>> yes >> that was a brigg surprise earnings have been a bit of a bummer on the tech side. >> in some terms they have been great. people got ahead of themselves it's not been a help you will be here, i think you have this to yourself next week. >> will ford cross will be joining us from the london studio it's a treat he has been out there to see family finally happy weekend, everyone. that will do it for us on "closing bell. "fast money" starts now. >> overlooking new york's time's square, this is" "fast money." tonight, there is gold in them chart,t at least the chart master is here to tell us what he is seeing next. and the energy sector snapping an eight-month wink streak, posting the worst month since september. but is there a way to play the energy space we got some answers. plus, we bay have one big week of earnings behind us. from ali baba, we have a slew of

names on deck. we start off with an amazon smashdown. the e-commerce giant, is stocks dropping 7.5%, the biggest drop since may of last year take a look apt other online retailsers, threadup, wrayfair, etsy dropping more than 7% does a move in amazon send a warning signal about the consumer maybe even the overall market dan, you have an epic threat on twitter today? >> it was really interesting we were talking for amazon most of 2020. even in the throws of the sale e sell-off in member/march 2020 it went down%% peak to trough it made a new high quickly and closed up 50%. the sales pulled forward a lot of behavior.

they obviously accelerated a lot of behavior. that was great for amazon. but that long consolidation we've seen since september of 2020 kindly was telling you that 2021 was going to look a little different in going forward in the droet structure. again, i think it's gynefine ins range. maybe you see it toward the 3,000 range, that was the dove-ish bottom level. sarahizeen eisen said we had h sales that weren't that great, consumer confident so this might be a precursor for the backout. >> when you see the 3269 levels, 200-day move, average. the june low was 172 we feed to take a peek at either one of those levels. but this is a high flyer there is no doubt about it are you going to get that ceo growing pains now going in you didn't even mention the new ceo. does it mean anything? >> not really. >> so it doesn't mean anything

yet until it means something so can they turn the speigot on and off the way when bezos was there? i think they can sorry, question marks, but also, can it be as good as it was and i think people are naturally going to say, let's take a breather here. then look at that. >> i think the question for a lot of stocks in the stockmarket these days, brian kelly, in particular, the retailers we showed you at the top. those are retailers that benefitted from consumers locked down, shut in, bored out of their gourdes, had nothing else to do but go on to etsy and buy crocheted aprons, masks, things like that. now you are wondering, are things ever going to be good that's a question for all of them, right? >> the crocheted aprons, i bought them out on those listen, i think you're right

that's a question, these companies effectively had a monopoly for a year. now everything's opened back up, inventory is harsh consumer behavior will buy wherever and sometimes you can't necessarily get it another amazon they no longer have that monopoly i don't think amazon is going away by any means. listen, this may be the peak of their growth for this cycle. it may be for the other ones as well what we have seen in the broader macroeconomic data is inventories are at a low so while we may see the economy weaken, which is kind of my base case, we start to see the economy weaken into q3/q4 here i don't know if the stockmarket will react i think you can get this narrative off the inventory restock cycle. that may actually drive the market more than these online makings. >> nadine, what's your take? >> i think the, all the points are valid, there are some other ones that are interesting, too

ad revenues up 88% that's a big number. obviously for data centers and people going with the cloud, that's huge. while product was slightly weak from a growth decelerating standpoint, a lot of the other parts of the business are rocking and rolling. if i'm a new ceo, i'm not going to give a big guidance number. so i don't blame him at all at setting the bar at a reasonable level. it will want to beat it in the future i would sigh, let people write what they write. maybe get this at a cheaper price. we see 12% upside from here. i think it's nice it took a breather the other story from this is underneath the surface we saw where people are going to dove to cheaper brands and then you saw from other folks like lvnh they can get pricing on very expensive leather goods i think there is a lot to learn, not just from the deceleration of amazon, but who is buying what >> we have seen the luxury trade

do pretty well. >> that's where the pre-holdings comes. in that was one of my itches i think we pitched it around $17. when you look at operating margins, they're over 20%. the street actually expected 12.8%. now this is where the i gotcha trade is if you look at valuation now it catch itself up to its peers, you are talking stock $156 closed at 56 just add another par on that add another $100 on that it's getting a 10x multiple ten times right now, where the luxury peers are trading at 35 times. this trade is still good i'm still there, not as long as i was. i'm still there. >> just quickly, the backdrop you gave in terms of the soft data that we have been getting on the economy, your concern is about the consumer as a whole? smr we see a lot of it rolling off. there will be further nice cool stimulus your guess is a good as mine as far as the taper

i don't think that affects consumers too much i'll say this. when you think about amazon and this long range it's been in, it's had four 10-plus peak-to-trough declines since last september last september when the stock market sold off 10%, names like amazon went down 20% right now we pensioned it last night, paypal missed and it's down 11% from it highs just last weak or so so i think you might have had year end month of action we had that fed meeting. the where'd markets were still levitating s&p is up near an all-time high. i think you have to look at the rotations, look under the hood if you lose guys like am zorn, they only have 2% right now. that might not be a bad thing for fall >> at the start of the show, we were saying what a week it was for earnings, in particular, the biggest of the big tech name earnings for the most part, they were not

much to write home about except for maybe alphabet so how does that set us up inr >> reporter: right, the market was rallying because you were looking at companies beating earnings so now we have -- it's hard to even call this a disappointment. right. it's simply just maybe they didn't beat these high, high estimates and the valuations the way the market is today, you are going to be challenged on that so, you know, my -- i don't think that the mark is going to respond that poorly to a decelerating economy because what we've seen in the past is what the market respond to, if the consumer gets weak and prices go down a little bit, the federal reserve comes right back in and given the statements from powell this week and given the fact that we are starting to see some low over in some of the inflation figures, particularly the inflation figures we saw today i don't think they will tapary long time therefore, i think ricsk assets should do fairly well.

>> the market says you might be able to find safety in one channel. carter is here to chart it out what are you looking at? >> reporter: you bet, let's take a look three simple charts. we will first look at the relationship between real interest rates and gold. you see that there this is gold juxtaposed against real rates inverted we know they are making new lows this week at negative one spot 2% less. so the question is, does gold have a bit of a tailwind two charts on gold the first is a three-year chart. and what we know, of course is, we got that 20% drawdown we had that peak back about a year ago it was in august we were at 2110. we draw down 20% to 19, 20 we balance and chop around now look at the chart, this is

the issue, we're working into an apex, a standoff, if you will. is gold going to break out as i have drawn the arrow? or is it going to do something else our hunch sheer that the way minors are holding in, the way gold is positioned here and what real rates are doing, not to mention ten-year yields outright that gold is a good thing. >> carter, we mentioned this in the terms of gold being a safe haven. i'm just curious, how does bitcoin look these days? >> reporter: well, so bitcoin is hardly a safe haven in terms of its volatility we know it takes its dive, an epic one, 55 almost 60%. lined sideways for three months and has a huge pop just in the last eight, ten sessions, now chopping around. it's not in any particular position i would say you don't want a long yield, but short right here and now. >> carter will see a stand on option action. nadine, how are you feeling

about gold these days? >> we have been adding to our positions in the last couple of weeks. i look at something for like the gld which is the gold etf. our low range is 167 pivot it's got a 47% applied volatility premium what does that mean? people are paying up for protection they're worried. we like it in addition to rates, as carter mentioned, it's negatively accord correlated to the u.s. dollar. the dollar has been going down for a time here. which means gold should go up. we are bullish on gold, our favorite names out there letting people know we own it, i get it more at the 146 level. right now you can get it at the gld for your viewers >> it's interesting, carter's charts point back to that last high when bitcoin started going

back up. i will leave that to bk right here, if i am implying gold for an inflationary hedge, i am more implied to buy bitcoin, guy is not here right now he is trading the gold in the '70s or early '80s >> he was actually an original miner. >> to me it doesn't make sense, this that's the lone inflation hedge, i'd probably rather do another one. >> if you are going to buy gold, then you buy the miners, they outperform or underperform because they're the master of their own destiny. if you think gold the turning up, buy the miners, you get a little more do you that. >> in your portfolio, is there a place for both gold and bitcoin? >> there absolutely s. i'm long gold and silver at this point in time i don't think there is anything wrong with it. i think it's the same play i agree, it's a similar play but the tailwinds are the same so just a clarification, dan was

saying is guy traded gold in the '70s i think he meant the 1870s, just so we know my point being, 1870s or today, i think it's the same trade here in that you will hedge inflation. bitcoin is a better hedge for that plus you got this upside tech ticker, right, that this could display gold, they talk about six, $700. gold is 10 trillion. the shift is big upside call auction on bitcoin relative to gold that doesn't mean you can't buy gold i like gold. silver is again something that looks like it wants to run higher, so gold, silver, bitcoin, go for it coming up, the earnings just won't stop another big week on tap. we are digging into those names in just a few. first, energy losing power the traders will break down ep gh names they are watching. deo anywhere "fast money" is back in two.

welcome back to "fast money" energy stocks closing out a rough month, they lead down 12% today and 8.5% in july the move after exxon and chevron's earnings beats before

the bell nadine, are you integrated, right? what do you think of these moves? >> yeah. so we have been in energy and we built it up. we bring it down once it goes overbought we think of this as a natural trading range. there are other names we leak better though. i think what you saw with exxon is they are paying down debt with some of the cash flow people were hoping for a distribution with the shareholders we are seeing that in spade with shell. if you look at shell, they're district 20 to 30% of the cash to shareholders. they increased their dividend to 38% sequentially they will resume the buyback in the second half of the year, shareholders love that they've shown incredible capital discipline and returns on their investment so i don't think it's the type of thing where you can go into any company. we are trying to tip the companies shareholder oriented that also did the work during the pandemic and will come out very shareholder friendly in terms of free cash flow and what

they're distributing >> so i can't argue with anything that may be said. if you look at all these charts, they're not back to the pre-pandemic levels. for me the risk-eward is esg investing, a major head wind people don't want to touch this space or sector. it's not a value to me if no one wants to play in it. for me the bang versus reality of not getting back to those levels is terrible. >> so stay clear >> it's $100 up. pre-pandemic levels, i'm risking the downside of maybe $60 as a pre-pandemic level or a post--pandemic trough to earn 20%. i don't think it's there >> i think it's interesting, we were talking about of the commodity, we're seeing a lot of commodity, a lot of inputs, this was needing into that inflation in the spring or so. some of us are calling it the trend, they thought they were getting. >> you mean you? >> they were getting overbought a bit. what's interesting about crude, it has that 15% peak

trough-to-decline, it's back within 2% of the prior high. the oil services etf is down about 15%. the xle is down 13%. they haven't caught a great bounce here. if crude were to take another spill lower, as we started the show, talking about there is weakening data, rates are back to 1, 2, 2, in the ten year. what is that telling us? to me, it doesn't feel that great right now. i don't think you have to buy those things they have broken the uptrends in place with the march 2020 lows >> brian kelly, it's a good point 'dan if particular it's a great turn of phrase. because we saw so many of these, lumber is probably the posterchild of that? we are all hand winging with the rise in spike of lumber prices, now it's down 60% or so from its high >> right, dan was spot-on with that i still happen to think that over time we will have increased inflation. but for the time being, it does

appear we are having this transitory wave go on, in terms of exxons, integrated, like that, they're the rick tapped reward they haven't gone up so i would look in the energy space, you want to go with the ones the government will be behind look at something like a first solar today up almost 3% on the day, they v had terrible news last night, having trouble getting supplies, all of that, yet the stock was up, that to me is the trade that i love bad news, good price action, bk buys >> interesting one coming up, another big week of earnings ahead so which fames should you keep an eye on? traders are giving their picks next amgen has had a buy, option traders are laying it auto owl mi y jammed "options action" congour way if an a few. "fast money" is coming back in two.

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welcome back to ""fast money."" we've got another big earnings next week. among the companies, ali baba, uber, square, draft king so which one are you watching? nadine, what do you say? >> i'm watching square i think that people painted the same brush as paypal and the square so you got a little bit more of an attractive entry price. we're seeing big applied vol estimate of premiums people are protecting this name. if we can learn more about how they are checking their ecosystems ory trading range is about 235 to 275 between now and thursday if you get it at the low range, it will be pretty asymmetric we will learn a lot strategically. i think this is a great name to own and hold >> brian kelly >> for me, i'd look at uber. what we've seen particularly in

the transportation space is we've had this reopening, but have to do more than that they are doing delivery we are seeing on the private company level a lot of action in the grocery delivery area. a lot of companies getting bought out a lot of venture capital in there. i want to see how uber is going against that competition and how well they are doing against that competition. so i think that will be really interesting to see if they can expand their product lines >> steve >> via com they had a forced liquidation a couple months ago. it's done nothing by building a base i'm still in it. it's down from $100, it's trading 37 to 45 for months now. i think this thing is getting ready to explode i want to see what they look like next week i'm staying in the journey. >> are you thinking some sort of takeover >> i think the dance partners have been around, streaming. everyone seems to have found a jv or partner. i think viacom has a lot of

assets there >> i don't know what the traders will say when i ask them what they will watch. i am hoping somebody will say ali baba >> i'm watching abli baba. >> are you serious in. >> no, i was going to make something up my final trade is they were on the epic side. obviously, we know all the headlines. we don't know how it will play out. i have to assume we are kind of getting close here this stock is down from 3420 it got down to 180 a week or two ago. it had a nice bounce i don't think much of what they say will change anything that u.s. investors who have been selling it change their mind right now. we need to see something come from up top. >> what were you really going to say? >> i find uber interesting it's down 15% and done a lot from its highs earlier in the year if you look at new york city and the availability of ubers and the pricing of ubers, it feels the pandemic broke that business

model to me. it's back at the lows from a couple months ago. let's see if you can hold that. >> why don't we get to the final trade? brian kelly. >> all right don't forgot fibroarts vybr >> na den theerman. >> i'm still go with gold. gld. >> pete. >> the stock originates u, you, it's clear technology. i'm a member i gets that's how you say it i'm a member, it made me life moving through the airport with six people this is clear. it's made my life really easy. the original reason i bought the stock is the variant needed flow i think the stock can move around pretty good i'm staying it i think it will be drastically higher the next three months >> nathan, thanks for playing along. >> you know, i'm with steve on that clear i love that thing. i don't have a family as big as

yours, but it does help. >> you want a couple of them >> this is one when haven't talked about in a long time, maybe amazon's pain is walmart's game my friend said look another that start, they look like they're going to breakout. it's been under the radar a bit. so >> that does it for us here on "fast moirp. do not go anywhere ""option ""options action" is up right this after this. th(vo)fter this. >>nobody dreams in conventional thinking. it didn't get us to the moon. it doesn't ring the bell on wall street. or disrupt the status quo. t-mobile for business uses unconventional thinking to help

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, hey there, "options action"s fans i'm mellissa lee we have a big show on tap. here's what's coming up. trading the china crackdown. beijing putting big tech in its crosshairs, as ali baba gears up for earnings, mikeco lays out a way if baba fails to deliver plus, is there a doctor in the house? chart master carter woods says, this healthcare stock is looking a little sick heading into