dow and s&p closed at a new all time high. >> the rotation keeps the market going. that's why we notch record after record >> happy birthday tomorrow >> thank you >> fast money begins right now that's right we do start now. tonight on "fast money," losing its luster while gold down bit coin catching a bid. what's changed in just a month we'll find out it's not just gold oil also stuck many the mud. big oil stocks, big time losing streak and chart miley cyruser s -- master sees more pain ahead. a special bonus hour of tv we'll hit the five biggest story that impact you and your money

this week, including a big debate on the outlook for electric cars and whether shipping problems may put christmas at risk. that's coming your way at 6:00 p.m. eastern time. jim is off stick around by the way, i'm bryant, not melissa. she got a well deserved night off. let us jump right in the market squeaking out some gains this week. finishing out the week at new record highs the s&p and dow notching all time high closes interest rates actually did something they haven't done much recently they ticked higher back above or back at 1.3% so, did the jobs number give the fed an all clear signal ahead,

steve. when do you think that scary taper might actually begin >> there's a couple of things. you set it up perfectly. the last couple of days we had political pressure on powell to raise rates. today we had better economic data and hopefully i know that this is not what we have been hearing but hopefully we're coming to a peak covid environment. i know it doesn't seem likely but that's the one variable for me if we see powell focused more on covid and the delta variant, then he does not have the all clear. he definitely has the ability to still keep rates low but with all the things that you started off the show with and i just mentioned, he definitely should be, you would think, you shake up that magic eight ball, you

would think rates are going higher sooner rather than later. >> yeah, by the way, it's anybody's guess as to where delta goes tune in more at 6:00 p.m. eastern. that's how we're launching the show with the reopening risks. interest rates, they rose. they're at 1.3%. almost everybody we talk to a few months ago were like we'll be at 2% by the end of the year. is that an all clear to buy financials >> i hope it's an all clear to buy financials i do own them. 1.3. that didn't used to be a lot let's find stocks that doebts have high multiples.

if you look at that value rotation out of the high flyers, you saw an update which is the very high flyers trade down. i think it's a bit of a rotation i'm there. it's sometimes lonely and p painful. the travel names i call them the goat stocks. get out and travel with new planmandates and restriction, there's been a lot of people worried about socme o

these names. cruise lines there's a boldface headline leading the news one on the avoid or take the risk >> at some point you are going to have to take a risk karen mentioned it i think steve mentioned it we have seen this rotation on the back of delta variant between like stallworth names we think of being safe that are going to do well under any environment. now we're kind of seeing that rotation that much more speculative in nature in cruise line and airlines. even though we're seeing some return to normalcy on the leisure side, the business side still has a long way to go i think until we see that follow through, there's still some risk to that. with all that said, even when bookings return to pre-covid level, you have to look at the balance sheet and companies that are all debt latent across the

board. i think you start totrade them because of rotation and headline risk and because this market is trading very much on the back of sentiment. that's very separate than valuation and investing. i think the under performers will have some pop to them >> about a third of the 934,000 jobs created were in travel and hospitality. jobs, tourist, travel. they are coming back chart master, krcarter worth, let's strip out the emotion. the charts are supposed to indicate what we know and what the markets believe. it's been nothing but up, up, up i showed the other morning, we haven't had more than a 5% pull back since october of last year what are you seeing in your crystal ball

>> that's right. it's been a perpetual motion machine. the notion of rotation, it was a very bad week for cyclicals. we know that industrials, materials emergency all under perform the market and financials but for today's news related strength will have under performed. this in and out i got the cyclical trade, i didn't >> we need to put everything in context. hospitalizations while raising in some states are still .08% of

the population florida, louisiana, the two states that have gotten the most attention. i like that number to go to zero we all would i know we don't know what governments are going to do. do you see the real chance of lock lockdowns. if you're an investor, you have to think aboutthis because if you don't think about it, you're missing what could be the biggest economic in earnings part of the entire equation. >> yeah, i don't see us getting back to the lock ddown that we had. i do not think small business owners would tolerate that kind of lockdown. the way i look at this, the value trade hinges on rates

rises. i think a real reason why we haven't seen the ten-year rise was basically a strategic effort for people to sit on this trade and do the powell trade. they shorted treasuries and figured powell wasn't going to be at spark this taper rally when that didn't happen at an extended period of time, they were forced to cover and by treasuries which the correlation to rates and the underlying, that's what kept a lid on rates. i do believe we'll see rates pop further. people have been looking for rates to rally first before they boat load into the value trade that's what i think you've been seeing at the tail end of this week and you'll probably see more of it the next two weeks. >> i feel like it's in the wi widdle making trade.

we have seen hedge funds have lows as well let's move on. as most stocks sit at or near all time highs, one sector is playing catch up you know what it is. energy it was red hot to begin the year the year of oil. it cooled off faster than an ice bath after a sauna the etf done more than 11% over the last two months. if you are thinking of buying on the dip, maybe think again the chart master says pain may continue what are some of these charts telling you? >> that's right. i think you bring up an interesting point in the sense of just to say year to date performance. that's totally arbitrary yet, one had to be there many first eight weeks and it's been nothing but misery ever since. let's look at three charts the first is a two panel you're looking at the s&p five hundred. energy sector on top and on the

bottom is relative performance to the s&p that's the real tell every single time the relative line has rallied to that down trend line, it's failed to the penny. it peaked in march this is the ratio chart. it's a one line chart. it's looking at the relative performance of energy. the peak was march 8th this is august 8th meaning, if one wasn't literally perfect in their timing, it's been nothing but a headache. are they all bad i just don't like the space. look at the relative performance. it's god like. it's up into the right when it dips in march, it's out performing its sector.

tom lee has pointed this out if you were to over lay a chart of the price of oil against oil stocks the or oil etfs like xle, something is disconnected big time we have seen these be twice as high as they are right now something is dislocated. how are you -- are you buying, selling energy stocks right now? s >> i recently bought the oih there is that giant disconnect it peaked at maybe 244 maybe it's down, i don't know where it closed today that's a gigantic move that

seems to be over done. i don't have big exposure there but i do have the oih because i think that some of that ground will be made up. >> the last time oil was here, the oih was at 500 bucks it's at 185 now. we'll see where that goes. we got a lot more to do here coming up, a closer look at rather unusual divergence happening in two very popular places to invest right now first, from major media company to vacation stock. the traders will tackle earnings next week and which moves to make right now more "fast money" right after this blan onomy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions.

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thursday what are you watching for? what are you expecting >> there's something not right there's an old expression, this dog won't hunt it's a marquee name. it's not participating i don't like it. sgr . >> that's a fade it. karen, fades it, trade it? >> i look at things differently from the way carter does probably more often carter is right. i look at it as a partmarquee ne that's on sale now i think we'll see some good numbers from them. it will reward them if they do show good numbers there. for all those reasons i'm trade

it >> they are out with their results on thursday. trade it, fade it? >> i'm fading this one it's not so much about what i expect to see from the results it's the biden area is seemingly asymmetric risk around that. there's nothing they will say that will over shadow what is going on in terms of crackdown in terms of china. i'm fading it. >> yeah, you have the chinese government hanging over this one as well. trade it or fade it? s >> this is a fades for me too. this stock is off from its recent peak or the peak we saw

bit ago. the stock is off 58% or so it bounced 10% the stock is not even over sold. it was over sold and could only rally just under 10% this one is the great abyss of what is china going to do. eventually this will be a buy but i can't tell you when that is so i'm going to say fade it >> all right two fades there. let's turn to the company formally known as weight watchers their results coming out on tuesday. without getting into it, we know what the pandemic has done there's a lot of people who have gained a lot of weight people think is an easy play what do you think on ww? >> i like ww i'm long

an online subscriber that pays less but the margin is much so i think it's very cheap on earnings i think we'll see good numbers we're looking for 5.2 million subscribers. i'm long that would be a trade it >> trade it on ww. carter, what are the charts telling you? >> for a second time, i'm on the opposite side. look, here is the thing. this -- why fade it? it's the same price it was two weeks ago and six months ago and ten years ago. in fact, its ipo in november 15th of 2001 was at 24 the next week it was 31 and 20 years later we're at 31. it runs way up i want collapses this is a gambling show. maybe you can trade it for a bit but as a business to be

unchanged for 20 years, that's not investing. that's something else. >> one trade, one fades on that. sit tight. we have a market flash right now. shares of contact sciences are on the move in the afterhours. let's find out why >> exact sciences has approached invitae about a potential merger the volumes are light so you're seeing exact science is up these are diagnostic companies on the fore front of cancer testing. last year you had contact sciences on a buyi i ing binge. they akcquired three of these companies last year. a potential merger here might mean new breakthroughs in detecting cancer early >> steve grasso, yi know this is

name you know. maybe exact sciences is on the hunt for bargain their stock was at 60 bucks in january. it's lost half its value you're take on these headlines >> yeah, i think this is defin definitely i shouldn't say definitely it doesn't come into trading i would be a buyer of this one you have to look at the recent low which is around the mid-90s. 96 and change. when you look at the life sciences group or sector, bryan, everything has been dominated by covid. this one is not dom fnameinated covid. i think you're getting a bargain price on this one. if things move in the other direction and if we can see some mna, i believe this is an area where people will focus on sooner rather than later like i said, covid has dominated the headlines and this one has

been flying under the headlines. >> there's still a lot of bad stuff out there that we have got to deal with now and in future as well outside of covid steve, thank you very much on deck, why the new goal is looking a lot like the old gold, at least recently. later, two sets of contrary yan plays tied to the economic reopening. we'll be back after there. stay tuned most reliable network by rootmetrics. and our customers rated us #1 for network quality in america according to j.d. power. number one in reliability, 16 times in a row. most awarded for network quality, 27 times in a row. proving once again that nobody builds networks like verizon. that's why we're building 5g right, that's why there's only one best network.

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osteo bi-flex, plus vitamin d someone once told me, that i should get used to people staring. so i did. it's okay, you can stare. when you're a two-time gold medalist, it comes with the territory. welcome back gold and bitcoin seeing a divergence today after the jobs number you can see the gold falling 2.5% bitcoin up 4%. back to its highest level since

june karen, let's talk about it your take here on the gold story. you flagged that inverse move earlier. why are we seeing this >> i don't know. i've never quite gotten gold i thought part of the story was to gold was fiat currencies and spending out of control, that would be a bid for gold. that same story applies to bit coin as well i think that's part of what's happening in bitcoin and i think that institutional adoption of bitcoin is continuing. even with the volatility, this is up from 29,000 maybe three weeks ago. i think bitcoin is slowly replacing that -- it's the digital gold head. >> all right karen, thank you very much it's already that time time for your final trades on a friday steve grasso, kick it off. >> i'm going to go with diversified chemical space tse.

i think investors misherd what the company reported i think you get a bargain basement price right here. >> carter. >> i think you took advantage of the sell off in gold >> peleton looks a little weak i'd wait before stepping back in >> karen >> viacom. i like those earnings yesterday. >> good stuff. thank you. stat does it for this hour of fa money options action is next followed by special 6:00 p.m. hour we'll see you right after this

welcome to options action. i'm brian sullivan in for melissa lee. here is what's coming up >> outside of the covid vaccine winners, a good clhunk of the rest of the health care sector is on life support we'll deliver a second opinion as to why this patient will pull through. then, sticking with the contraian theme. rising covid cases won't round all airlines why your flight crew is still preparingfor takeoff finally, the singular,