so i don't know that this changes the equation but it is a psychological test. >> he's still sticking to his two 50s joe terranova, we'll see how it goes down. mike santoli that does it for you. that does it for us. "fast money" starts now. right now on "fast" stocks staging a late-day rebound the nasdaq finishing in the green. some of the most bruised and battered names after hours surging. did wall street get out of the sellers today? plus president's xi's numbers as leader of china numbered rumors swirling that the leader under fire for his harsh covid-19 lockdown policies could step down from power the ripple effects on u.s./chinese relations and the global economy straight ahead. retail therapy investors in this down market starting to shop for some shopping stocks. we'll talk the tape on a couple

of slimmed down names october rebound. i'm melissa lee in the heart of times square on the desk tonight tim seem more, karen finerman, dan nathan and guy adami. we want to start with the breaking news from fed chair powell he finished up an interview making some potentially market-moving comments saying a soft landing may depend on factors the fed does not control. also saying two 50 basis point hikes in the next two meetings would be appropriate he's also talking about what a soft landing means it means hitting 2% inflation with a strong labor market does this change the game, dan nathan >> i don't think it changes the game i think it's funny that we're back to that 2% inflation target that was what they were trying to get to on the upside and now they're trying to get to it on the downside i think guy would tell you inflation will be pesky and persistent, so we might have low single digits from that 8% readings that we've had.

but i guess it's around here to stay the idea of threading the needle for a soft landing, nobody really knows if you look at a lot of the action, a lot of markets here, it does feel like the markets are starting to price in a growth scare environment and that's not particularly great. i do think if you're a trader, whether of stocks, ommodities, currencies, rates, it's a fun time if you're an investor, it's really confusing right now. >> on first glance of these comments, you think, oh, my gosh, that sounds terrible then you realize that this is actually the fed coming around to what the markets already think. the fed is coming around to things that we've been saying here on this show, guy adami, in terms of being able to control some of the factors pushing inflation higher, which they do not control especially when it comes to the supply chain and russia/ukraine. >> you're trying to trigger me that's what you're doing on this thursday it's a beautiful day. >> am i successful >> it's not going -- no, you're not. you're not going to succeed.

i mean if chair powell or any of his cronies watch cnbc's "fast money" each night at 5:00 p.m. eastern time, for literally the last year they could have gotten a lot of their cues from us, oddly enough so i don't know if you're a fan of johnny nash, tim i'm sure is, but he's saying i can see clearly now. apparently that's what's going on with jerome powell. now, i'll say this and talk about the market if the market doesn't react negatively, and i thought the priets action today was excellent, that's a good sign. >> this doesn't mean that the markets won't have a negative reaction, even though he is simply saying what many people on the street were already thinking, tim. >> it also doesn't mean that the rain is gone, which i believe is the last line of the song that guy started singing. the rain is not gone and if you look at three hikes, we almost have essentially another 50 dips priced in for that third meeting out i don't think it matters we heard meister this week

trying to leave all options on the table. i think the fed has to be shocked, even though no one is terribly surprised that the momentum today, ppi, are we argentina at 11.5% it's crazy to think where we are and we all know that the services inflation that was shown yesterday in cpi is about 5% is very sticky and probably moving higher. where are the markets? look at the bonding market. look at the flattening of the yield curve but we've steepened a couple of basis points the market is telling me on a day like today where we see the 10-year bond come in and we had a beer steepening, you had the short end start to rally a bit and got steeper from the short ending so it was a steepening. the market is telling you they are worried about growth and ultimately the fed may not be able to do what they're trying to tell us they're going to do. >> again, this is from an npr

interview. i'll read you part of it here. he says we just say we have a series of expectations about the economy. if things come in better than expect, we're prepared to do less if they come in worse than we expect, we're prepared to be clear. the interviewer says 75 basis points is prepared to do more? powell says what you've seen is, you've seen this committee adapt to the incoming data and evolving outlook that sounds like 75 is in fact on the table, karen. >> yeah, i think just to follow the theme, i think he can see some obstacles in his way. i don't think he intended to put himself in a box that way we interpreted having done so and i don't think these comments mean -- i mean it's just like you're seeing, everybody else already thinks this lalready, right? we're already upset with him if he's too dovish and now we're upset with him because he sounds a little more hawkish and maybe

he can't successfully navigate a soft landing i don't think he really knows exactly what's going to happen i don't think any of us do so i'm inclined to give him a break. and i think does it really matter if they go 75 now or if they go 50 and then 50 and maybe 50 again i don't know that that really matters. i think what matters more is what happens with commodity prices and we're starting to see some of it crack so that's going to be more helpful to him i think that's the most helpful thing with him, inflation to come down. today was such a hot print. >> this interview is fascinating. i'm just go into a little bit more of it if you had perfect hindsight, you go back and it probably would have been better for us, this is powell speaking, it probably would have been better for us to have raised rates a little sooner. okay let's move on. talk about the markets today guy adami, what did you make of

the action we took a leg lower midday and then managed actually to finish off the lows >> yeah. i thought actually today and dan -- everybody can speak to this but dan actually bought things today, believe it or not. but i thought the price action was great. now, just a little refresher course, i thought 3750 in the s&p, got down to 3858 today, which peak-to-trough from the recent all-time high is 19.9%. that number is meaningful because that was the same move lower back in october into december of 2018 and i thought apple could get to 138. 138.80 the low today at 24% peak-to-trough decline from its all-time high which is run-of-the-mill what we've seen from apple over the last five or six years. so price action was pretty good. i'm not going to call bottom because it's disingenuous to do so but i think today sets us up for at least a 3 to 5% bounce in all these markets. >> do you remember that life cereal commercial with mikey and

mikey finally likes life that's the way i feel. >> they grew up in yonkers >> what are some of the signs there are going to be? we're starting to see inflation break even karen just talked about some of these commodities that are rolling over here. there is a scenario where everything doesn't actually have to come apart. one of the things that i hate when it comes to markets, i hate manias and we had a stock market mania. we had been talking about it for over a year now. maybe close to a year and a half, how each one of these has gone the way of the dodo the chickens were going to come home to roost. mel, you had the nasdaq managed to close up. you know what didn't close up? the qqq, the nasdaq 100. you know why microsoft and apple were down. there's nothing left to sell the garbage and that's why we had some of the rallies in some of those names but it is telling

that some of the major generals of this market, who have led a tremendous amount of the outperformance did close down. so there's probably more downside there the one thing i'll say is why am i nibbling on the qqq? i do think when we come out of this bear market, we will have a bull run again it could go for years. the microsoft, apple, google, amazon, maybe even facebook that's been cut in half, tesla will be down 70 some percent from its lows. those stocks make up 50% of the weight of the qqq. then you get dozens of stocks that are down 50, 60, 70% that can double or go up 200% for me. ultimately you'll see the nasdaq 100 down 40% peak-to-trough. the s&p was don 20% of its lows. the s&p, we've been talking about it, the last thing that analysts and strategists have nautiot capitulated, put 208 on that, put the 10-year average on

the s&p 500 at 17 and you get 3500, which is very near the pre-pandemic high. you get 18 on it, let's say above that you get to guy's 3750. >> i want to be clear here, dan doesn't think that we bottomed and i know that he said that in different ways just now, but the bottom is not here we don't know when the bottom is going to be, karen, so a lot of people at home have the same question when do i start legging into a position in the markets, whether it be an index or individual stock. do you think we're closer to that point now >> well, we have to be just mathematically closer to that point. sorry, my dog is barking in the background so for me i'm always long. and so i'm looking to buy things it depends if you owned nothing, absolutely i would get started today. i would do some sort of dollar cost averaging and not worry about timing the market. i'm certain i'm never going to be able to time the market if i own nothing, i would start

with google. it's my favorite stock, it's my biggest position i think the risk/reward is very compelling same for meta. and i probably would own some -- there's some retail i would probably own something that's -- anything in the igv i probably would not own because even though it's come down a lot, i still think it's overpriced, certainly relative to the metrics that dan is talking about. and i think there's -- if you don't know what to own, you could buy some spiders, buy some qs, like dan did i think you're not going to pick the bottom to think that you're ever going to be able to, it's sort of a fool's errand. or for me. for me it is maybe somebody else can do it. >>most people. guy, you know, just to get back to apple, because it's the biggest stock, tim had mentioned the 125 level. 122 is its low i'm wondering where you think it goes >> i was listening to the o.t. before we came on and i think

somebody from fund strat was suggesting 112 was a possibility. i don't know but what i thought the october low of 138ish was in the cards, we've been saying it for a while, it effectively got there today. i think to karen's point and i think tim and dan would echo this as well if you haven't been in this name and waiting patiently for your entry level, this is about as good as its gotten for quite some time. not to suggest we can't overshoot because we've seen that to the downside many times. but in terms of an entry point, i think the stock gave you something in the form of that low. >> robinhood, shares are soaring after a company disclosed a 7% stake in the company let's get to kate rooney. >> sam bankman-fried the ceo of crypto exchange ftx taking a 7.6% stake in robinhood according to an s.e.c. filing out about 30 minutes ago the company behind this is called fidelity technology

sam bankman-fried is the sole director and majority owner of that company the new robinhood stake is worth around $648 million. the filing says the move represents an attractive investment the reporting person, sam in this case, intends to hold the shares as an investment and do not currently have any intention of taking action toward changing or influencing the control of the issuer bankman-fried runs one of the largest crypto exchanges in the world, seen as a competitor to coinbase, but also a competitor to robinhood in some ways, which is looking lately a lot more like a crypto exchange and beefing up that side of the business there had been some speculation about robinhood as a takeover target, down significantly from the ipo price. reached out to sam and ftx, no comment on that news robin hhood has not gotten backt us. >> this is separate from ftx itself >> a separate entity controlled by sam

not technically affiliated with ftx but sam is the ceo of ftx. >> kate rooney, thank you. tim seymour, we were talking about, how did you put it, dan, ark garbage. there may be valley in some of this -- i don't want to say garbage again. >> yeah, there may be strategic value. he's worth a cool $11 billion or so so this isn't -- you know, this isn't a big -- a big significant move in a beaten-up stock but not necessarily one that he's that far out on a limb i will say the complementary nature or the strategic nature of this entity could be there but that's where you're getting opportunities in the market, where you're going to see insiders we've talked about this where insiders were buying their stock or you're going to see strategics start to nibble or look at making takeovers i think that is what you'll see

in many other sectors. but here, down 80% with almost 23 million users and a lot of sticky players, although we don't know who's left and we don't know what they're worth. i think robinhood has that value. >> karen, what do you think? you know, when i initially heard this, i thought ftx could be a buyer of robin hoold hood but ta separate entity making this purchase. >> i read it as fidelity, and if you read it, it just says for investment purposes. but they did file a 13-d it used to be that when you said for investment purposes, that that was what it was for but now in the elon musk world, maybe it isn't maybe they could change their mind and decide to do something more aggressive, i don't know. it is interesting, though, i think that that probably does put a floor in hood because you've got to think there's at least one buyer out there who would be willing to buy more so i don't know. i think that's -- this is a very

interesting occurrence i actually think buying and running hood would be just an absolute nightmare >> yeah, or just operating it. they're expected to do, i don't know, $2 billion in revenue -- they're supposed to lose on a gaap basis $1.2 billion this year they're supposed to lose half a billion next year on revenue this year of $1.5 billion. there's no strategic buyer for this this would be massively diluted. the brand is toast this was a crypto trading platform i think ftx has done a really nice job of creating that and they're really focused on institutional also so i think the history of strategic acquisitions or m & a have washed out things like this is not great look in the post dotcom era and post global financial crisis those were forced combinations back then and there weren't a lot of companies that were picking through all the garbage and trying to find m & a so to me, i don't know i also don't think how does a

founder who's raised a lot of cash, how does he run a company buying there's a lot of conflicts of interest i don't see it. coming up, we're all over the after hours move in affirm sh shares are surging. and ford and gm dropping after a double dose of double downgrades we'll tell you what had analysts buckling up for bumpy roads. plus, crypto continuing to crumble. it's not just the coins in the crosshairs what the drop means for companies making big bitcoin bets more on that ahead don't go anywhere. "fast money" is back in two.

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we've got an earnings alert on affirm. shares are surging after a company reported a beat on the top and bottom lines kate rooney is back with the numbers. >> a solid beat for affirm and credit quality looking better than expected. that was really the fear factor around the buy now pay later company. as dan just put it in a note, he calls it a sigh of relief for analysts wall street had been worried about that delinquency number. the rates appear to be flat. also a smaller than expected loss on eps. it was a beat by 30 cents. revenue was better than expected

and strong growth in gross merchandise volume gmv increased 73% to the $3.9 billion also raising guidance. affirm also extending its partnership. the midpoint was below consensus but credit quality looking better than expected don't miss max levchin on "mad money" tonight at 6:00 eastern we've got the call under way as well interested to hear what he has to say about guidance. >> kate rooney, what do you think of the surge >> yeah. it takes us all the way back to monday morning, which is shocking how far this thing has moved. but it's interesting to me i think the credit quality isn't as much what happened to the quarter ending in march. i think it's going to be the guidance which is what kate is talking about.

this is one you have to hear the call so far credit quality is good but it's really forward looking. to me that's where the mystery unfolds. what's going to happen next. >> yeah, down so much from the highs and i know that doesn't really make a whole heck of a lot of sense to guide investment but if these guys can get out of a period we're likely to get into, some sort of consumer-led slowdown and maybe it's not that deep or that long and they don't have a lot of bad debt, then they have proven themselves. it's investors willing to pay multiples they are willing to pay so you have a company that does lose a lot of money, trading less than three times sales during a time that it was ludicrous number of sales. so i like -- sooner or later people will take shots at these names. not from a strategic standpoint but an investment standpoint and what do the business models look like. >> even if they put up good

guidance, this is not the kind of market -- we've had blue chip companies put up good guidance with strong balance sheets and a good track record and they're getting taken to the woodshed. >> how can we know the exposure especially one coming out of people being sent checks and given more access than they have ever had i think consumer finance companies are toast. anyone that was disguised as fintech and whatnot were way overpriced than they should have been even during a go-go time. i think there was a misunderstanding of what people own. when they talk about how they continue to have sustained profitability on an adjusted operating income basis, that to me is an oxymoron. that doesn't mean profitability. it means they can twist the numbers however they want, but they're not profitable so this is something that i think a lot of investors are getting frustrated with, especially adjusted ebitda, adjusted free cash flow. adjusted for what.

i don't think we can know their cash exposure. shares of ford and gm falling after two downgrades from wells fargo analysts concerned that a shift to ev to strain it. >> you're looking at a rare double downgrade from wells fargo. they have moved both of these companies, gm and ford, two notches. going from overweight to underweight saying it's peak profits here in 2022 why? because both of these companies will be investing billions over the next several years as they ramp up ev production. as you take a look at ford -- let's start with general motors. as you look at gm, they're targeting 400,000 evs in production by the end of 2023. in the case of ford, today they said we plan to have 600,000 evs built by the end of 2023 during the ford annual meeting today, kreceo jim farley alludet the fact they have real

challenges right now and in the future when it comes to the supply chain >> although we see the chip shortage easing in the second half of the year, as we stale our battery electric vehicles, we will have new supply challenges in both semi conductors, electronic components in general and batteries and battery ra materials. >> all of this comes the on a day when the smaller ev automakers all saw their stocks move higher. it's understandable why because they have been beaten up so dramatically keep in mind the bump today that you saw from these stocks with rivian reaffirming its guidance or because lordstown motors has finalized a deal with foxcon, these guys are hammered. go back to the beginning of the year and many of these stocks are down 80 or 90% bottom line is this when it comes to ford and gm, wells fargo believes the costs, raw materials, and the shortages that will be there because a lot

of these materials, where are they going to be coming from, worldwide, not just for ford and gm but all automakers, the analysts believe these guys will be spending much more when it comes to ev production in the future. >> and specifically, phil, the analyst was saying about $8500 more for the ford lightning, which is the new f-150, electrified f-150. so is there the thought they can't pass this cost onto the consumer >> clearly in the beginning you can. whether it's ford or gm, and we saw this with tesla, early adopters will pay more and we're seeing that across the board every automaker, early adopters say i've got to have it, whether it's the lightning, whether it's the hummer ev. people will pay that in the beginning. but at some point, melissa, and i'm not sure when it is. whether it's '24, '25, '26, at some point people will say that's a little too rich for me to pay 55, $60,000 for an

electric pickup truck even though the bases at $39,000. people are never going to just buy the base so when do the prices come down? if we don't have the raw materials for electric battery packs and battery cells, then you know the costs are going to be higher. so now you're selling them at a loss and that's ultimately the thesis here. >> phil, thank you phil lebeau. >> you bet. guy adami, what do you think? >> well, i mean you know what happened to flick on the triple dog dare, he got his tongue stuck on the flag pole and that wasn't pleasant for you "christmas story" fans out there. i big the double downgrade but in terms of price levels, ford at this time last year was $12.50, went to 27ish and back to $12.50. i think it's late in the game to downgrade the name i think you can take a shot on the long side here. >> yeah, i think what's interesting is this notion that supply chain issues, the raw

material costs issue, inflation issue, this analyst is saying they're going to be around much longer than what the market is currently anticipating, karen. >> yeah, that's interesting to me i think that if, though, this is peak auto, then might those -- might that supply chain issue or that scarcity actually loosen up a little bit but it was an interesting thoughtful piece i just -- you know, i'm sort of in guy's camp. it seems kind of late to me. at this pe multiple, it's certainly not trading like there's the expectation that things are going to get way better i mean this has been trading at this sort of peak very low multiple for a long time so -- but, you know, i'm wrong and long, so i have a filter looking at it differently. i just think it's late to the game to make this very bold call he's taken it down 41 points he thinks it needs to go down $4 so that's a ten multiple

that would be great if gm got a ten multiple. >> we're just getting started here on "fast money. here's what's coming up next. pushback on china's covid lockdowns. backlash on social media as harsh policies continue. so are leadership changes on the horizon? what it could mean for the global economy the details, ahead. plus, stocks in the red. so we're diving into the options pits for a pulse check on the markets. professor khouw is bringing us the action you're watching "fast money" live from the nasdaq market site in times square. we're back right after this.

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welcome back to "fast money. chatter intensifying about china president xi jinping's future. he may step down amid strict lockdowns and an economic slump. we have the senior policy analyst from longview global it almost seems even unthinkable that this would be chatter on social media, but here we are. how do you sort of grade this rumor? >> well, i think we have to accept that the anger is real, that this content is deep, certainly among the citizens of china, particularly in shanghai, and even, melissa, among some of the rank and file party members of the chinese communist party however, i think we have to slow down, because we have seen no signs that the elite members of the chinese communist party are in any way looking to replace xi jinping. and i certainly don't think a stepdown if that were to happen

would be happening any time before the party congress in the fall but i will say, melissa, that xi jinping has been enshrined in the party documents as the core. so when i hear some of these statements about stepping down, what's important for the viewers to understand is there's a secondary question and that is stepping down from what xi jinping has three positions, the president of china, the general secretary of the communist party and the chairman of the central military commission and it's those latter two that is the extreme power, not being the president of china and i don't see him stepping down from either of those, certainly not general secretary and chairman of the military commission so i think xi is well on his way to a third term. but there will be some pushback in terms of his policies that has caused this discontent and caused this anger. that is real. >> i was going to ask you just along those lines, the fact that we were discussing the possibility of this really

underscores the notion that the discontkcontent is real and ram in china how might the government respond to that anger in terms of policy >> well, i think the first thing we're likely to see, melissa, is the premier step up between now and the party congress and start to moderate policy a little bit more towards the market oriented position that we saw china going towards in opening up prior to the xi jinping era it may be too little too late. but i think xi jinping has certainly gotten the message that perhaps it was too much too far with the overcentralization of the economy so i would look there and see what happens with the tech sector, with the real estate sector i think we're going to see some policy loosening around those areas there within the next several months. >> it's always fascinating to hear your thoughts on china's policy how about the weakening of the

yuan, how much pressure do they feel from this and capital flight is that being focused on? >> absolutely it is. china is very concerned about this however, tim, you'll remember that they have been very, very reluctant to turn on the taps and sort of stimulate and juice the economy. they have been trying to do a good job of disciplining themselves around this, but i suspect given where we are, all of these things are going to be on the table and despite some of the early resistance to monetary policy, some of the fiscal things that the chinese have eschewed in the past, i don't see any of this off the table. >> always great to get your perspective. karen, not too long ago we were talking about companies with great chinese exposure and maybe that is not a selling point anymore for investors. how are you feeling about that sort of question right now >> well, that's exactly what i

was thinking not only do they have sort of less of a zero covid policy but the supply chain improved and demand improves. they're not in a lockdown. so to the extent a starbucks, a nike, companies positioned like they, that would be a good thing if xi jinping had to loosen those restraints to be able to stay in power. >> tim, your nickname in the past has been the ambassador so i'll ask you this question. do you think having the party congress meet later on this year, is that a backstop to the chinese economy? >> i think it's a reaffirmation of power there's no way he's stepping down i think after that he could make some moves that are more accommodative and you could see some moves that might be either from a sentiment perspective beneficial to their energy sector how about jpmorgan having to

retrack calling china uninvestable clearly some political pressure from that. look at emerging markets, 40% china. get china right, you get em right. the minute you start to see the dollar weaken, em may be worth buying again. stocks closing out mixed today. a tech sell-off winding down we're going to get a health check on the markets. plus, krcrypto's collapse continues. bitcoin dropping to 28,000 what the carnage means for companies with big bitcoin bs.et more on that when "fast money" returns.

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welcome back the qs finishing well. the etf that tracks the nasdaq 100 is still down 6% just this week one options trader seems to be making a huge bullish bet. mike khouw joins us. >> we've seen a lot of bearish blows but today we saw some pretty big bullish bets as well. the one that caught my eye was the september 290/334 call spread somebody paid $18.70 for that spread the buyer paying nearly $15

million in premium to make a bullish bet it will be above that strike price of 18.70 it was probably the same trader who tradedjuly call spreads as well so $30 million in premium is a pretty big bet that the qs could bounce. >> was this you, dan just joking. >> it wasn't me. but it's one way to do it. if you think we're in the market where we're getting this squeezy action, vols are really high so you're paying for that defined risk the qqq has some difficult technical resistance at 320 in the near term in my opinion. >> mike khouw, thank you and we will see you tomorrow it's friday tomorrow already options action, full show, 5:30 a.m. eastern time. up next, krcrypto's carnage continues. more on that next. plus tapestry jumping so is this retailer worth a try on

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welcome back to "fast money. " the carnage in the crypto

world continued with bitcoin hitting its lowest level since december 2020. what does the plunge mean for companies like microstrategy let's bring in coin share's chief strategy officer great to have you with us. at some point in time there was talk about more and more companies on the s&p 500 potentially putting bitcoin on the balance sheet and that seems like that is done. i mean that's just a pipe dream at this point. what's the ripple effect in your view of this what kind of ripple effects will we see with bitcoin being where it is right now? >> absolutely. i think we're operating in a really new environment 50% of the s&p 500 is down over 50% since the start of the year. investors are derisking across the board. while the fundamentals of many businesses like coinbase and cone coin shares are quite sound. i think investors generally are very wary of risk. they're derisking across their

portfolio. they're trying to stem the bleeding and so we're seeing a sell-off we're seeing concerns around this downturn. i think many investors do use crypto public companies as a proxy for exposure to bitcoin in the crypto market overall so we do generally see high correlations between crypto-related equities and crypto markets i think of many of the concerns around microstrategy and the bitcoin exposure on its balance sheet are somewhat overblown they do have a very minimal amount of leverage there's been extensive coverage on the topic but i do think as we've always highlighted bitcoin and crypto assets have historically been volatile we're seeing higher highs and higher lows. but these are not cash or cash equivalents. in the current market i think the market is pricing free cash flow on balance sheet. >> hey, it's dan you and i were talking earlier

in the week and you were mentioning despite some of the weakness we have seen in some of the coins, you're seeing some data where you're seeing institutional inflows into other products here. talk to us a little bit about that because i know that's an important pillar of the bull case here. >> absolutely. look, i think it's always really interesting. obviously the narrative right now, we've seen crypto market cap decline significantly by a third over the last week or so, so clearly there's concern we've seen events like this before, albeit not at this rapid pace the volatility and the velocity in all markets is feeling like it's increased quite a bit one of the interesting things we track, since we're in the business of asset management, we track product flows. we issue weekly funding flows. interestingly last week even though bitcoin saw a 15% price decline, there were inflows into bitcoin products

at the end of last week it stood around $30 billion, around $50 billion in all crypto products there are investors who are looking to add crypto exposexpo 1 to 4% allocation is historically what we've advised, with quarterly rebalancing so i do think there are buyers who are looking to add now, will these positions be massively sized? possibly not but there are buyers who are looking at this opportunity to accumulate a dollar cost average in to position in bitcoin, eater and others. >> good to see you thank you for your time. >> of course guy, you've talked to michael sayler many times and i'm wondering what your take is on this exposure, now that bitcoin is on the downside >> i don't want to speak for michael. i'll say this knowing him. i don't think he's going to

waive waver from his view. you'll see in a week or two they continue to add bitcoin to their balance sheet. i'm not speaking for him but knowing and being familiar, i don't think he's focused on the 10, 15,000 moves he's not in this for the next five minutes, but the next five years. i don't think it's coincidence that bitcoin topped out around the same time this fed became responsible late in november because i think bitcoin was born out of the fact that central banks were running amok. now that they're trying to get their act together, bitcoin and crypto has been cut in half. the trigger for bitcoin to go higher in my opinion, if this fed blinks be it market reason or otherwise, i think bitcoin goes parabolically higher. >> the correlation between bitcoin and the nasdaq is at an all-time high so that's the same bet.

>> when i think of some of these small contracts, i think of them as a high growth, high valuation kind of stock. i just think they have come in so far and i haven't bought any in a very long time. i think dollar cost averaging, nonedigital kur

antici currencies in crypto and blockchain it's a terrible time for risk. coming up, one name bucking today's selloff. tapestry should you be adding this name to your shopping list? more on that when "fast money" tus. at if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create (driver) conventional thinking would say verizon has the largest and fastest 5g network. but, they don't. they only cover select cities with 5g. and with coverage of over 96% of interstate highway miles,

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and take advantage of our special offer of no payments for 18 months. welcome back check out tapestry topping the tape shares surging more than 15% after the company posted an earnings beat despite lowering its outlook. they approved a new $1.5 billion share buyback next year. take a look at some of the other winners. etsy jumping 13% after hitting a new 52-week low earlier in the session. under armour closing up 6% in the green. best buy, advanced auto parts locking in pretty solid gains amidst this retail rally karen, i thought tapestry was interesting. coach did really well in terms of sales kate spade also double-digit growth. >> kate spade was up i think 19. it wasn't a blowout quarter, but it was just fine or a little better than fine north america was particularly strong, so that's good

i think there was a lot of relief there and to me, i don't own tapestry but i do own capri, a lot of north american exposure there. they have rallied, i don't know, 8 or 9% today. still incredibly cheap i think they'll probably do a buy-back as well the only negative thing about capri is they have a little more european exposure than tapestry does i've got to imagine in this current environment, europe isn't as strong but it bodes well for some other retailers that have been left for dead remember, a lot of them have really good balance sheets so, you know, that's something that i take comfort in. >> yeah. we're just in retail reporting season, guy. it's a wide variety of names that we cited as participating in this rally today. >> i like dollar gen one thing about tapestry, it was a beautiful move today, but i think it's too late to buy the

sh shares now i don't think the market is going to love these shares tomorrow, mel. i know tim knows what i'm talking about. >> is this some sort of like coded language what are you guys talking about? >> i won't tell. >> oh, come on you have ten seconds, tell me. >> it's his favorite artist in the world let alone female artist he loves carol king. >> all right we're out of time now. up next, final trades. you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price,

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time for the final trade let's go around the horn guy adami. >> i'm so upset you didn't know carol king >> why is that surprising? >> dvn. >> of course i don't know that tim. >> i'm so upset we talked about carol king, but in tribute to karen's dog, i'm going petco growing consumerables, pet sales, it helps them >> he was in the background in the "a" block. karen. >> yeah, so kudos to dan for being just very bearish on the

qs, qqqs all year, have at it, whatever else you say about it i agree with you today long qqqs would be my final trade. guy, i'll still love you tomorrow >> i know that reference dan. >> yeah, gobt, my mission is simple, to make you money i'm here to level the playing field for all investors. 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 call me at 1-800-743-cnbc, tweet me @jim cramer the market should have bounced hard today because interest rates were down and there's no real bad news. instead we got our usual crazy swoon before a decen