but they don't have a case. >> no they don't. >> that would be very difficult for you. >> not many options. >> have to give you a real warning. >> we didn't get the wall street look ahead more banks reporting tomorrow and we're out of time. that does it for "closing bell." >> "fast money" begins right now. >> thank you wilf and courtney live from the nasdaq market site over looking times sfaur this is "fast money. i'm brian sullivan in gwen for melissa lee and the traders tonight are mr. tim seymour wrieen kelly chyronen owe karen fiernment and guy adam kbr tonight on fast a wild ride on wall street. all indexes setting new intraday records. what can we expect when phase one is signed tomorrow in more gains new pains? we take you live to washington and check out bitcoin. remember bitcoin surging more than 7% today,o, b.k. that's what's behind the run? and can you name the mystery chart? we make it easy.

this stock hitting a century mark that's right, a $100-year high for this company any guess sns send it on the twitter feed we reveal the answer later on in the program. all right. all that ahead but we begin right here with what some are worrying could be ipo's gone whiled wild check out the morpt moves in the the recently public named np beyond meat, smile direct, ub err. up double digits this year np smile direct up 34% uber up 17 beyond meat up 5 a and we're only 9 trading days into 2020. now many of the names are still well off the all-time or ipo highs. so is the recent rally too far too fast and if so which, guy adami of those names, if with with you nicked one of the names shone would you say this is the most worst and ee egregious example of momentum gone amuck. >> the most momentum gone amok

beyond meat is fascinating to me it went from 75 to current levels in a straight line. but also off the 240 level we saw in july. i don't know if necessarily run amok they are well off the highs to your point the i had bigger picture or broader theme is we spent time talking about we work. en it's not particularly interesting. but i think one of the many intended consequences of specifically banks specificry the fed, is they made investors raze what do you need to know well softbank was posed to be the best investors on the planet they invested at 47 billion-dollar willings valuation. and now it seems to be happening in publicly traded companies i think that's a reason for concern. i don't think, you know, it's necessarily the red flag but it's one of many red flags >> well, i agree on the fed analog if you think about where we were

a year ago, we were pricing in looking at the forward curve three fed wicks hikes and continue unwind of the balance sheet. we did the opposite got three cuts and essentially added $400 billion to the fed balance sheet. that's what guy is talking about. this is the manifestation of that i don't think everyone one of the companies can be painted with the brush if i had to take one of the companies that's interesting it's lucken. based upon obviously they are the opportunity to be starbucks in china you know this metaphor we talked about it last week, karen. remember the convert issuance and the stock was killed after that and some of the biggest hedge funds in the world are in this name do you want to buy the convert except think they are taking market share and that's a growth story i like. >> i think, karen, the point of the kberz is maybe all the names are great. now they were ignored many of them or sold at ipo.

so something either fundamentally changed with the story in the past three weeks, or this is just algos and hedge funds and high frequency trade esper riding the tape until until they can't. >> that's the main thing driving it but one thing they have in common is big short interests. that starts a virtuous or vicious cycle dependingif you are long or short of buying. beyond meat, 25% smile direct which to me is the most volatile, of of a% short interest. >> guy, i need to apologize to you because the last time we talked about smile direct i suggested you might benefit from the product. and i got nasty twitters. >> and i grew up in northern west chefrpt not southerly the west chefrpt we didn't have the funds for orthodontists. i have feelings too. >> we hashed it out. >> bring it back in, karen. >> a couple of things about smile direct, yes on a tare the

last week. they've had good news with wal-mart and now wholesale to orthodontists but that's big news but this stock was 20, 45, now it's 11.70 after a huge run. some of these are gaming -- gaining price back >> the point is they had news. smile direct had some news they are selling to orthodontists by the way, the entire unmodel. the whole model was don't sell to orthodontists at least they had news many of the other names are trading on no news >> it's the short interest in my view the short interest. >> that will run out >> that will. >> and everyone covers. >> i think you take this list of stocks and put it up theren a say when the market starts to turn over these are the ones you want to sort or sell smile direct being number one on the club >> why is that >> primarily you think about dentistry and cosmetic dentistry that's the first thing you cut out if there is a recession or

the paycheck is cut or not making the money you used to make the first thing you do is cut out cosmetic dentistry whether needed or not. that's number one to short not now because of the 56% short interest it could keep running you could get killed. >> tim, would you agree this is not the time if you were thinking i don't like beyond meat, smile direct, lucken, this is not the time to short the names? >> you can have plan and you can certainly take exposure on the option market. you can measure the risk and i think if the valuation is absurd i think you don't necessarily need to put it all on today. you can leg into the trade i will just say that if you remember back it was only october when high multiple story stocks structurally unprofitable were the last thing you wanted to own it was not that long ago we were having the exact conversation in reverse. we will get back it doesn't mean we are bad companies. it's coming back to valuations in the market when we're in a risk off off environment these will be the first to go.

>> i could throw two more on here occidental petroleum up 14% this year i could throw in l brounds down 24% over 12 months up 10.5% this year. >> sorry, guy. >> i don't know what changed with the names >> they are different but var in that there has been news out with l brands specifically quickly i'd like to go off the board for 500 if i may in this conversation we didn't mention lyft in the conversation but i think lyft is different than uber. it has a pathway to profitability. last two quarters good they report in a couple of weeks. you had the stealth rally in lyft i don't think it's get being back to the 63 level we saw in the summer but it's destined to trade in the low 50s and percentagewise that's a big move. >> quickly, brian one you you spend time on energy the turn around in oxy is all about the reassessment of the energy sector. companies run for equity investors again. the fact we see energy prices

and commodity prices crb, things accelerating after years of basing. i think the energy sector is different. >> a good salone elesson, go to the check out short interest you should always know the short interest in name you own lets talk about the monster moves in the market and what's happening under the hood chad morgan lander, from washington cross attention advisers and value investor. you have to be as a value guy watching this tape, watching the names and wondering, well, what everyone -- >> everyone here has been quite cautious in telling investors to shy away from a lot of the speculative excess talking about the federal reserve lowering rates and being too accommodative. if you raise rates by 100 basis points or the 10-year wend up 150 basis points, the group of names we spoke about would be vastly different the valuations vastly different. >> you know, i want to give credit to the team here and

other traders around the desk. because the easiest thing to do would be to say get on the momentum train maybe leaving some on the table. but these are risky trades aren't they. >> absolutely. and that's what we caution momentum right now is in style for the time being but the reality is that investors should not pivot the portfolio to companies consistently growing, comfortable. profitable rofen track records over the last five, ten years story stocks, when you get the federal repivoting or global growth disappointing a lot of the multiples come down quite a bit. >> when you think about value, how do you define it something cheaper than the history, the s&p multiple how duke about it. >> we think about value and quality. so we don't mind paying up for a quality company. like a hormel or like a starbucks. but as an investor one should focus attention not only on the

pe multiple but all the debt that's on the balance sheet. really look at the company as if you are a private equity firm and give a cautious view to everything you want companies that are diversified from a prd lineup perspective. from a client perspective appear reinvesting back in the business and a lot of the companies what they're doing is at a they're taking on debt and buying back stock. >> chad every time we come in try to paint the cautionary tale from time to time we try to speak about the market but the market, the performance is the ultimate judge and jury and your position, how difficult it is to watch the market goe up every day yet stick to the knitting and talk to your clients and environment where again the market seems to go up regardless. >> so my colleague kevin, my partner and i run a rising dividend strategy. and we're fully invested rising dividend stocks under this discipline have participated in the market upside relative to the value index but also relative to the

s&p 500. so you could buy companies like this and participate in the upside you're not leaving anything on the table. though the story is what happens when you get a market dislocation or a credit dislocation? when you have high debt companies and you get a credit dislocation, that's when it becomes vicious. look at some of the good quality blue chip companies with huge debt on the balance sheet you see where they are now that's what we recommend on equity side, quality rising dividend companies >> so, banks as far as the outlook on a sector for banks reporting today, karen's questions about banks relative to themselves and relative to the s&p you can make an argument that banks are not cheap relative to themselves but cheap relative to the s&p and showing earnings momentum what do you do with banks on a day when obviously they made monies if you've been an investor in the last six months. where do you go. >> right now we have a neutral weighting on banks

the bank story for us is about the curve. we believe maybe you get a marginal type of move within the curve where the 10-year bond perhaps goes to 2% but that's going to be the story over the next 18 to 24 months. i know that right now it's about the federal reserve. they've given a bit of push on the speculative excess side. that's given a push to financials but we are right now neutral >> all right chad morganlander good tough tp cautionary words good words we appreciate you very much karen i want to ask you about the banks three big numbers today. >> yes. >> we got more this we can you were happy with what you saw today. >> very happy. i don't own wells fargoo foorg that was fine. >> good for you. >> the jp morgan the bar was high and they exceeded. >> what do you think about jamie dimon as a human. >> i think he is fantastic love jaimie dimon didn't talk as much as he normally does maybe he was out at the health care

conference but he is an extraordinary ceo i did see the five years again until he retiring, the rolling five years. >> you invest in jp morgan you put a call option on jamie dimon effectively. >> i think there is upside to jamie dimon is that what you ask. >> as long as he is there own the stock. >> yes, i actually think -- he is an extraordinary ceo. it deserves a premium and they have done an outstanding job for years. >> the one thing we talked about last week and chad alluded to it when you talk about the waengs the yield curve as flat as it is is bad for the regional banks. that's why the small caps have not performed. you may want to go with the big cap like jp morgan with the diversity. the reason they beat so well was because of the trading alum, fixed income kmom commodity and currencies a lot of the regionals don't have that refer. you want to be concentrated in

the banking secretarie >> i thought you were going to surprise me like he was here you really like jamie dimon, right. >> karen finerman, guess what. >> once against, i have failed i hope to some day surprise new that way >> i'll bring in johnny dimon. i will find a guy. fedex and amazon have kissed and made up. why the companies are getting back together and what it means for each stock a big deal plus competing calls on apple was the tech giant gets ready to jump on the 5g train will the technology really be the catalyst many are talking about? as always watch us live on the go anywhere on the cnbc app. if you haven't dnldeowoad it do it now. we're back after this. from managing inventory... to detecting and preventing threats...

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♪ >> there it is >> we're not playing this song just because it's tim's favorite on the way home. this is because it's a relevant story to the markets and your money particularly for fedex investors. amazon has reunited with fedex

amazon told third party sellers to stop using fedex over the holidays but fedex gaining 2% on the reversal short term or mending. >> well clearly a mending. but i think the fedex problems are fedex pesk they shot themselves in the foot last 18 months they topped out in early 2018. and since then it's made a series of lower lows and lower highs. it culminated with a bernstein downgrade. where they rang the bell and the move is stark to the upside but it's gotten ahead of itself which you're asking me, i'm incollideo cliepd to take profits rather than get in a new position. >> part of it is management and is fred smith ready to step aside in there is speculation some of that may be beginning. because this is one of the great ceo thes out there to be clear but the way they handle the last four quarters is something where people lost interest

yes trade wars but integration at tnt and which business segments they went after i'm long fedex where trough multiple hasn't meant anything trough multiple has been for a reason i guess but the breakout on the charts above the 200 to tease there it's playing the game there and if you look at the institutional ownership of the stock it's underowned >> well from the roads to the skies and shears of delta higher after a blowout quarter. any say low fuel prices and surge in demand driving the beat we heard from the delta ceo on cnbc earlier here it his take on the record quarter. >> the demand was really healthy. it was a strong holiday period as a result of that we were able to take revenues -- grow revenues, grow our capacity particularly domestically and delivered great results which we see going into 2020. >> karen big in the airlines

space, talking about delta you must like the results. >> they were impressive and i think the street wasn't expecting anything so great. and premium revenue business class. those are high margin dollars when they can sell that way. they did a great job there i think that the stock's not expensive here it's cheaper today here up a few% with this information and their outlook than it was yesterday. i still like it hanging onto it. >> i think that's interesting. because you don't usually see a stock that's up that becomes cheaper. for me when i look at it $65 looks like decent resistance we have run from $50 up here 11 bucks i would wait a bit and let it prove out this is information over the holiday period things are great what's the outlook wait a couple of weeks appear see how it trades. and even wait for that breakout above 65 once it does that it's off the to the races >> you can catch the full exclusive a at the ceo at

website at cnbc.com. in the meantime here is with what else we have come up. >> former home depot ceo bar bob that are deli that is thoughts on the state of the u.s. economy and president consumer he i was gives us the lodown plus are pot stocks keeping the recent highs going what you can expect from the group this earnings season that and more when "fast money" returns.

all right. welcome back to "fast money," everybody. it was kind of a wild day on wamz we started on the s&p 500 lower. started climbing up record highs every time it's up

you have a new intraday high we had headline crossing perhaps the tariffs stay on after the signing of the phase 1 deal, the tiefrs might stay op through the election then people began to realize as we talked about on the air and jim cramer chimed in that was already known nobody expected the tariffs to stay on but yet the market while some people maybe searched for thence and the al government os got hold of it sent the markets down 150 points down in 12 or 15 minutes. it shows that move that how sensitive we might be to any headline given the moves given the valuation. >> pick your owing y we area i want deja vu all over again. we have through this all over again. and we have chuckled how creating tension has allowed the market to move higher on not necessarily getting anything back

maybe genius by the way. ultimately as we talk about often when we get to the core of what the trade conflict is about. it's seemingly mostly about ip and seemly most about protection of the technology and control of the internet 2020 and the next 100 years. i do think when people have been looking at the impact on the economy, the good news is -- and we have had a lot of economists on the show and certainly strategists. but the guys looking at leading economic symbioticers and impact are saying nothing, it's all good. >> good stuff there. okay lets talk about this phase 1 deal because the big day is tomorrow. the united states and china will close the first chapter of this trade fight with this signing of the phase 1 deal lets go to kayla tausche in washington with more on what we can expect and kayla, what may or may not be in it. >> brian, we expect the entirety of the deal will be made public tomorrow after the signing with the u.s. and china sign the phase 1 deal there will be a ceremony tomorrow at the white house. but it will not be accompanied

by news of tariff rollbacks other than what's been decided in the statement provided by ambassador robert lighthizer and treasury secretary steven mnuchin. they say there are no other written or oral agreements between the united states and china on the matters and there is no agreement for future reduction in tariffs. any rumors to the contrary are capturingically false. now, that's raising new concerns about the long-term impact of tariffs on business investment and the economy. even though the white house position has always been the tariffs are on until they're not. the question now is what happens between january and november president trump has been said he will be traveling to beijing at a later date, according to this tweet on december 31st to start the talks on phase 2 but two outside advisers to the white house suggest the trip is likely to happen in the fall to generate positive preelection momentum in the economy. as the president headline in milwaukee rally this evening the

executives will dine in the office before the midday event in the east room tomorrow. billed as the most formal and large scale ceremony since the nomination of supreme court justice brett kavanaugh which took place against the same back drop hundreds of attendees ranging from ceos to farmers to republican lawmakers will be present. but as impeachment proceedings develop on capitol hill, brian, no democrats have been invited but it will be standing room only i'm told by the seen yerp administration official. >> all right, kayla, thank you very much. tomorrow a big day we're hearing more about phase one of the deal twice tomorrow and cnbc interviews. you can't afford to miss treasury secretary steven unusualen on squawk box. later on, larry kudlow, sfauk on the street how can we expect the markets on maybe the economy to react lets bring in a guy who knows. bob that are deli. and transportation among other things, bob it's great to have youen on a day like this.

>> thank you great to be here. >> we have the uncertainty around trade and tariffs with the signing of the phase 1, okay you've been a ceo still onboards is the uncertainty over? or has it stayed the same. >> what i'm hearing from colleagues big and small corporations is adapting to the certainty of uncertainty we talked earlier about social media and the impact it has on the market we talked about the political -- geopolitical, iran we talk about the tariff situation here i think corporations today, again, big and small, are taking more control over their destiny. and i don't want to say ignoring the market but certainly doing capital allocations, looking at areas of growth. today they have to innovate or they'll evaporate. we see much more money in trying to avoid being disrupted i'm really, you know, excited about 2020 and what i see both

in the private equity side, a lot of the companies we have in the family office, and certainly some of the public tradings we talked about here today. you were talking about delta and i think ed is doing a fabulous job. probably the best airline out there, you know, his. >> he does not have a boeing problem. >> he does not the assets are strong. the capital allocation look at la guardia -- i do about 200 nights a year on the road with delta wherever you go he upgrades, cleans and improves the comfort for the traveler doing a great job. >> could i ask a question. when you talk about being flexible and transforming themselves is that a balance sheet issue of having capital or is it a splay chain issue of not being, beholden to whatever the china-u.s. situation is? what are they doing. >> there is no question. you talked about jamie dimon

and jamie got a lot of criticism out of the business round table doctrine that came out everybody said, boy, you have reduced the importance of profitability. that's when people think vertically about priorities. i think horizontally it's both stake hoerlds and investors. you know, the financial investors. process if you take care of the stakeholders, the employees, the communities in which we are privileged to live and work. it has a positive impact on the business and therefore the investors benefit from that. that's number one. i think number two, you know, people are looking at supply chain. we have a bunch of companies in the family office. we are being inundated by companies not in china trying to get out of china we have -- a company does contract board manufacturing electronic board manufacturing plants in vietnam and a bunch in the united states. we're asked continuously how fast can you get us up we have what kind of value we have done five bolt ones this

year in response to volume demand i think people are understanding the importance of supply chain look at the big box, the issue with china, the impact on potential tariffs brought the stocks down. you look today, they're back up with the news. whether it's home depot or lowes or big box menards you see the positive impact. >> you you mentioned the geopolitical if you are an ceo or investor like now are you looking to invest in the u.s. or is it still a global playing field. >> i think you still have to think locally and act globally that's the saying i got from jack welch but you have to pick your spots you have to be smart about the markets you are going into and you got to be careful if you're not liking parts of the legalities or the governments or so forth this is not something you move in and out of. you have to be forward looking at the environments where you put the assets down and make sure you are there for the long a haul these are not something you put on the barge and move the

factory to the lowest cost areas. >> tonight we have a democratic debate senator sanders really made incredible strides over the last few weeks. is he an exoxygennous event for the is to stock market, his potential candidacy for president. >> well i don't like to talk about particular candidates at this point it's a little bit early. i think that,en a you know, we have to see how, you know the independent if you will bloomberg plays out in this thing. and what kind of reaction he will get if he spends a billion dollars can you really buy the votes or is the issue of the major -- you know the center which is going to be predominantly influencing the next election, where does he come out on that more than the other candidates you mentioned? best guess for the economy this year quickly, bob, recession or no. >> no, i don't think there is a recession. i think we will see a gdp between 2 to 3%. >> pretty good, not great. >> not great but pretty good off

2019, isn't it if you are running a companien a you're up 20% last year another 2% or 3% on is good. gdp is 70% consumers consumers are strong, thank god, right? and we're seeing real solid aspirational desires of our consumer sure, we mentioned earlier there are some retailers that aren't doing well but on balance a lot are doing well it's a combination of what i call bricks and clicks and if you want immediate gratification you're get going online if they can't deliver it in hours you go to the retail store. the optionalty, the omni channel approach is effective. and companies realize that i went through a doctoral process with a major retailer how they look at price, delivery, how they look at family formation, household income and where they put the stores and the locations, what

kind of skews they are offering online, the plethora of skews versus representative in the store. retail esper are getting smart in the old days cash was king. right now they have a partner called artificial intelligence people no longer just making gut decisions they make data driven decisions. that's why we see the better performance. >> it sounds like oil. you don't drill many dry holes anymore. great to have your viewpoints. >> happy new year. >> happier >>. >> karen if he is right two% to 3% hop that's good. >> stay long and strong. >> stay long and buy protection, right? volatility -- the virks today on that one headline, the 15% in a month. just gives you a sense of how sensitive. >> it's a jumpy market feels that way. >> yes. >> which says to me maybe guy, it's priced to perfection. >> that's what you spoke about on your show at power lunch.

jim made a good point. the market was down 40 points. i think jim asaujd a lot of concerns out there but to your point, people have their finger on the trigger. for let eye of reasons for good reason. >> guy, thank you. >> coming up a tale of two apples you may say the best of times and one may say it's the worst of times and slaps a sell rating on the stock how dare they? we will explain. as we head out another look at the mystery chart. this stock hitting 100-year-old highs. send in guesses to the "fast money" team. ants be too many companies. were revealing the name coming up hey, saved you a seat. this round's on me. hey, can you spot me? come on in. find your place today, with silversneakers.

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welcome back tp two analystists are very different takes on apple today the dualing calls of today. ubs raising the price target to 35 a but optimism they could sell 5 a million iphones this year on other side atlantic equities downgrading to under wgt fancy word for sell. saying the 5g revolution is priced in. as of the downgrade more than 16% of analyst era analysts have

the under weight rating. but that's the most bearish they've been on apple since 1997 who might be right in most of the bulls wsh bear sns minority is bears >> the in hindsight the bulls were right i'm not sure the bulls at the parabolic move 90% in the stock since june are necessarily in the right place to upgrade aggressively i'm an investor within owner of apple. i'm impressed by people things talk they talk about the dividends, buy bshlgback was be the balance sheet $50 billion in free cash flow on an online basis you could go a lot of good with that. the rerating we talk about on the show that shouldn't be necessarily pricing in 5g which is an end of 2021 thing. i think it's more about services, digital, wearables, people getting excited about the air pods and things you can't buy in stores. that's the story. >> i agree with tim.

the there are a lot of people saying this side of the desk, me specifically, you missed the move yes from 280 to current levels 10 oh% but in the spring we talked about the pathway for the stock to get to $280 we talked about a 19 multiple off the next year's earning close to $15 a share the last 12 to 15% is clearly caught me off guard. but it's much much what's going on with the rest of the broader market indiscriminate buying. i think in this environment -- i'm not saying to short it or sell it necessarily. but i think you can make a compelling argument that a re-test of 280 is not that out of the question. >> what's weird about it, b.k., is that i look on fact set, there is about seven sells or underweights the price targets go from 375 on the up side to 1509 on the down'd process , sr. 225 price target on apple.

this is not a tech stock with the money losing company gives solid guidance, never far out of the range how does wall street do that. >> what you have to look at is what's priced into the stock i think that's what these two different analystists were getting at is 5g priced in or not to me it's helpful in the situations look at the chart the chart is straight up it's parabolic we alluded to. i don't care if it's apple, bitcoin or the triple qs in 1999, 2000 when apple goes straight up parabolic everything is priced in "fast money" i'm an absolute is the is the seller maybe i miss it by 10% or 15%. >> taking profits all over the place. >> i'm long but nervous. they report january 28th we get clarity but the run up to earnings, the bar is getting higher and higher it's difficult for them to. >> are you buying protection. >> i always like buying protection. >> like on the markets as a

whole. >> yeah. >> a little bit on apple. >> or sell calls against it. >> good stuff there on apple $a 225 swing is. >> but the volatility in the upside is part of that folks just haven't caught up i don't know how far back the 225 goes but for let eye of people it was only six months ago you could be way off sides. >> as always, it's a bird, a plane, no it's b.k. -- no, the -- it's bitcoin. don't get all excited. >> i thought i was flying. >> bitcoin soaring today and this year what's behind the move our own kripo baller the man with the cape perhaps. brian kelly. and crypto to cannabis there is the under the radar rally happening. and we'll discuss which names nay be buys for you. stick around low sugar tastes great! high protein low sugar so good! high protein low sugar mmmm, birthday cake! and try pure protein delicious protein shakes

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welcome back to "fast money. if you have not been paying attention. bitcoin going bananas thisyear it's up around 22% this year inchesing closer to the 10,000 level it hasn't hit since september. b.k., i content want to call it a comeback. >> i wouldn't. >> don't call it a comeback. >> but listen bitcoin was to. >> lets be clear

after this drop, why the sudden reinterest. >> one bitcoin was the best performing asset last year, up over 80% this is not a come back. >> off of $20,000 peak off the 70% dlak it does that every several years. if you look at markets that's a typical move for bitcoin up 80% last year momentum continues this year up 22%. i talked how the price of kboip was mispricing the a address growth what you started to see was people' address the underlying fundamentals one fundamental looked at was the growth declining the exact opposite right now the bitcoin price has got hated of the address growth. like i said about apple, like i said about the triple qs in 2000 when the asset goes straight up a lot of news is priced in

i think there is huge upside foa closing down more than 8% on missing eps on guidance. and cannabis products lan banned in quebec and alberta. still the afria reported positive adjusted ebidta for a third quarter. leading jeffreyys to see they are the topic. the canter fitzgerald theycy a speculative buy. during the day the casby etf mj

up more than 1.5%. urge inning signs today. the canadian recreational market is projected to triple this year as vaichg appear edible and drinking markets on the shelves. competition with the mack market, the prices about 40% than legal recreational cannabis update pd numbers expected a week from today and will provide insight for investors. also, store openings another issue especially in ontario where a third of canadians liver. only 27 stores open right now, could panned to systems 250 by the end of the year. still the perception by company leaders and even analysto analysts there are not enough stores for demand in canada. >> franke holland thank you very much staying with cannabis we spoke earlier today with the new tilray ceo on power lunch where he is looking for the next leg of growth. >> there is a knowable global growth opportunity in terms of medical cannabis where we go from 20% of the

countries to 40, 50, 60% of the countries in the world legalizing it. >> all right before we go on we want to mention that tim seymour is all in on the space. long a number of names a portfolio manager of a cannabis etf, also sits on advisory boards for cannabis companies and for all tim's disclosures you can get go to the fast.cnbc.com and what your take. >> the tilray store is they are moving in consumer packaged good veterans revlon veterans and places from crocks and other places to the c suite. make no mistake cannabis is a cp the g story in disguise doesn't matter on some level it's about destruction, branding all the things that some of the best consumer products in the companies in world do. that's where tilray positions themselves the good news is if you are thinking about the top macrostory, the addressable market in cannabis is growing. this is the good news. you may not get federal legalization in 2020

but look whapds with illinois went full adult as of january 1. this is a off the charts successes. cuomo last week that new york wants to be fully adult by the end of 02 having the entire east coast ready to roll. the country state by state is moving to an entire open market even if the federal falls back valuations didn't make sense a year ago a lot don't now. but you see very clear separations you can play relative value and pick winners here that's what the market is doing right now. >> what's interesting you're starting to see -- not to say they are all speculative but the cannabis stocks were a sfek la active part of the market. you're seeing people selectively come in this to the extent that this is an extension of everything that's going on in the market, it looks like people have come in here and said, you know, we're picking the top two or three and play this for another run. >> all right good enough there there guys thank you. up next we reveal the mystery chart today.

the century-old company hitting an all-time 100-year high. that name ahead and check out the cramer cam jim live from san francisco. and he is sitting down with the ceo of medtronic be sure to camp the west coast edition of "mad money. ckig "ston" ime,fa meyis ba rht after this. memory loss related to aging?d prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life.

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all right. welcome back to "fast money. trade will be front and center for the markets tomorrow because remember the u.s. and china are set to sign phase one of the trade deal. how are options traders positioning themselves ahead of the big event? lets find out. get to mike khouw in san francisco with the "options action." >> hi, there yeah i was looking at fxi, the i sharps china large cap etf, trading five times as many puts as calls today we definitely were satisfy era seeing bearish activity there. the most notifiable trade i saw was a january 2021, 40-4224 call are. in this trade the trader woos buying the puts spiering january 220, 0, a hedge for

150,000 shares spending 87 cents a share for the trade. giving insurance should fxi drop more than 11% by a year from today and still gives them upside for about 16% i would point out in the short-term looking ahead to the trade talks, what in really is going to be doing is reducing their exposure to fxi by about 50%. so basically they're looking to hedge their bets but still maintaining a modestly long position if you look at the for the implied volatility in fxi what you see is they have risen over the course of the month but below the one-year onch average. i suggest that the option traders remain sang win right now. >> what's it going to take, iran, trade deal, brexit what's it taking to get volatility back in the pricing >> you know what it's going to take is of course volatility in equities generally that's what we haven't seen.

looking at the vix you could see that was low today why is that? the s&p just hasn't been moving around that much lately. and that's one of the things the cost of insurance goes down when people don't see the risk the risk is going to be exposed when you see 1% plus moves op a daily basis. and we haven't been seeing that. >> mike khouw thank you very much as a reminder you can see "options action" every friday at 5:30 p.m. eastern time up next, get ready to smile. that's a clue for the mystery chart. 100 year highs plus the final trades. stick around ♪ >> announcer: "options action" is sponsored by think or swim by td ameritrade. ♪ ♪

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final trade spopserred by interactive brokers. it's time to reveal the mystery chart. the stock ipo add. this is coca-cola. final trade, tim. >> you can buy coca-cola in russia rsx actually to all-time highs ruble is your friend. >> you know what's interesting here, the copper market looks interesting. fcx a way to play it. >> yes selling upside apple calls as we discussed earlier in

the show taking big volatility and play for earnings >> unh reports before the bell buy unh post earning release. >> great hoe at always a big west coast "mad money" with my mission is simple, to make you money i'm here to level the playing field for all inors. there is always a bull market some why, i promise to help you find it. "mad money" starts now >> hey, i'm cramer welcome to "mad money. welcome to the west coast of krayemrica my job is to entertain, teach it, put it in context. call me or tweet me. today we had so much good news that it was almost overwhelming. at least until we heard chatter that white house may keep the tariffs on c