players strike in 1981, two halves of the season each half was as long as they're going to do right now. better than nothing, but not much. >> they missed that point too. those agreements put into place, remember the club owners said we're taking those out no more playoff expansion. these are issues both sides missed out on because you're missing jobs being added should you have a universal dh. these are just things that are going to be taken up in the next collective bargaining agreement. we'll see what happens then. >> we're out of time on "closing bell." "fast money" starts now. "fast money" starts right now. coming up, more room to run. morgan stanley's chief equity strategist says we're just getting started.

guy is introducing his wynn-dicator we start off with another record close by the nasdaq led by big tech, apple, microsoft, amazon, facebook all hitting record highs today. the five biggest companies in the s&p 500 account for nearly a quarter of the index's total market capitalization. how long can the leadership of these names last >> if you look at the nasdaq 100 has outperformed the s&p by 28% year to date but by 13% since those march 18th low amazon and maybe facebook were somewhat defensive here for real reasons related to the core business but some of the others have been defensive because of the size of the business and these are companies that you

know are going to be tomorrow. that's really the story. it is important that pmis around the world over the last 24 hours were quite good. you actually had a major recovery across europe i think people are starting to see data points that matter. all that really matters is the fed reserve. based on 2022, you can start to get a normalized profile but it's a long time to wait. >> you've got to follow the fed when it comes to this market >> right i don't see that changing at all. tim talked about europe. they have their own mini fed going on taking their buying program up to 1.35 trillion. i own a bunch of them. they are getting expensive i don't have an alternative, though that's the thing

they're not crazy expensive either netflix is put in its own category and its own balance sheet. the facebook, the alphabet, the microsoft, the balance sheets are fantastic and the gross is there. so hanging onto them >> when i said haters are going to hate at the top of the show, you know i was talking about dan and guy. dan, go ahead. why should you hate this rally still? haven't we proven ourselves here i mention economic data around the world is improving, we're reopening here in the united states 5,000 new cases in texas, by the way, a record high. >> right isn't that kind of the point i told you a couple of weeks ago i'm far less bearish. the day the fed came in and said they were going to buy individual corporate bonds they made it very clear they're

going to do whatever it takes. karen just said she has no alternative. she's going to coronntinue to pe into the perceived winners of the pandemic, which is a really sad expression to say. but when you think about it, what did the pandemic do it accelerated all these tech trends that we've already had. i guess the risk that i see right now as it relates to the stock market is we have a mega cap mania here and we have on the other side of this as far as technology is concerned, we have a bit of a bubble in some one-trick pony sort of situations like if you have to call a zoom or whatever where you're seeing the adoption of their product in a massive scale. talk about earnings, you know, karen just said they're starting to basically value the stock market on 2022 earnings, getting back to the 2019 peak. think about all the business a lot of these companies have pulled forward on the bubble side, not the mania side so the way i see it is that this

is going to continue to be the trade until it's not but i want to make one really important point. we know mega cap tech has been this massive deflation theary f. we have interest rates near zero there's going to be some correction that's going to be very very uncomfortable. zoom is taking aaway from the hospital sector, from the entertainment sector spotify is taking away from broadway, from everything sports, everything you would have done otherwise. at some point there has to be a bit of a reckoning >> i want to get to guy, but on the point bubble, bubbles are only a problem if it poses some sort of systemic risk to the market i don't care about an individual bubble in a name like zoom if zoom pops, presumably it's because the other parts of the economy have picked back up, so people are off of zoom and going

to sports and concerts and shopping and all that stuff. >> not exactly i mean, when you have pockets within the stock market that are very susceptible to valuation shock, there's a lot of negative things that could happen once those stocks start careening that's what the 2000 nasdaq bubble pop told us that put technology in a recession for years. i think it's very easy to be cavalier about this sort of thing, oh zoom is only a $50 billion company trading at 40 times sales. that's kind of abnormal. i just heard howard marx say the s&p 500 trading at 20 times is far less than the 30 times it was trading at 20 years ago in the nasdaq bubble. there are plenty of bubbles within this stock market mania. >> last but not least, mr. adami. hi. >> so it's funny my apple device has been blowing up a bunch of people texted me.

they said tim looks like he got off the recorlords of flatbush h all this stuff in his hair i don't see it. >> i don't have the stuff in my hair, the hair would be taking up the entire screen. >> i'm not only the hair club president, i'm also a client. [ laughter ] >> wow nice job go ahead, guy. >> sorry about that. there's that saying that i learned when i was younger many years ago, don't hate the player, hate the game. that's sort of where we are in terms of this rally. apple i think just to name a stock, i think it's been close to 300 different etfs. you're talking about a stock that just gets dragged higher a lot of times on the back of all this passive money investing to me, that's somewhat

problematic. we said a few weeks ago when the stock starts to break out, the run probably has some more room in it because volume-wise you weren't seeing huge volume in the name as a matter of fact it was trading up on mediocre volume at best today was the first day in a while that i've seen apple trade north of average volume. i think average volume in apple was 52 million shares. that's something you should watch for sure it's not necessarily there are bubbles in the historic sense of the word, but there's a bubble in complacency and a bubble in the fact that everybody seems to think this market is impervious. they've been right last night, by the way, is a great example of one slip of the tongue and the s&p is down 40 handles. go back and listen to what he said i think there's a lot of truth to this u.s./china situation getting worse before it gets

better. >> let's bring in mike wilson, chief u.s. equity strategist at morgan stanley our panel is split down the middle in terms of being on board with this rally. what do you sebringie bringing s hi higher at this point >> tech was the leader today i guess what i see is that we're getting tremendous breadth in the marketplace. most people like the returns year to date, but since we went into a recession i think you have to restart the clock. that's what i look at for leadership what's been leading since the market lows on march 23rd, that was the recession low. since that low, the order of outperformances energy, consumer discretionary, then tech and industrials. at the bottom of the barrel it's

a cyclical or defensive trade. that's a very bullish signal it's basically saying we're in a new bull market and it's broad i think it's a constructive development. >> is there anything wrong with the way the market is structured in that five tech companies make up about a quarter of the market cap for the s&p 500? when you say it's broad, you're talking about the gains and not the waiting in the market. structurally, should that be a concern? guy was mentioning, you know, a lot of these big stocks are in a lot of different etfs so they get dragged up if we see any sort of dash for the exits, it's going to exacerbate that on the way down. >> look, i mean, i'm the first one to admit that i'm surprised that group of stocks is holding up as well as it is. usually when you get a new cycle, the former leaders tend to shrink in their contribution, but they're holding onto that.

they're not outperforming so much but they're keeping the size of the market they've had and that's unusual i'm kind of in dan's camp where i do think there's been some excess in spending in the tech space. i don't think it's as bad as the late '90s but it's the same idea there's probably been a pull forward of demand because those companies were the winners in the lockdown i think we'll figure that out later this year. that will provide some of the fuel to see some of the groups continue to do better. i don't think it's so much that tech has to gone down. it's unlikely that group is going to be the traditional cyclical outperformer it's been because it never really had its downturn it's been the beneficiary of the late cycle and the early cycle because of the nature of this recession. that's unusual there will be payback in my view. >> you said the biggest risk to the market is fiscal stimulus not coming through that implies that fiscal

stimulus is not priced in. >> a lot of folks are focused on the election, obviously the virus still, maybe this trade situation which as guy pointed out, caused a wobble last night. for me, it's all about the extension of this fiscal package. if we don't get at least a trillion dollars which really means extending the ppp and the unemployment benefits through year end, you can forget about this rally all together. you're probably going to have a double dip in the economy. we think it will pass but there's always a risk that we snatch defeat from the jaws of victory. congress is good at that i think that's the risk that we've got to focus on. if we get that, there's a chance we get surprised on the upside, that we actually get more than we were expecting which is about a trillion dollars that's what we're getting, we think. that will be enough to take the next leg of the bull market.

>> mike, great to speak with you. tim, it sounds like we could be setting up for a major proatiron if what mike says comes to fruition. >> we've had those rotation periods where we did see banks leaving, industrials that were bombed out and the value over growth trade a month ago we were talking about the other trade. i think it's going to be very difficult to dethrone those five companies in the short to medium term it's going to be very difficult to not own those five names. >> check out shares of hall burtoburr

halliburrton, lowe's chipotle is up 150% from its march bottom trade it or fade it? >> i am a qdobe person i like the cmg. they actually serve alcoholic beverages. i'm also pretty sure mcdonald's rues the day they spun that out, but that's nearly here nor there. i'm saying trade it. a number of reasons why not least of which this was a company that was really in bad shape. they completely turned around. 20 years from now in that harvard business review, they'll write about the turnaround story of cmg the fact that it's been trading at these levels for the last month or so is the perfect time

for me to say the market doesn't give you that long a time to sell the highs despite valuation, they seem to have continued growth and customer traffic to support it trade it >> valuation, guy, is one of the reasons why you don't want to own this stock you can't have it both ways. how is their business stronger on the back of covid-19? that's effectively what we've priced into the stock. certainly those programs are important. i will be fading this stock. >> let's move onto lowe's here also up more than double from march lows dan, trade it or fade it >> i think you fade this one here this stock sold off from 125 down to about $60 in about a month and now it's up 110% or so this company's business was not

particularly adverse ri affec d ed by the pandemic they weren't shut down if you look at a five or six-year chart, the price action in just the last four months really encapsulated the slow, steady grind higher over that time period. i would say if you draw a trend line from 2015 lows, it's getting pretty well extended it's getting a pullback here that's when you load a name like this >> can i just disagree with dan for a second >> always, every day, automatlle time >> all right >> i'm going to trade it i agree with some of the points

we made. this is not a bad space to be in during covid i look at it a bit differently before any of this happened, they were just at the beginning of a turnaround. if i look at the margins that home depot has, 9% and change, this is where lowe's is, 6% and change if they can make half the difference up, that would be very, very good for lowe's stock. i also continue to think that even if we find a cure, even if people are out and about again and not home as much, they're still going to be home a lot i think work from home is going to be helping them also we're coming into the time of year people really want to spend on their homes and do projects and gardening and

barbecue and all that kind of stuff. i really think even outside of covid, it was one to own going into it. > >> halliburton. >> trade it. i know it's difficult times in the sector they have technology offerings that will help them and keep them a leader. this is a stock that will go higher >> so i'm going to fade this one here obviously this is a company drillers were having a tough time prior to the pandemic i think you have to look at the xle here it's kind of rolling over. crude oil is still in that gap the pmi, good relative expectations i think you're going to start seeing the v portion turn into a

little bit of a w. i think names like hall burton are going to be very susceptible to a second wave of selling. >> boeing, trade it or fade it >> you know, i'd be more incl e inclined to fade it, because the effect on the airlines and therefore the effect on bowing is enormous. they obviously came into this with plenty of troubles of their own before that. the stock has rallied not as sharply as some but with the rally of the stock taken into account, there's how much additional debt there is on boeing now that adds to the enterprise value.

>> i'm with karen on this one. i think you're going to get a shot to buy this in the mid 160s la lastly, how can everybody else got buzzers? i didn't get my ding ding when i said trade chipotle. >> you did you got it before you even said trade it you're so inside your mind well played, guys. still ahead on "fast money" the double dose of vaccine headlines. later guy unveils his wynn-dicator

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new updates on the race to develop a coronavirus vaccine as cases surge in several states. >> the program in partnership could be in clinical trials in september and potentially in a larger phase three efficacy study by the end of the year or early 2021 that's still a few months behind where other companies are. but santa fe's ceo pointing out their technology is one of the only ones that's proven.

they have a flu vaccine already. the stock is up 47% today on an expanded partnership they're going to work together on other vaccines today too, not just the covid vaccine glaxo smith klein with two different tracks ongoing the first efficacy trials in the united states expected to start in july from pfizer and maderna. these big companies all gearing up to start these large scale efficacy studies within weeks.

>> pfizer has made similar projections but today dr. fauci was testifying on the hill he reiterated the end of2020 early 2021 timeline. the more infection there is, the faster they will prove that they work. >> meg, thank you. the nasdaq biotech hitting a brand new high today guy? >> one of the things we've gotten right collectively is this ibb it's breaking out to the upside and i think it will continue however, if you want the real indicator as to the real breakout, it comes in the form

of amgen amgen made an all-time high of 244.99 mid december. pulled back with everything else and here we are 238. they report i think on july 20th and it's off to the races. if you want to get granular, keep an eye on amgen >> tim >> we talked about also that the vaccine is not necessarily a boon for any of these players. we certainly talked about in the context of gilead. i would argue this is a five-year breakout we bottom somewhere around 80 and now up in the 240s you have fantastic balance sheets you have optionality i think the liquidity we have out there, people have been playing big biotech over big

pharma coming up, starbucks shares tumbling today guy is unveiling his wynn-dicator he'll explain. this is the tempur-pedic breeze°. and its mission is to make sleep...feel...cool. so, no more night sweats. no more nocturnal baking, or polar ice cap air-conditioner mode. because the tempur-pedic breeze° delivers superior cooling from cover to core. helping you sleep cool, all night long. during the tempur-pedic summer of sleep, save $500 on all tempur-breeze mattresses... and experience your coolest sleep this summer, on our best breeze savings of the year. woi felt completely helpless.hed coolesonline. this summer, my entire career and business were in jeopardy. i called reputation defender.

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welcome back to "fast money. wondering where we may be heading next guy says there's one stock that could be a good wynn-dication. >> our crack staff back in

inglewood cliffs came up with this it's brilliant there i recall both tim and i were on that night with brian sullivan hosting. it was a pretty miserable day in the broader market we said to brian, hill grewynn down to 35 or so you could take some solace from that on march 20th we said the same thing, looked at wynn in relation to the broader market my point there and i'm making it because wynn lead the broader market by a week, week and a half in terms of bottoming out and turning. then we said as the stock continued to go higher, this stock, less bad news when you buy these things we actually said that you get a decent take, this is a $100 name go back about a week and a half

or so. wynn topped out at 109 look at it today it's 84. i'm coming to the conclusion just the way wynn hit us out in mid march. wynn might be trying to tell us something now. i'm not suggesting to buy or sell wynn. i'm just looking at win as a potential indicator. quite frankly, it's worked before >> if you could tell me the temperature on march 18th, i'll believe your rain man comment. >> i believe the temperature was 47 degrees fahrenheit. >> if you buy guy's wynn-dicator, you're probably having where is wynn headed from here todd >> so there's definitely a bullish development if you look at the long-term chart at wynn, there was an 80% decline it held support.

it rallied it's encouraging but it's got a lot of wood to chop. 105 has a lot to prove i don't think it's helpful as a reopening economy stock. it's very susceptible to u.s./schiu.s. u.s./china relationships there's a report that came out that gambling in macau is seven times lower than vegavegas. i think it's got something to prove still. >> so if you think that guy's wynn-dicator is bologna, what d

you think? >> so xlk, i have to go with what's working i love technology. i think we as a civilization were on a set timeline to become more automated and covid just accelerated. the tech names are going to reinvent the way we spend our discretionary dollars. i like technology. i'm going to use it until it's not working. our global growth portfolio is focused on the technology and is reflecting it. one thing i would draw your attention to kind of pulling back from only technology is looking at the spx rsp what's interesting is a lot of people are saying the rally is getting very thin up here but if you look, the ratio has moved up sharply since may 10th

they have gone into a little bit of consolidation while the nasdaq has taken another leg higher i think the rest of the market has kind of taken a breather i'm continuing to stay bullish if we have time, if you take a big step back and look at all the rallies that have ensued since the credit crisis low of '89, i think it was 82%, 87%, 64%. we're just 42% from those march lows i think we have more room to go. if we're using history to predict what's going to happen in the future, a 64% rally puts us at like 3600 in the s&p so we're continuing to remain bullish. >> todd, thanks. good to speak with you dan nathan, i don't know if you have thoughts about the wynn-dicator or if you've got

your own >> i have my own this is one where it's still down 30% from its highs. it's up 30% from lows. that is a relative underperformance there what the bank stocks are telling you is that we are going to see higher defaults, higher levels of bankruptcy. we're going to see possibly a commercial real estate crises in the second half of this year, early next year. to me, i think the direction of the banks have come in pretty hard guy nailed jp morgan to me, i just don't think you want to see this one breaking 90 any time soon. it will not auger well for the broad market, in my opinion. >> karen, your thoughts on the jp morgan indicator? >> you know, i'm long.

i love jp morgan i love jamie diamond it doesn't act well. there's a disconnect between the broader market and the banks, the money center banks we'll get a lot more clarity on thursday when we see the stress test i don't believe jp morgan will cut their dividends. >> tim, you're looking at transport, the old dow theory. >> i think it's important. you think about the transport basically double topped back in 2018 a lot of this was trade war. that's when we saw truly the peak of the economy and where we saw economic growth that was becoming very well rounded and starting to thrust into high gear and then we lost it i want to see transports come back dan's right to bring up the banks. i think the transports are more important when talking about the breadth of the economy

transports have still lagged we need to see transports catch up. coming up, the surprising stock that has zoomed past zoom to claim the title of work from home winner. later the sobering new numbers on how much booze we are buying and drinking on lockdown ♪ ♪ ♪ ♪ can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information. talk to your financial professional or consultant we're committed to making college more accessibley, by making it more affordable, that's why we're keeping our tuition the same through the year 2021. - i knew snhu was the place for me

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it's not healthy to have people who are buying stocks for fun. it reminds me of the people who were day trading in 1999 and declaring day trading a can't miss strategy. >> that was legendary investor howard marx talking about the retail trading boom. we are learning more about what

the retail traders are trading today. >> surprisingly, it's not zoom or peloton fastly is one of the best performing stocks of the stay-at-home era it's a fan favorite among retail investors. it had the stock spiked in particularity on trading app robinho robinhood. the number of clients holding the stock on robinhood increased by 18% fastly's technology is used by spotify and others which are all seeing usage soar as people work from home. >> peloton hitting records today. the exercise bike maker has more than doubled this quarter. can it keep pedaling higher?

dan, you have a peloton in your background, in fact. >> i do. i love it. i had it before this thing obviously if you're this fit, you need some pretty good tools to stay this way the whole panel other than tim obviously doesn't work out we all use these things but they're expensive devices. the real opportunity i think here is as the digital strategy broadens out it fits into a lot of themes we were talking about and all these stock market manias going on right now. it's what sort of technology could be spread out that's not dependent on hardware. i think the pandemic if it taught us anything is that clo s based services like this are going to be very popular going forward. >> the one stat in this report that really jumped out at me is how engaged the subscriber base is an average of 17.7 workouts per

month. that's extraordinary, guy. that just shows you that peopthi maybe not just a fad but the more you're engaged with this the more you're likely to hang onto this. >> 100%. we've talked about this stock for quite some time we've been bullish on this name the analyst community seems to be piggy backing the fast money show i'm on that bike i'll get on that sucker later tonight. i'm engaged. my man dennis more ttonmorton. >> people will say valuation is crazy. >> guy, can you hear me? i think i lost his connection. america can hear me, at least. karen, what did you make of this

note i know you're on that bike every day pretty much too. >> i'm on the bike a lot i mean, it does capture you. but the question is for how long, what kind of churn the bike itself is expensive it's a super expensive razor and then the blades are not cheap either i wonder at what point does valuation have to matter so i don't own the stock i feel like this would be another one where i love the product. the product is great i understand the ecosystem that argument makes sense to me. what happens when things open up in summer and people are out more and they're like maybe i won't use the bike as much, maybe i'll leave it as a hanger for my clothes in my bedroom and forget that i have it. i don't know we'll see the churn as it evolves. >> the fade of many a nordic

track and bowflex, i'm sure. coming up we'll break down the action plus, there's a new meatless sandwich on the market can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information.

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schwab. like real bad. we can't wait to get you back so we've added temp checks, face coverings, social distancing and extra sanitizing to get the good times going again. we're finally back... and can't wait until you are too. welcome back to "fast money. new home sales surging in may climbing 17% that means giving the home builder etf a nice boost one key name reports results tomorrow mike has the action. >> so we're taking a look at kb homes today. this one traded more than two

times its average daily call volume right now the options market is implying a move of about 7%, considerably higher than the 4.5% or so it has averaged over the last eight quarters. most of that activity was concentrated in the july 35 calls. one might assume that they are targeting the february highs of around $40. >> tim >> if you look at the move in the housing stocks on some level, they've always been wynn-dicators of sorts if you think about supply issues and pent-up demand, there's a demographic trend for that demand i think it goes higher i think valuations in a couple of the big boys, i think the growth prospects remain there.

these stocks have had a big move but with rates where they are, people are buying more house than they can afford. >> guy, you perked up when you heard tim mention wynn-dicator. >> yes no we've stumbled upon another great "fast money" phrase. it's gold. >> thanks, mike, for that. coming up, the meatless mania is heating up the new sandwich >> here it is. this is the starbucks impossible breakfast sandwich impossible foods believes this is the key to them moving breakfast over beyond meat

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can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information. talk to your financial professional or consultant i geh. common bird.e. ooh look! over here! something much better. there it is. peacock, included with xfinity x1. remarkable. fascinating. -very.

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jim cramer is sitting down with the ceo of impossible foods. impossible in the news today after starbucks debuted its impossible breakfast sandwich. >> impossible has nabbed a lot of big partnerships with restaurant chains, but this is the biggest one yet. by partnering with starbucks, impossible is tripling the number of eateries carrying the sandwich just last week burger king announced it's rolling out the impossible sandwich at 7500 u.s. stores beyond meat is a competitive rival. it brought sausage to the market before impossible brought theirs the company's products are on breakfast menus at dunkin donuts, carl's jr., hardy's and

starbucks canada up around 130% this quarter. beyond's ceo ethan brown has guided investors during the company's last earnings call that the rollout of its breakfast foods would be slowed down by the pandemic the company has been more focused lately on expanding its grocery offerings. impossible foods says it mans to expand its retail footprint by 20 x by the end of the year. >> can you hold that up? i have seen pictures of this impossible sandwich all day long look at the comparison it doesn't even look edible. the picture looks magnificent. >> it's so funny i mean, there's a chiabatta

roll the egg is fried i don't know necessarily if the traditional sausage sandwich, i don't know if that's necessarily going to look more appealing. >> is it good? >> if you want i can take a bite. >> yeah. >> let me find out. >> get in there. such a good sport. >> you know what it is. i like the traditional sausage sandwich but they did a really good job of emulating this i would almost say the sausage is more similar to the traditional sausage than even the burger is. i think they do a really good job emulating the sausage. it's good. i like it. >> thank you for telling america

what it is guy, i thought of you because you've had these sorts of products before. this is a breakfast sandwich, so many americans will be pairing up the sandwich with this at meat and coffee. >> yeah. it's a lethal combination. it's interesting one thing we try to do here on "fast money" is be honest. i'm honest to a fault. there's a starbucks on the corner of 43rd and broadway and when dan is on the show i often bring him iced coffees i mention that because there's no water closet in that sf starbucks. if they're going to implement that sandwich, my suggestion would be to have facilities for the patrons, if you know what i mean. >> got it. coming up, the sobering new stats about how much we are drinking during this pandemic.

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welcome back to "fast money. we have some booze news. turns out americans are drinking less, yes less, during this pandemic check out the total alcohol sales this year versus last year while more americans are buying alcohol to drink at home, it's not enough to offset lost sales at bars, restaurants and sporting venues. tim, what's your take on this story? >> i'm bumming i'm not sure how they're going to come back, how voracious they will be. there will be some if you look at trends in beer and wine sales, there was contraction.

there's been global so consolidation. it's a name that i'll ride through. it had a big rally off the bottom these are interesting trends people are more health conscious. people are concerned about keeping their immune system as high as possible and people just don't go out when you're not going out, you're not consuming those unnecessary alcoholic beverages, not that i've ever done that. time for the final trade karen? >> mine is ied this is a european e, ttf iev, i'm sorry >> in march crude oil broke down below 40 and it cratered carter braxton thinks you sell oil. that means to me you sell the

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