moderna, mike, which has really helped driven the nasdaq. >> some of the efficacy studies that have been come out in terms of the durability and immune responses seem to favor moderna a little bit it's yet to be seen if there was any fresh news that justified the stock. >> confirmation of something we were expecting that's going to do it for us here on "closing bell. good to have you back, mike, wilfred, see you tomorrow. >> "fast money" begins right now. >> overlooking new york city's times square, this is "fast money. today's line of dan nathan, guy adami, we've got our eyes on big after hours moves in palo alto network, we're listening in on the earnings call, plus a bitcoin breakthrough the crypto briefly crossing the key $50,000 mark since may we'll break down where the digital coin is going next crypto punk nfts are rocking out

in a big way what is behind the craze can it last. we start off with a big green light for the markets. the s&p and dow jumping today, the na z da nasdaq setting a new record close. the move opening the door for broad vaccine mandates president biden today calling on more private employers to require workers to get a shot, that after new york city public schools and the pentagon made similar calls for their staff. what will vaccine mandates mean for the reopening trade. they were on fire today, guy, for good reason. >> hi, mel, how are you? >> it's interesting, obviously that's the news, that's the headline we're talking about i thought on friday when you saw that the fed was going virtual at jackson hole, i actually in my crazy mind i'm like that's a very bullish sign for the market why? because they're going virtual, talks about maybe they got some air cover on the back of this. who knows, but obviously this headline that we're talking about now makes all the difference

we've thought for a while big cap pharma is the place to be. what does it mean for the reopening trade? i'm surprised if there's going to be a mandate, today the market took it as a positive we could have an easy conversation about how maybe there could be a potential negative going forward aisle i'm not sure market does not stay down. these two-day selloffs are met by buying. we're going to make an all-time high in a week, and that's exactly what we're seeing now. you raised your hand, unbelievable am i allowed to call on you or no >> yes, i allow you to call on me that is what is the negative side of having a vaccine -- >> well, in the world we live in today, vaccine mandates are going to be met by half the country -- maybe not half the country but a vast percentage of the country pushing back and saying unconstitutional. where's our freedom, and you can make just as easy an argument there's going to be an uproar over this in terms of having to show your vaccine card at restaurants, at an airport, at a casino, at a cinema. >> it definitely has the

potential to slow a lot of activity we were talking about this last week when tom lee was on i thought the setup in september of last year was not particularly -- not great, high levels of complacency. tom's bought every single dip, and we've mentioned this the dips are getting shallower and shallower. it's been 210 days since we've had a 5% peak to trough decline. the one we had on delta in july was maybe 3.5, this one's 2.5. here we are allt all-time highs i think the oil bounce was somewhat of a technical thing. it seemed like a short covering thing, and you said green light for the stock markets. i'd say red light for the ten-year u.s. treasury yield at 1.25%, can't get out of its own way and i don't think bitcoin at 50,000 is particularly bullish for stocks either. brian kelly, what do you think about that >> i think it's kind of interesting. bitcoin has acted as pro

cyclical inflation hedge it has had a bit of a run. i am skeptical, however, in general that it was the pfizer news that got the market going today. you've got people taking dewormers. i don't think they're going to be reading through the fda report on the vaccine. they're just not going to take it we also know there's a lot of breakthroughs happening. to me it is more about central bank action. that's what today was all about so you have the pboc had a meeting yesterday saying, listen, we're going to support credit growth. it's not going to go to the big companies but it's going to go to the small companies that's a reversal in their pattern they've had. you've had fed governors potentially walk back a little bit. the pmis today were sufficiently weak enough to say, hey, you know what? maybe we're not going to get a really hawkish statement at the jackson hole meeting today, and to me that's the green light for the risk trade, and that's what today's market was all about. >> it could be a little bit of both here. if you believe that the fed is going to take this opportunity

for a pause because they've got some cover, they're going virtual from jackson hole later this week, rates will stay lower. the taper will be held off for a while, but at the same time, you have vaccine mandates going into effect you've got a reluctant public waiting for fda approval perhaps to get the vaccine they finally got the green light to do that maybe this is all a recipe for the markets. >> well t all works. it's all about the fed look, i care -- i care a lot about delta variants, a lot about social issues as a human being. i think walking back some of those comments was important if you were looking where the market was rallying today, i'm in agreement with a couple of points i don't see bond yields tell me there's a significant growth in work and the outperformance by the semis today to me is a slower growth for longer trade that i think is unsettling for some of the more cyclical parts of the economy. i believe there are

opportunities in the indu industrials. i think a lot of them are oversold we're going to talk about autos, about the energy names i think this is all about the fed. i think it's a catalyst to wake up with the pfizer news and certainly the market needs that. i think if you look at the market over the last three months, we had those 2 to 5% pullbacks. look at the vix, the vix is down after moving 40% in three days we basically are giving most of that back. we're going to get even lower on the vix as we get into that fed meeting. i think it was about getting those fed minutes behind uslas week they were what they were i think if nothing else the market doesn't have to focus on the fed, especially with jackson hole possibly not being as meaningful that's what it's about to me it's all fed all the time. >> so what happens to inflation now? inflation has been perhaps transitory, perhaps not. guy, if this is somehow a green light then what -- bk i think was pointing his thumb. >> i'm with the bk it's interesting, i'm with b.k.

k on this one. i think inflation -- you know what i feel about this transitory thing i think it's a lot of horse hock for you sherman t. potter fans out there. i think inflation is going to be a problem. there are a lot of people that believe that as well i'm surprised the ten-year's -- you've got a lot of push me, pull me dr. doolisttle stuff here. >> you've got a lot of references there >> i think it was rex harrison playing the role of d dr. doolittle. i think rates are going to go higher on the back of this news. i'm surprised it didn't happen today. >> if that's your view and rates are going to go higher to combat inflation, right, and that means the fed is going to start to taper, so maybe jackson hole is a non-event. people don't get to hang out so maybe they don't give you anything right, and then we get into september we have the market at all time highs. the s&p's going to be up 20% maybe that's when it happens i'm not calling this because i think it's a fun thing for things to do i just don't think it's pl

particularly healthy again, i go back to yields we've been talking about it all year the bond market sniffed the inflation story out back in march and april. i think you want to continue to watch the bond market. that doesn't mean that the s&p 500 is just off to the races because lower yields higher stocks at some point we're going to have to put a little fear back in equity investors' minds >> b.k., has your view of inflation and where it's headed changed at all given the events from, you know, in terms of jackson hole going virtual plus full fda approval for pfizer's vaccine compared to before >> no. no, i think we have higher inflation. i mean, if we look at what's going on, actually, i think we end up with stagflation. that's the environment i think we end up with low growth, high prices of stuff. if i look at shipping, it's hard to get shipped if i look at how long it takes to get goods from china to here. if 47 days up to 70 days you can't get containers there's a staffing shortage.

everywhere i look there's a shortage, shortage, shortage and now you're going to keep pumping money at that. that's how inflation happens, and so we've had a little bit of a pullback in some of the commodity trades, but i think that's normal and natural, and i think we're in a stagflationiary environment and i think there's a limit on the economic growth for the economy. >> let's bring in peter boockvar of the bleakly advisory group and he's also a cnbc contributor. great to have you with us. what can the fed do at this point? >> i think that friday will be a non-event. they'll absorb the information over the next month. kids going back to school, to what extent parents who are caregivers go back to work what happens with the labor market after the unemployment benefits expire after labor day. where does the it delta variant go with a million people now every day getting vaccinated and

a lot of the numbers rolling over to what extent do kids get affected so that said, monetary policy is positioned where it was a year ago before we even knew there was a vaccine. we have mega emergency policy that has resulted in the stagflationary environment that i do think regardless of delta they need to start pivoting, and they need to start to slowly roll back these asset purchases because it really is monetary overload and i like to talk about the two most interest rate sensitive parts of the economy, housing and autos. there's no issue with the demand side the problem is as prices have gotten so high, shortages obviously all surrounded by that, and what good is it going to do. if someone wants to change their behavior because they're worried about delta, qe is not going to

offset that. >> if you're right at stagflation, b.k. believes this as well, that's something they -- they being the federal -- they can't combat that they will try, but they can't win. to your point, be careful what you wish for you're not going to get the growth that needs to be there to be commensurate with that. how does that sort itself out? >> a stagflationary environment, we are in right now. it's just a question of the extent of how long it lasts and how far it spreads and no central bank right now in this modern day age of monetary activism has had to deal with this for decades, they've had low inflation that has given them license to do whatever they wanted to do so if stagflation takes hold, it will be handcuffs on the fed and what do they focus on? well, they focus on the stag part by keeping policy excessively easy still, or do they focus on the flation part,

but with the consequences that that brings as well. so there's no easy choice here whatsoever, and the bottom line is does jay powell want to be arthur burns or does he want to be paul volcker? >> so if you get to any point here in the next week or month or even year that the fed has to pull back any liquidity, i think the markets have a disaster. does the fed who's overly concerned -- you made this point very clear -- very concerned about asset bubbles do anything to combat that dynamic there's very little they can do. i believe, especially last week as we digested fed minutes and it became almost a given that they were going to taper that people felt that the taper was okay because the balance sheets were growing i don't agree with that. i think markets are going to be devastated. >> if you look at the history of qe and when it was on and off, every major correction of the stock market outside of covid and the chinese juan devaluation

was tapering qe or raising interest rates the analogy i like to give, yeah, when tapering takes place, air is still going into that balloon, but it's less air going into the balloon, which means the balloon contracts. so yes, there will be a correction associated with tapering just as there always has been >> thanks so much for your thoughts we appreciate it >> peter brookvar of the bleakly advisory group. it sounds like the fed's in a pickle. >> they are, frankly, and let's talk about the other side if they do create a correction because of tapering, then they're going to have to walk back the tapering because we have debt levels at all-time highs and that implies that collateral levels have to be at all-time highs you can't have the collateral come down. it a's it's a terrible place for them to be. the real question, how do you

invest in this environment for me right now it seems as though equities are one place to be for the relatively short-term, and we'll go back to bitcoin, i would much rather have bitcoin than bonds. so i buy bitcoin, and at some point, not today, be short bonds. >> yeah, tim >> well, i think you have a case where there is some room where the fed has to do what they have to do. leaving that aside, that july fed minutes discussion came before a very strong payroll number that we got after that number and some very strong inflation numbers. but look, as we have seen, industrials get oversold, and they rally back. i don't like the charts here, but i think the underperformance of the industrials and the transports in the short run is something that needs to be rectified. i think the energy trade is also something. part of what we're talking about in the inflation side of this trade is that assets go higher, even if growth goes sideways to lower or not as high to commence

r with inflation i think emerging markets with are places where although china headlines are terrible, the other parts of em are in a fairly strong position to combat slower growth in the u.s. and a fed that might be on the move. >> i go back to the one trade has gone back and forth as rates have gone up and down and everything, and that is the qqq, the nasdaq 100 we know that those top five, six names make up about half of it i want to buy those. i want to sell my puts at some point really soon, and then i want to buy them again we just need like a reason to reload i'm just saying it doesn't make a whole heck of a lot of sense to be buying highs when we know what the headwinds are and the lack of clarity. we have got an earnings alert, josh has the details. >> heading into this report, remember, this stock was up about 4% for the year. it was down about 8% in the past month. it was also down 8% from its all-time high. surging in the after hours, beats on the bottom and top.

guidance for the year, that was the highlight, above on both counts capital return these two, authorize an additional 676.# million shares for repurchases and increasing the remaining authorization for future share repurchases for 1 billion. dan ives calling these blowout numbers after a choppy path over the past year, dan says this shows in his opinion the story is inflecting a great barometer for scybersecurity spending across the space on the call saying they can see cybersecurity events all around us, vulnerabilities exploited, ransomware attacks rising. our platform is working against that backdrop. as for growth for fy 22, there is pentup hardware demand and we will benefit from continued cloud adoption as well work from home is a new normal, he says. melissa, back to you. >> thank you don't miss jim's exclusive interview with the ceo of palo alto networks on "mad money."

>> if it were to open or close before 47, it has pulled back the names we continue to talk about, z scaler made an all time high that stock will rally on the back of this as will fire eye we've tried to point out some of the value in the space i know this is a crazy thought, but i think these things can continue to rally post-palo alto network's earnings. >> you just said the word value. the it trades relatively cheaply. it's basically seven time sales for a big sasse company like this, and that's essentially what it is we know the secular ship is going. i know guy has bought every dip in the next couple years or so. >> touching the $50,000 mark for the first time since may we're diving into that in just a few. china tech takes off do you believe this un oisbocer there more pain ahead? you're watching "fast money" right here on cnbc back after this.

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join for free on the xfinity app and watch all the rewards float in. our thanks. your rewards. welcome back to "fast money. china tech making a big comeback today. check out shares of tencent music, baidu, didi and alibaba managed to end with gains after spending most of the session in negative territory how do you look at the moves,

the move or the underperformance on a relative basis of alibaba. >> right, so baba got below that -- it actually traded down near 150 intraday before a quick reversal at that point it was down about 50% off of those highs and really we're at 15-month lows. some of this is getting to a place where valuation people -- you get to a place whereyou say, oh, my gosh, i didn't think i would see it here. if you look on a trailing basis around 17 times p/e. we've tried to handicap, we've tried to actually put the valuation of the chinese government here, and i think you really still have issues on headwinds. i think you can see a bounce here it's not all in back in the pool, and i think the same thing, the tencent media -- excuse me, yeah, streaming ultimately tme ticker is something i think is even more of a concern just because of the nature of that businessand it' more specific, even though they've also had such a leadership position.

so i don't think it's time to jump back into china tech. i do think you're getting to a place where a lot of investors who will react to valuations getting so cheap they didn't think they'd see it here are jumping in >> yeah, you know, the headline that caught any attention today is that bytedance, that the chinese authorities were taking a board seat in equity stake, and the information was reporting they're not going to stop there, that it's going to be tencent, it's going to be alibaba. that changes the game. that really changes the game we've been talking about this for months now that they're not going to kill their champions. they're making them state owned enterprises the way that they own -- not really -- >> is that just a formalization of what we believed was happening anyway though? >> maybe, we're all hoping it wasn't happening we had a lot of bulls telling us it wasn't happening. i think the game has changed these stocks are down 50% or something like that. they've taken a big hunk out of them maybe when we get one more announcement at alibaba or tencent, maybe that's when you buy that kweb guy.

>> you can see a bounce, 83 million shares, typically trades 18 you had that huge reversal first time we've seen that in a while. this is a stock that can rally 15 to 20% from here and still be in this huge down trend since halloween boo of last year so i think you can buy the bounce here. the first tradeable bounce i think you've seen in a while in alibaba. >> it's already halloween season >> pardon me >> no, fall, no, no, you can't just say that and -- it's not. you get into september we'll have a conversation about halloween season today last i looked it's stul augie. >> i heard on friday that "fast money" start with a global lead and you basically said you weren't looking abroad for opportunities. could this be the exception? could china present value, china tech specifically? >> no, it could not. i mean, you can trade it if you want, in dan's words have at it. i think i would agree with dan that in the sense that china has told you they do not care about you as a shareholder, so why

would you want to hold any of their shares they're going to put more people on the boards. they're going to turn these into state owned. they may actually stop trading i don't know i don't have any idea. but as an investor, how can i hold those shares? i don't think you can. if to me, if you want to play a china recovery, then look towards copper maybe buy fcx. that would be the way to play a china recovery, and you have the u.s. market, u.s. legal system as opposed to china, which has weird opaque structures and they have overtly told you we don't care about you. >> well, we are just getting started here on "fast money. here's what's coming up next >> the crypto cruise is setting sail bitcoin briefly reclaiming the 50k mark we dive into what's next. and it's not just about the coin we're talking with an nft investor on the latest in the space. plus, chip stocks surging as nvidia hits a fresh all-time high so what's behind the semi

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welcome back to "fast money. check out bitcoin trading above $50,000 in early trade today for the first time in more than three months the latest move coming higher, coming on the back of two key announcements. coinbase saying it would purchase $500 million in bitcoin, and today's announcement that paypal will let users in the uk trade digital currencies it seems like whenever it passes some sort of milestone, b.k., then the calls for 100,000 start coming out >> sure, yeah, and even higher sometimes, right momentum seems to get those price calls out there a lot. but let's remember what's

happened here in bitcoin the seeds of this rally have been sowed weeks ago, and really what we've had is in adoption phase. that's what you're buying bitcoin, it's going to be adopted versus regulatory headwinds, but when we have the budget deal and the crypto lobby became so strong, that i think c -- changed the regulatory headwinds to potentially what could be a tailwind. there's a strong crypto lobby, this is actually being adopted and you look at a survey from deloitte that came out last week, 76% of their responders think that physical assets and physical money is on the way out and 73% think that if you're not in crypto blockchain, this new technology, you're going to be left behind. so you're firmly in the, hey, we are -- this is being adopted it's here to stay, but the good part is not everybody owns it yet because the market cap is too low. >> so which coins at this point do you think have the most value?

>> well, i mean, if i'm talking big caps you got to think about ethereum i mean, they just changed their monetary policy. they're going to what's called proof of stakes and now you can actually have a declining supply curve in ethereum as well, everything is being built on it, right? we're going to talk a little bit about nfts, people love to talk about that that's being built so i like that i also think you can look at some of the and competitors out there, some of these you're going to build web three on, sew lana is one. >> that's an interesting thought that the crypto lobby has shown its strength in squelching regulatory efforts so therefore it may be safer to invest. >> we've heard a lot of people saying that over the last week or so. it's actually a really good case while the news we got wasn't particularly great, he basically made the point that washington heard this community in a big, big way, so listen, i'll just

say this b.k. has made this amazing case for institutional adoption, he's been making it for years really since the crypto winner in '18 and '19. well, it's here, and now we're seeing some really crazy speculation on the retail side, too. those are the kind of things that make me a little nervous, not exactly about the coins but maybe some of the nft stuff in the near-term >> the recent crypto, sparking a burst of transactions in the digital, that totaled more than $20 million in sales just in the hour after visa announced the initial purchase, churnen group operating partner jared dicker joins us now great to have you with us. >> great to be here. >> dan was making the comparison to icos, obviously a lot of them went away. how do you separate the wheat from the chaff in terms of nft's

value or just craze. >> i'd say the biggest thing to focus on as it relates to nfts is for the first time in forever on the internet, there is now ownership for digital goods, everything for the past 20 years has been able to be replicated, whether that's music or art or content, and what the nft model has really started to introduce is that there could be one of ones, things could be owned, they could be distributed and there's value against them the biggest difference between what we saw with icos which was speculation around certain companies and nfts, which is the ownership of individual goods is that this is really tieing to a bunch of trends. we're seeing status and identity tied to nfts, we're seeing the ability to own and trade digital goods. we're also seeing like the ability to open 24/7 markets around these digital collectibles and valuables i'd say the big difference is it

for the first time ever putting value on digital goods. >> how do you determine, though, that buying a digital rock, let's say is going to be lasting value versus effectively buybuying the rights to a particular jpeg or the equivalent of one this may sound really b elementary, to the vast group of people out there buying a digital rock seems nuts. >> it is absolutely. early days i would say we could say the same thing around certain things that are purchased in the physical world one way to think about it, as we transition from physical to digital, we lost a lot of the monetization models and the values that we used to under the -- put on things physically thousand that we're seeing nfts and this introduction of these digital goods holding value, we're starting to see a lot of those physical semblances starting to come back into the internet and onto the web. again, some people love rocks. some people like crypto punks, a

great way to think about it, especially for those that cannot understand why people would buy these things is that status and identity are really kind of tied to these, like why do i wear a certain shirt or carry a certain bag when i'm walking down the street people want to identify, they want to join certain communities and access by buying these certain things whether it's a rock or a board api and making that your profile. it opens up community, it opens up conversation. if you're an investor it could open flow, if you're looking to connect with other like minded people, it starts to give you access and social status i think a way to think about it too is beyond that individual value of that good, but what sort of status and identity that value starts to open up for individuals on the internet. >> hey, jarrod, can you give us a sense of how important this acquisition by visa, a large ko corporate entering into this market is. is it just a marketing ploy, or

are we going to see more kormt, big institutions, get in and do this sort of thing or is this really going to be a retail-driven craze here >> it absolutely makes sense for visa to get involved nfts are a new business model on the internet i'd like to think about it the same way that we've seen advertising drive the growth of facebook and google or subscriptions drive the dwgrowth in netflix and spotify for the first time in a long time, we have an entirely new na native internet model where companies and individuals can make money off of what the nft is able to bring, so a company like visa coming in that's really trying to focus on the future of commerce and transactions, it makes absolute sense for them to start -- start playing around and socializing the notion that this could be a new way to transact. this is kind of the new way of commerce, and i think we'll see more institutions doing that as well i mean, there's examples of things happening in the music world, really trying to rethink the notion of programmable royalties or tickets and how artists make money and how

venues make money. we're seeing it across a variety of different institutions, and i think visa's entry at this time is very smart. i think it's very forward thinking, but i also think it makes absolute sense tied to their business model and being able to go into one, be able to explore and see what the phenomena is about and what value it brings, but two, really deeply understand how this future of commerce is going to move and have a say in it, i think is incredibly smart of them. >> in terms of the future of commerce and transactions, jarrod, we talk about stocks can nfts be used in the stock market it seems like that would be the easiest route to same day or almost instantaneous settlement? >> the way to think about nfts which even go beyond how the stock market is set up is when coinbase emerged and what coinbase has brought to value today is this notion of 24/7 markets, right for the first time individuals were able to purchase, trade, and hold currencies 24/7 regardless of when the market

opens and closes, they were able to engage, and i think we're seeing that same thing spill over to a bunch of different markets. i mean, we at ccg did an investment in a company called zeteron, which is a virtual horse racing platform. 24/7 horse racing where consumers could buy and purchase horses they could train them. they could race them, and both share in the upside and also be able to kind of transact on individual races so i'd say there's definitely some sort of connection and value that nft's could bring to the stock market what we're seeing more of, especially as we're seeing things outside of the financial sector is this notion of 24/7 markets is now attainable and we'll see it go beyond financial into sports, entertainment, music and so on. >> great to speak with you hope you come back soon. >> thank you so much >> jarrod dicker. >> if i were to get into the virtual horse racing business, i'd be the shmoe that would have to clean out the virtual stables. this is so beyond my scope,

don't dismiss for a fact that so much of what we've been talking about in terms of crypto, nfts, do not fall at the feet of now central bankers globally who have flooded the world with liquidity, and this to me is the aftermath of all of that it makes perfect sense in that context. >> brian kelly, how do you separate value from craze, hype, et cetera in this marketplace? >> yeah, so it's interesting i mean, i agree with dan that the frenzy around these remind me very much of the ico frenzy, and we don't have the legal structures around this that we probably would want to have if you're really going to transact for art. however, you asked the question about how stocks can benefit from this. think about a company like nike. they could actually put digital air jordans out there that somebody could buy and wear around online, and so now you don't only have the direct to consumer, but you have this digital channel. everything that nike sells can now be digitized and so that can add to the bottom line to me that's where i think the

promise of nft's for corporations are as opposed to buying a roth or whatever else anybody wants to buy. >> use in the metaverse. >> in the metaverse, exactly. >> all right coming up the oil slick clearing up for crews snapping a seven-day losiing trade. more details on that when "fast money" returns ♪ dream, dream that's the thing to do ♪ ♪ music ♪ when you see value in all directions, you add value in all directions. accenture. let there be change. that building you're trying to buy, - you should ten-x it. - ten-x it?

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welcome back to "fast money. check out nvidia topping the tape today and surging to a fresh all-time high. the chip making helping bump the semiconduct eta nearly 3% today. what of this rally today, tim? >> look, extraordinary, but since they gave those numbers and reaffirmed that the strength they've seen in gaming and data center, the stocks had reason to rally. and by the way, semis we talk about a lot how they've really been the chart to follow to get market direction, and if you look at nvidia, it's outperformed the smh or the semiconductor etf by 32% over the last three months and 32% year-to-date the story here is very, very exciting i would point to the fact that

gaming and data center are $3.5 billion businesses each this is a company that has been delivering on growth, and this isn't -- remember when e we tale about this as a crypto store are r -- not cheap, and certainly some delays around the arm transaction, maybe things that have people a little worried, although i think that thing gets done as well >> we talked about it on august 19th when reported, we said this will be the quarter to take the stock through, make an all-time high and you obviously saw it today. i still think analysts are going to have to start raising their price targets. don't be surprised over the next couple of weeks if you don't see people start to ratchet those up as well. i think the stock now is at the next level to break out from and i still like the name. >> it broke out. they better do more than raise their price targets. they're going to have to raise their estimates. estimates for earnings and sales growth are about 12% year-over-year, the stock trades at 48 times earnings and 19

times sales, $550 billion market cap. great story. i said this on the 19th, guy, and you were right you said this is the sort of guidance that's going to break it out you got to see estimates get higher here. i just think the hurdle is really high at this point. >> brian kelly, how are you feeling about chips? >> yeah, i think you have to like them. i've liked nvidia for a long time what you're seeing with nvidia and asm now and a couple of these other chip names, they are the beneficiaries of all the shortages we're seeing people want their product, they have money to pay for their product and obviously based on their earnings, they are getting those orders in. at some point in time, you know, with a p/e north of 50, i believe it is, it gets expensive. that's a problem for another time and by that, i mean valuations only matter until they do. right now it's all about what their forward-looking earnings are going to be and people can put whatever multiple on it that they want. i still like them all. >> all right, coming up, crude's

comeback, energy stocks surging on the back of the rally in oil prices shoultd you be pumping into that trade? and we're building up to toll brothers earnings tomorrow how options traders are laying up the foundation for that report awhe,fa mey "ston" is back in two esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. i work for waste management, been there 5 years. we take pride in doing our job. we're so fortunate to have somebody like billy in our community.

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welcome back to "fast money," oil prices rebounding in a big way today with crude soaring more than 5%, its biggest gain since march the move snaps a seven-day losing streak and brought energy stocks along for the ride. shares of exxon mobil, conocophillips, sloan ber shay, marathon, occidental all posting strong gains in today's session. tim seymour, you buy this move >> i do buy the move and look, it'd been a painful period especially for oih and oil services names if you look at the e and ps, i stress these companies are being run differently. many of these companies in the and e and p space like an eog have 10% or better free cash flow yields, are trading at three to four times and have less than one times leverage these are companies that are

actually starting to initiate buybacks, even before they get into, you know, their big capital markets programs, and i think they are being run for equity investors so i realize the market has not rewarded these names, but at 60 to $65 oil, these companies are very free cash flowgenerative. i like this bounce i think it goes further. >> yeah, brian kelly, you have to believe that the dollar's going to remain tame i mean part of the reason for the seven-day losing streak was a stronger dollar. >> assuming that a stronger dollar isn't a reflection of a stronger global economy, i would agree with that, but to tim's point, i think you do have to buy this, and you look at what the big, you know, the large cap oil names are. it reminds me very much of the tobacco stocks they have some segment of the investing community that cannot own them any longer, but they're still generating a ton of cash then i look at the oil side of it there's both a demand and a

supply aspect here, right? we've got china, which has now decided to bail out the people as opposed to their companies. we've got opec, maybe we're not going to increase supply that much so those two dynamics at least at the very least seem to be holding oil up above a certain level, which should be good for all the dividends and capital return plans that the large cap oil stocks have. >> i agree i think you can see even if it's a trading balance in some of these names, we talk about pfx, you wake up a couple of weeks later, it's trading in the low 60s. you can get a trading bounce in a lot of these names the one that sticks out to me is halliburton from 25 to 19 seemingly in a straight line i think that stock could bounce here as well. >> options traders building up on home buyers, don't go anywhere. >> miss a moment of "fast" follow the "fast money" podcast.

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welcome back, jim is talking to the psycceo of lyft, catch te full exclusive interview at the top of the hour on "mad money." >> we are tracking what could be a big moment for the housing

trade. options traders are positioning themselves around the tape mike khouw joins us now with the setup. hey, mike. >> hi there, yeah, so today in the options market we saw toll brothers traded more than five times the average daily call volume and calls significantly outpaced puts by almost 4.5 to 1. right now the options market is implying a move of 5.7% by the end of the week. that's in line with the average move over the last eight reported quarters, and the most active options were the weekly 60 strike calls we saw over 1,800 of those trading for an average price of about 1.60. buyers of those calls are obviously betting that toll's going to exceed that $60 strike price by at least $1.60 that they paid and that would push the the stock price above the highs we saw a week ago. obviously it's declined about 3.5% or thereabouts since then it does seem like options traders are betting that the news will be good. >> this is an interesting one. there are more positions at the higher end markets, they also have a sizable footprint in the

e urban areas. tim, how are you feeling about toll versus the rest of the homebuilders >> you know, it's traded cheap for a long time. i think there's a reason you've had some of that some of it is just about supply, some of it is about affordability some of it is where they could meet their buyers i love the xhb because it's not really homebuilders. it's everything else or so it now appears. floor and decor, you have johnson controls, you have train, you have carrier, you have home depot. i think that's the part of the trade that makes a lot more sense because it also gets you into home improvement and people see increased equity value in their homes and rates of zero. that's the trade and that etf is a great way to play it. >> i think that makes perfect sense. i would say the itb, which is more heavy homebuilders, when you look at what lumber's done if that was a big cause for maybe some of those kind of supply shocks, that might be a reasonable thing

i think that mike outlined the near-term 60 calls investors with rates down here, i think it looks like they're just kind of playing far breakout of the range that stock has been in after earnings. >> how are you feeling about home depot these days? >> amazing move to the downside. i think people were finally focused on valuation for the first time in a while, and i understand that. i don't think anything's fundamentally changed other than the way the stock has traded i think you can buy home depot >> brian kelly, where are you on the consumers' power in the home trade? >> yeah, well, i think it's -- i think certainly home depot, it's waning at the very least i do actually find toll brothers interesting. if you can look past the urban exposure that they have, the exposure they have in the high end is really interesting. we know that's doing well, and we know that they have the ability to build and to sell in some of these zoom towns and so to me, if i'm looking at that, i want to be skewed more towards the higher end

>> zoom -- did you say a zoom town >> i did say a zoom town, a town that's booming because now everything can be done via zoom. >> so everybody just stays in their homes there? >> right >> all right mike khouw, thank you for that for more options action, the full show is on friday, 305: p.m. eastern time. up next, we've got your final trades

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it's time for the final trade. let's go around the horn tim seymour. >> again, the oversold industrials and transports, but i like the xli, a bounce off the 50 and 100 day today, i think you have some room. >> b.k. brian kelly. >> so in spite of the selloff in copper, the fundamentals still seem to have gotten much better. i think you play it with freeport mc. >> walmart a good quarter, good guidance, maybe get a good high. >> guy >> the yankees of new york play the braves of atlanta tonight in atlanta, regardless of outcome,

i am a happy person. some people understand what that means. z scaler into earnings on the back of this panw news >> i'll just wonder what that means. thanks for watching "fast money. "mad money" with jim cramer starts right now. my mission is simple to make you money, there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now >> hey, i'm cramer welcome to "mad money. welcome to cramerica you want to make friends, try and make you some money. my job is not just to entertain you, but to educate you and teach you. tweet me @jim cramer buy the news what kind of bone head market buys the news when everyone already kn