after hours the back of the results let's get to meg tyrrell apparently changing the beat covering retail. >> just yoga pants this is a beat on top and bottom line for lieu lemon and comparable sales ahead of estimates. the q4 guidesens was right what wall street was looking for. and stocks doubled year to date describing why some is copping off in the after hours the calvin mcdonald highlighted the contribution to growth among others in the conference call right now. >> momentum continues in the pant category in men's and women's column in addition we continue to expand the key categories of bras and outer wear with comps appear outer wear being strong and in men's i'm proud we increased revenue 38% this

quarter, the largest increase of the year >> and lulu laid out goals to double the men's business and digital business and quadruple internationally by 2023. the company saying it will double the story base in china this year. telling analyst the company is only scratching the surface in agy and china overall. he took a moment to comment on hong kong. noting they are monitoring events and seen minimal impact on business. but it'soff set by strepgt in the region. >> karen, 57 times trailing earning earnings, stock basically doubled this year. >> there was nothing wrong with the earnings. >> it was pretty good. >> it was pretty good. for anybody else. >> great. >> yes. >> and up $3 during the day. so down only net 3%. i think expectations are too high if you look at the chart it's a rocket ship. i think pulling back $7 isn't enough i'd want to -- more of a discount to buy it here.

but i don't know it's such impressive results when you consider the rest of the retail land escape they are crushing it. >> for more on the results head over to cnbc.com meantime, here is else is happening on the television. >> announcer: saudi aramco made big waves hitting the enacts in riyadh but how does it affect u.s. energy stocks? and later pot stocks burned through a quarter of the collective market cap this year. will they light up again the stories and more when "fast money" returns

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he is remaining as executive chairman but not the ceo the stock largely unchanged in the after hours on clr staying with energy, let's show the celebration that happened when saudi aramco made the long awaited market debut in riyadh ringing the bell there you go. >> there was reason to celebrate as well. shares rose 10%. that's the daily limit as much as they could in the first day of trading that move gave aramco a market value of sit down or stand up. nearly $1.9 trillion. >> stop. >> that's 70 oh billion, more than the valuation of apple. but that's nothing take a look at this chart, okay. saudi aramco market cap is now bigger by about a $500 million than all the publicly traded u.s. oil and gas companies combined together

every oil and gas company is about $1.5 trillion, karen and aramco's nearly two. of course we know saudi arabia wanted a higher valuation than what it got. is one of those stats -- every company combined in american oil and dwas, 204 of them are worth $500 billion less than aramco. is one of those misprovidesed, karen? >> or maybe both maybe u.s. oil companies altogether collectively should be trading highe >> that includes exxon, chevron. it's not just the little guys. because the market cap has been crushed by debt. that's the problem >> right so i mean if you are -- if you are bullish and there is debt then the u.s. oil companies you would think would outperform, right, retire relative to saudi aramco. >> this is 4% of the s&p 500, the energy sector. in 2008 it might have been 13% you have seen the market kwap of

the companies shrink relevant it to s&p and the nrpg sector is the where you sent money to die. it's generated a return since mid-2014 i want mid-76itious. >> down for a decade of gains. >> exactly i think. >> do you own any of them mark. >> i ownkinder morgan. 5% yield you got heavy insider buying. >> what about enterprise transfer rn partnering a clone but trades at half valuation but some argue just because kinner morgan is in the s&p 500 and the other is not. >> huge insider buying we like the exposure for the permian. getting paid to move stuff we like them. >> the explosive ipo of aramco is the worst performing sector of the year worst performing of the decade

and check this out, a very unusual divergence happening this is crude oil versus xop one of the big are oil and gas etfs. the xop down 20% this year crude oil up 30% this year normally trading together. not so this year let's find out where it goes and get off the charts mark newton of newton advisers mark. >> it's difficult to make a case for buying energy. i know it's fashionable to think mean reversion the secretary are has to snap back because it's oversold but you see the persistentdown trend in xop down 20% this year. over 50% from last september in order to have a little bit of hope you need to get up over $22. but anything under this would suggest you could actually fall into the mid-teens and so it's important to really put the charts into perspective and the price action you look at a longer term chart going back since 2016 where crude bottomed

this is substantial. right near current levels and prices now under this level. so anything under 20 and i would argue there is actually it can go lower if we see signs of crude breaking out above 60 production cuts iraq falls through and cuts as planned and demand can comes back crude moves up. we can see a bounce in energy. i don't see much technically suggesting it's there yet. thedown trend has been very persisten. with that in mind there are stocks i would suggest that can be bought here you have to be selective until we see the mean reversion snap back it's tough to buy the laggards you have to stick with stocks that have been strong. phillips 66 is one it's had a persistent uptrend the last six to eight months of the year last september was the former highs. now it it pulled back to aively will i like buying into this so former highs should represent support. 105 to 110 you can buy this. i think it gets back for the

highs near 123 the other than one i like is conocophilips. showing signs of improving of late you snapped this one-yeardown trend. the stock is performing relatively better. if anything, it's a classic case of needing to be selective in this sector. everybody wants to look at lumber jay and hashlten. the xle has rich names but in general energy is a tough place. until we see snap back you need to see evidence still proper to avoid it. >> mark are congo and psx, phillips are those good looking charts or just the best looking in the terrible neighborhood of energy >> i would argue that both of niece are some that you can buy. but yes within energy these are ones that stand out. psx would be one i would put money to work. 105 to 110 and look at congo as well. but you have to have tight stops in a group like energy where any sign of failure obviously with a

pruks cuts and you start to see crude sell back off and if anything you know that could affect the secretary are it's been a difficult trade. >> it really has debt 654 total billion dollars in gross debt across the space on $75 billion in net income guy. >> you know the space cold if the tv thing doesn't work out. >> well 22 years later. >> you could be in the energy space. you'd kill it. >> midland wearing over always and i've done that. >> by the way. psx major double bom at 83.5 the chart illustrated that the 122 level we failed at that's where topped out in august 2016. 105 is interesting this trades lower and you buy it not for any particular reason other than a 50% retracement around $100 or so. >> as we talked about debt is a huge story most of the companies have terrible credit ratings junk or near junk. but there are six stocks out there that are currently rated as a or better by s&p.

ready? here you go. exxon, it's triple a chevron, sclumberger eog six with the credit rating out of 204. >> a lot of debt out. >> about 150 rated any of those you like. >> it's a longer term you but i like eog not because it's oily because it's gassy. >> that is every person i talk to. >> if you think about what do you buy low, sell high, natural gas for the long-term. next three to five years you want in that space. >> okay. thank you very much. good discussion, mark. thank you for. we are on retail watch what to expect from costco reporting results tomorrow and later pot stocks, you know, they have been tough god go are gone up in smoke. but there could be new green, the kind you could make. we are headed to sin city. not literally we're doing it on television "fast money" is back in two.

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company. palo alto. jim, "mad money," 6:00 p.m. eastern. back in two minutes.

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sliding, whatever you want to see in tomorrow's earnings report down about 2% since mid-november it's not up. in the options market traders say betting against costco could cost up. danielle joins us to break down all the options being action danielle, what are you seeing in the omissions mechanic of costco. >> looking at the options market of costco we are seeing a sizzle of 2.5 times squauls times put buyer. we have costco up 45% year to date almost twice that in -- of the s&p. and so for me i feel that is causing retail traders to be bullish into the earnings report however, normally costco trades lower after earnings >> so when you look at that options imbalance, would you caught call it an imbalance, the 2.5 times. >> i would call it an imbalance. i'm not seeing unusual activity because the activity is spread

across of variety of strikes it seems to me a bullish slant. >> it is a bullish slant on costco we can see the implied versus the average. >> yes. >> you know, around the desk we'll come back to danielle as well costco this has been a good stock until recently karen. >> sure. >> do you want to dip back in on weakness or the run is done you made the money. >> looking at what you are saying it seems to me 3 peppers volatility versus 4 average won be a seller of the straddle foam you'd rather be a buyer it sounds like. >> honestly for. >> one way or the other. >> monthsly i would have to wait until after the report it proceeded lower out of the report and then went higher i would wait appear buy the dip. >> really, the idea is don't take a big betting position into costco hoping for a miracle on five-pound tubs of mayonnaise. >> well potentially. but i mean if you look at the

range, actually, you have a range between half a% and 8.5% move you could go with a straddle process. but four of the last eight quarters it barely moved for that reason i wouldn't stick with a straddle what do you think guy. >> on the last four quarters vascillated. down 9% quarter before up 5% stands to reason this is a quarter it rallies people are scared of valuation but you know, the stock has been impervious i'm on danielle's team you know, the definition of wishful thinking go to costco this weekend and check it out. the 80-year-old couple buys ing all the toilet paper if i get there i'm buying it buy the roll, just saying. a lot of fun costco. >> what you are saying is buy kimberly clark. >> that's the hedge. that's your hedge. >> is what you say or short kimberly clark. guy's dooms day scenario.

>> thaumg. >> you're welcome. >> i'm sorry about -- you're not sore is. >> not sorry tune in to the live show every friday 5:30 p.m. eastern time. up next pot stock. with who else jane wells at the largest marijuana business conference out in las vegas. you did a pottery tail giant store which is awesome now a pot conference jane wells, man you are flying zbloots okay i mean, it's beating working for a living the buzz here see what i did is that will 2020 be any better than the awful year 2019 was when we come back, the good, bad and the christian. when "fast money" returns. ♪ >> announcer: "options action" sponsored by think or swim by td ameritrade ♪

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all right and welcome back pot stocks have been taking a hit this year with names like tilray down more than 70%. but despite talks in the interest the bubble may be bursting some investors are lighting into the space. we get to jane wells at this year's largest marijuana business conference which of course is in las vegas jane >> hey, brian.

let me show you the good and bad. first good some companies doing well, planet 13 holdings owning the largest marijuana store in the world. cash flow positive, 3,000 customers a day. the bad. how the big publicly traded companies fared as the legal business model in canada isn't rolling out as quickly as expected veteran investor danne most he is says expect more m and a next year see the companies issue new stock to gin up cash and be cautious about the rush to hemp and the cbd craze. >> i think one of the things in the cbd market that remains to be seen is there really cbd in the product? as you test some products i imagine you find there is not. whether that's intentional or not. but that's another thing down the road but consumers should pay attention to that. >> now, meantime it's the biggest mj busy con ever 35,000 people and you never know

who you run into here. they let anyone in here. >> i think a little bit of a reality check year over year we were in such a different place last year. it was dutch flowers and i think the promise of 2019 is probably not the baseline for 2020 but i think build off of that for investors because you have shaken out a lot of deadwood. >> and finally just in time for christmas, cannabis for christians as entrepreneurs search for new markets. a new one, a guy who used to be head of original programming at m tv has cannabis ventures including god's greenery. >> what we found is there is a wave of krissens viewing krbld as god's gift of healing looking at taking control of the health and wellness journey. >> up next he says he has been approached about kosher

cannabis. >> i like it jane, a quick question is there any actual pot at the marijuana business conference? >> no, you can't have it in here actually we saw a drug sniffing dog here this morning. >> how did that go. >> let me give you the idea though well he came up empty. look at these plants back here since you can't bring the actual marijuana in here when they show off the products they have to bring in garden plants no pot in here smelled a little outside but nothing inside >> very -- i can't imagine that drug sniffing dog. >> outside but not in here. >> wouldn't be a bit busy just people walking in. jane wells, great stuff. we should note you just saw tim seymour as you know he is in on cannabis read all the disclosures on the website. what's your take on the pot stocks heading into next year b.k. >> they look interesting to me i think to the point that you had this big bubble and then

it's now bus and you start to see some of the kind of the froth go out of it, you look at something like canopy growth thousand that's traded recently. starts to tell me that maybe some investors are taking shots here the issue you have, obviously is they are not earning money yet and the regulatory change has taken a lot longer than expected but if you look to get into the space for the longer term i think in canopy growth at these levels is not a bad place to dip your toe in. >> after a 70ish percent pull back ralgss are reasonably now i like the multistate operators. green thumb is sana'a favorite in the space. >> you're talking about not most states. >> correct. >> sixteen it's legal. >> yes. >> you are not buying a product legally available in most space. >> green thumb operates in 12 states right now over 100 sees licenses only utilizing 25ish of the licenses they can quadruple revenue the the next few years without

additional legalization. of the 12 states five to six are likely approved for full adult use the next couple years. it's good potential. >> if the last story leaves with you a case of munchies up next we talk pot belly. one of the executives is leaving to go to a gym company pot belly to a quill company you can't make it up we explain when "fast money" retus. re sry alto rn

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all right. welcome back to "fast money. is your new year's resolution fewer sandwiches and more gym? well, you might not be alone kind of. pot belly cfo tom fitzgerald leaving the company to join president planet fitness management team. so in classic "fast money" fashion, would you rather. >> yeah. >> pot belly, guy, or planet fitness. >> every day of the week planet fitness. we are a nation now of people living a lifestyle that's not particularly healthy get your rear ends into the gym, folks. get out of the poll belly. i'm sure it's excellent sandwiches and get to planet fitness up have $5 a levels to currently levels i think it pushes the $80 level we saw a year ago.

planet fitness to answer the question. >> i agree i agree planet fitness as well we really lake the whole health and wellness theme over the course of the next decade. obviously pot belly doesn't fit. planet fitness does. the issue i have is it's expensive but i like the subscription base for current ref. >> you b.k. and i are sucking in our guts can't talk because i'm sucking it np. time for the final trade around the horn b.k. burger king what's up. >> fed today said they want higher inflation if you think the bond market has it rung btb. >> mark. >> broad calm. semis breaking out broad come follows a relative value play. >> karen. >> i like ulta i think you know still have growth at a reasonable price i know it took a hit recently. but dsh gosht a hit what jumped up recently but then pulled back a bit i like ulta.

>> guy adam y. >> you're a large tall man you're perfect. >> if i was like a garanimal i would be a hippo. >> ha badger. >> honey is. >> hippo. >> honey badgers. >> new month mining is all levels we haven't seen before. 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. i promise to help 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'm just trying to save you money. my job isn't just to entertain but to educate and teach and maybe do little coaching call me at 1-800-743-cnbc. or tweet me @jim cramer. i always tell you, almost 15 years ago, i said you have to avoid the battle grounds it's hard enough opening