we have been saying nominal growth is high. no real consumer excess out there in terms of balance sheet. that complicates the picture. >> we get more earnings that confirm the narrative that people want to tell. not as bad as we thought it might be coming in. i appreciate it. that's the last word. fast money is now. yes, it is. on fast money a sea of green on wall street. major indexes snap the two-day losing streak. there are a couple of charts that could tell the true story. we will tell you what they are. another massive hack hitting the crypto world. millions of a auto they are yum rye fall stolen. what it means. later a sealth rally stock. the megacap has quietly risen in 14 of the last 16 trading

days. up nearly 50% from the may lows. we will tell you what it is and how you should play it. this is fast money live from the nasdaq market in the heart of time's square. you decided to return to work. then slackers -- nice enough to join the party as well. we appreciate you being here. guy, i haven't seen you in a while. i was hoping you would be here, make the effort. but it's good to see you nonetheless. >> plus, guy, the last time i stayed home, joe didn't call on me for a good 14 minutes. >> i forgot. >> totally forgot that i was on the show as well. >> we have to move. that's what i keep moving. we have to start with the strong rebound on wall street. the dow climbing 400 points. s&p 500 up a percent and a half. nasdaq posting the highest close since early may, 2 1/2

percent on the nasdaq leading the indexes through july and now august. traders think there are other charts that are telling the true tale of the market. it says somewhere you are the most interesting man on the show but i think they took that out, guy. what are you watching? >> well, just so people understand the only reason you like it when i come in is because i typically bring you things. sometimes if your back is bothering you, i bring you a heating pad or things like that. that is factual as well. for me it's high yield. the credit market is seemingly okay. if you look at the hyg it would suggest that the bounce from 72 to current levels coincides with the broader market. i think there is a credit problem lying in store. i think you need hyg on your radar screen. not suggesting you trade it but i believe there is a leg lower

than hyg and it will coincide with the stock market. >> now lows. >> new lows? >> 36 and change was the low. we said for a while -- i will tell you steve grass so came on the show and said this market is completely oversold. we will bounce to 4100 from that bounce we will make new lows and half of that has come to fruition. i think 3400 is in the cards here. >> i was talking to karen. the nasdaq moved to the point where it reminds me of periods past where people didn't have the nerve to step in and it just doesn't back up. sometimes. we will see. maybe it does. all of a sudden, you know, you see where it is now. don't you wish it was back where it was? do you think it's heading there? grasso, what do you think? >> this can be tied into it. i think you have an opening. we will see peak inflation next

week with the peak cpi number. if you have peak inflation, what else do you have, peak powell. if you have peak powell and inflation you get the market rallying. i think you have another window for another couple of weeks but i believe that powell will not take his foot off the gas on raising rates which is a negative for the economy and the market as a whole. if i had to sum this up in this financial soup i think we will get -- i agree with guy, you will start to see -- look at the oil chart. dip. lumber, wheat. low at pecifically oil. what did we hear about opec. opec had the smallest add to production in history. they might as well not added anything. what did it do? sold off. if that is where we are putting our eggs in that basket, then you will be in for a surprise when you see cpi come in shy of where it's supposed to come in. now you have gasoline fall off

a cliff, commodities off a cliff. that will be captured in food and energy in next week's cpi. the market thinks that powell will stop raising rates sooner. i don't think that is the case. he will overreach and that's why you see the inversion of the yield. >> these guys are like children. i said it to jim this morning for an hour and a half. i don't know if you saw it. great that he came on on set. you guys, stick with your transitory. dead wrong. he didn't stay as long as the other guys at transitory. now they say it could go up from here. i think the pendulum swings and i'm not sure. your analysis plays into this. you think it's an accident waiting to happen, bearish, right? >> i do. i think it sets up for a bearish set up. we have been in this 20 to 30 range for some time, the

trading range. i know we are kind of mixing up investing and trading. i will speak to both. you know, the 20 level speaks to, i don't know, the malaise that is there. you said guy and i were in that camp, kind of slugging along. we show up when we want to. that seems to be investor sentiment right now which is, you know, well, the feed meeting will happen in august. we won't have anything from powell until september. so, while the parents are away, the kids will play. that seems to be the situation that we are in right now. if anything, if you really believe in this rally, you are looking at other risk assets. this would be an ideal time to put protection on. you are not seeing that. you are seeing sellers of volatility. that speaks to me that we have completely swung from one side that we thought earnings would crap out. now we are in a situation where

we are unwilling to pay for protection. it's those times where you don't pay for insurance and look back and wish you had it. >> karen? >> agree. my final trader buy s&p, i want to be one of those buying protection when you don't feel like you need it. as to the charts, what i think is the most interesting chart or most compelling, i don't know if we have the crack staff that can show the yield curve chart which steve touched on or not -- fascinating curve. i have never seen one like that. that is a bit of a yogi berra curve. short term rates will rise a lot then we will have a recession and that will bring rates down and in the long term who knows. i think there is thin trading. maybe the 20 year is out of whack. what to make out of that? i'm in steve's camp. i agree inflation has peaked.

the distance between where inflation needs to be and where it is is wide. powell cannot possibly risk having the genie out of the bottle and take his foot off the gas or brakes, hover you want to say it. i think he will keep raising. i don't think that pivot was a pivot at all. i heard hawkish hawkish. >> if you think about this, i know you want to go back to guy but the short end of the curve -- >> i do. >> everyone wants to go-to guy. >> the short end of the curve, tech is more sensitive to the long end of the curve and value is more sensitive to the short end of the curve, right? that is the premise to get in the brain. if next week the cpi doesn't come in as hot, then value should, in theory, outperform tech sell off, in a perfect world if everything goes according to plan which it never does. one last thing, we won't hear from him or he won't have any

action, he being powell until september. that is close to the midterm elections. they are not a political organization but i don't think you will see anything out of left field. i think it sets up for a year end rally. even though we collectively think the market will sell off, year end rally is probably a good estimate for november, the last two months of the year where you get a little squishy is september and october where i think you could see the market as guy led off the show with revisiting lows. >> i was hoping we are at 9 inflation, we would meet somewhere like in the middle. fuller said 2. i said how about 4. >> he said 2. >> he said we are getting it down to 2, back down to 2, 2, 2. >> we are not going to stop until we get to 2. >> that's what i inferred from

what he was saying. they are deadly serious about that mandate of 2%. i was hoping inflation comes down, the pce comes to -- i don't know, something better than where it is and then you eventually can assume that you can pause. i'm arguing for stop and start which killed guy's back in the 70s because it came back with a vengeance and 20.5 to really kill it but it was double digits back then. we are not going to get to double digit inflation. it's already happening unless people don't come back to work and keep asking for a lot of money to come back to work, the wage thing. >> do we want to revisit the dynamics of the voelker administration. >> no. >> we can stop and start. >> right. >> and go back in history. is that an ideal scenario for the u.s. economy? >> i don't think your parents

were born when that was going on, bono. i think it was different. i do. i hate saying i think it's different this time but it feels like the after effects of the pandemic and supply chain. >> you know who we should ask? guy. >> guy -- >> you die on that island. >> your kids were in high school during oelker, weren't they. >> we went to grade school together, lost touch with each other. connected back. things were measured differently. it wasn't an interview because he was on with you. we will combat this and we will get it down to two. in order to do that, they can't take the foot off the gas. the market is crud sold off.

commodities did. even if we get it down to a 6, mid 6 to low 7 handle, you are talking about inflation that is three times what they want it to be. they can't back away. when the market comes to that realization, that's when the sell off occurs again. >> let's talk tech. if anything is interest rate sensitive, it's tech. the next guest says the reason it has legs but one key group will get left behind h. u.s. tech sector specialist at jeffries. i think tech is acting good, jared. i don't know what that informs us about rates. i think it plays into the idea that they don't need to stay where they are. but technically is this going back to let people in 20% below where it is right now? i don't know. do you think the truck gets backed up to where you can load

up? >> so, to your point, joe, the viciousness of the rally is remarkable. the nasdaq is up 15%. we are talking in the last two weeks. semis are leading up 25% in that time period. software measured by the igb up 17% in that time period. a lot of this is a function of -- you were hitting it on the head in terms of peak inflation. look what happened to the 10 year yield crashing from 3 1/2 percent to almost 2 1/2 percent yesterday. this group is the most sensitive with respect to the interest rate environment. earnings have been better than any of us thought in terms of resiliency from the tech generals, amazon, google, apple. i can't emphasize enough in terms of positioning, positioning, positioning. tech is the lowest in the last five years in terms of relative tech exposure. that can certainly keep the group going. >> the names that people loved,

it's not at 30% pull back, either. if you thought about buying some of those stokes where they were and you can't buy them down 50%, you are wrong. you are an idiot the entire time to buy them. isn't netflix buy below 200? >> funny you mention that. you had this vicious rotation that occurred the last six months where investors were selling to buy energy. to buy the notion of energy super cycle. now we have to rerotate back into tech because positioning is so under weight. you are seeing microsoft show resiliency in azure. so, i think you will see continued reorientation back to tech and we are getting closer to december. i think you will have that.

>> it's like -- i don't know. i have seen it before. i was scared at the bottom and now that vicious snap back and i will never get that chance again. new lows or not in the nasdaq, jared? >> i don't think we see new lows. you have to be highly selective. we have seen a recent move higher in software but it lagged. i think software is the most attractive. you need to be careful in terms of underwriting but don't forget about the m&a in software, 3 billion acquisition this morning. more software mma than last year. there is a ton of opportunities in software in particular. >> jared, thanks. good to have you on. it felt good listening to you. maybe everybody is not at bearish as i hear a lot. guy, the heating pad, that was a good one. but, anyway, you brought me

candy. you never brought me a heating pad, have you? >> remember i brought you those things that shaq sells, the thermopad, you put the battery in. you know what i'm talking about. another time you hurt your thumb and i brought you epsom colts. >> you should have brought me prevagen. i don't remember these. >> that's the worst named product in the history of mankind because nobody can remember it. maybe we are all too negative and we have seen the lows in the market. won't give you that opportunity again. i don't think we are in an environment where -- quickly, apple earnings, were they great? no. 2% year over year is the worst

we have seen. microsoft traded 242 before they said we are not seeing a slow down in demand. it's not like they were blockbuster. the stock reaction was. >> let's go counterclockwise. >> sounds bearish but to guy's credit, he absolutely was bullish at the bottom. he had that 4100 out there which actually was far away at the time. so, kudos to guy. i'm in his camp nou. and i just think down rather than up. >> i think i know where you stand and bono. they said i don't have time. sorry. probably my fault with the heating pad stuff. coming up, we are watching two after hour holders.

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welcome back to fast money. earnings alert on bookings holding. sharply lower as you can see. down 3.5%. did that do it, steve? >> a lot of talk on the call about foreign exchange headwinds and shares are turning negative since they delivered the mixed results. revenue light at $4.29 billion. epps solid at $19 adjusted. gross bookings surging 38% with ceo glenn fogel saying it would have been higher say for the foreign exchange headwinds. and cfo said increase in flight bookings offset the foreign exchange headwinds. on guidance the company is expecting record revenue but warning about a 12% hit to

revenue because of foreign exchange and they are talking a little bit about how to get others on the call, buying trips through buy now pay later and other payment options. this is the same story we heard with airbnb and marriott. no longer buying pelotons and air friers. people are getting out in the world. tune in to sidewalk box tomorrow morning. you will have mr. fogel on to talk about the second quarter results. >> groundbreaking show every morning. >> i heard of it, it's good. >> 6:00 a.m. to 9:00 a.m. thank you, steve. >> would you sell a stock based on currency helped winds? if management doesn't hedge are they bad manager. >> fx headwinds are transitory. i can't establish a thesis on

trading -- >> it's a real number. i would be concerned with the 79% they get from europe. forget about fx. what is going on in europe isn't great. that kept people from traveling. bookings are up. i don't know if that is getting better, worse, indifferent or if people are that tired of being home that they have to go anywhere. >> currency is cheap. >> that's the only tail wind. >> i agree with you on the fx. like, wow, nobody saw that coming? you can see where the dollar trades everyday. i don't know -- sometimes it feels like the market dismisses fx, doesn't matter. looks through it. >> like banks when they take reserves, bad. when they bring it in, it doesn't count. i never understand how that works. mgm resorts off the after hours highs but positive after

beating revenue expectations. what? what? do i have to come on fast money for this, contessa. >> an invitation on sidewalk box and i would show up. a remarkable story. we are in the second quarter of shrinking gdp and instead you have an astonishing earnings quarter for mgm, the highest property level and fueled by the las vegas strip. it's fueled by an important earnings metrics in gambling. more than $2 billion in revenue, up 113% from last year. mgm sold the ret. it bought the cosmopolitan. occupancy, rates, extremely high in las vegas. on the call, the ceo doubled down on what he told me in person last month.

business is strong. customers are spending. he is bullish on the domestic business. they will see the return of international travel. 80% of 2019 levels in terms of how much flight is coming in to the airport there in las vegas. he is expecting to grow the convention business and looking forward to the return of the conagra in march. and the event calendar is the best the destination has ever seen. meanwhile, the digital business, which they share, mgm $688 billion in the first half. an improvement of 70% from last year. the regionals they outperformed as well. we saw the regionals softening from 2021 but not true for m gm. the best second quarter ever. china, not so great.

visitation hampered by the strict covid restrictions. the margins compressed because they are bringing back the amenities that have been gone since the pandemic. they are starting to see the profit margins shrink a bit. all in all this is a remarkable earnings report for mgm, joe. >> you do the vegas thing for us. was that your idea? >> sometimes when it drops in your lap you thank your lucky stars. >> rough one. stupid pandemic. but now it will be better than ever, i would think, contessa. thanks. great to see you. see you soon on sidewalk covering vegas. who will trade this? >> i'm long. i thought it was good, too. i thought mgm -- bet mgm, the online, they don't consolidate that but it was a good number. regional was good. las vegas, really, really good. china awful.

what i like about mgm, small exposure to china relative to the winds. >> guy, you own it? >> no, but mgm is a las vegas story. contessa kills it on the vegas front. for any firms that have fx problems hire sarah eisen. she gets it. the numbers in las vegas are staggering and it will get better. despite the fact, joe, answering your next question that i think the market is going lower, i think you continue to own mgm. >> really. i wonder why all the online stuff is streaming. we got streaming, streaming, streaming. online, you will make money in the online stuff, guy? i think you will but -- >> joe, listen, i watched your show. since you asked me, i watch your show religiously from 6:00 to 9:00. if you don't mention gambling

once, you mention it 100 times. you are hooked, you and your cincinnati reds in the play off hunt. i know what you are doing. >> i want to -- i took the rays against the blue jays and i can't remember. but i had a little parlay and i won. i never win. that's why maybe it will be a great business. a lot more fast money to come. here is what is coming up next. crypto hack. thousands of digital wallets wiped clean as hackers steal millions. the crypto concerns facing a tough token. plus, block on the clock. with earnings on deck, we are getting a view from the options pits to see how traders are squaring up for results. you are watching fast money live from the nasdaq market site in time's square. we are back after this.

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and right here too. comcast business. powering possibilities. welcome back to fast money. check out ethereum rival solano. the hack draining over $5 million worth of coins. the founders tweeting that it does not appear to be an issue with the network but with the wallet software. for more, let's bring in the key strategy officer at coin shares. i read your explanation. i don't know if we want to -- explain what happened with solana. if you can, keep it understandable for someone like me and maybe a lot of viewers because it doesn't seem like it

was a deeply ingrained problem with the entire protocol itself. >> yeah. you are working so hard this summer. they got you doing mornings, nights. >> privilege. >> it's great to see you. so, solana, it's important to separate the network itself is not insecure. there are no issues with the solana protocol. the issue is with a wallet used. it's popular. it had an exploit in it, a bug that revealed the private keys. not your keys, not your coins. unfortunately this is really common with the applications that people are using to access different protocols and web 3 apps. sometimes there are bugs that are insecure but expose your keys and allow for these exploits. to zoom out and give everyone

context, yesterday's events impacted about 8,000 wallets. there are 15 million active wallets on solana every month. as a proportion of the overall user bank small. the goal is that this should never happen to anyone, right. the worst experience possible. but in context, this is a really, really small exploit and 5 million immigrants in the crypto is not a tremendous number. in context it's small. >> bono, you got a question? >> so, there is much debate made about whether these cure sis are securities, commodities, regulated by the sec or -- would you mind shedding light on what the implications are whether they bucket it as one security or the other and how that might affect price dynamics going forward? >> absolutely. look, i think the biggest

challenge is commodities and securities have very different rules in terms of how you bring these products, the listings to market and the venues where they trade. securities trade on national security exchanges. they go through the fec process. could mowed did it advertise go through the ftc. i think one of the biggest challenges right now is there are a lot of different types of crypto venues regulated centralized ex changes like the coin base, geminies and decentralized exchanges or protocols that people use to trade. so, there are all these different options. they have different ways of interacting. the biggest challenge is what are the requirements around transparency, disclosure. we have this security. are those requirements relevant to all crypto currency, to the

big subset. a little bit of a battle going on. it used to be a hot potato. nobody wanted to touch it from a regulatory perspective. but we will see what happens. >> quickly, i heard about it coin 200 day moving average moving back. almost like the nasdaq it's correlated. i don't know if that is going back to 17,000 either. it may but not this week. >> we will see. we have seen a lot of inflows around the last month back into crypto investment products. there are buyers. not everyone is having a good time in europe this summer. some are trading. when we get to the fall we will have a clearer picture. >> karen, how would you straight this. >> solana. >> they say you want to trade

something. coin base? >> coin base is interesting. it has bounced back but i think there are interesting. they got a lot of wallet share. i don't own it but that is probably one i could see. i have bitcoin exposure. had it for a long, long time. took some money off the table and i will see how it plays out. i think it's amazing it's not lower than where it is now, right? you talk about -- it came down from 69,000, whatever it was to right here. you have a lot of stocks that have done that as well that didn't have anywhere near the upside. not minor mall thing but i have exposure. >> i think if it's a risk on market, you will get bitcoin higher. but if you look at gray scale bitcoin trust which most retail investors know it's down 57% year to date. it had a great month. ethereum gray scale that is

down 61% year to date but it had a better month. i think you need a risk on market. i think everyone that talked about bitcoin and crypto actually lost a ton of money in the last couple of months, not coming back. i couch baseball. all the younger coaches are talking about coins, coins, coins during the spring, how much money they were making. no one is talking about anything now. i think they are upset with it and they lost a ton of money. i don't know where the new capitol comes in. a lot of regulation needs to be done. a lot of fear of getting hacked. >> let's go. moving on, moving on. shares of block surge go ahead of earnings tomorrow. we will find out how option traders are playing that. we did into two big stock movers.

welcome back to fast money. check out the shares of block surging on the back of pay pal. reports earnings after the bell

tomorrow. option traders expect an equally strong report. tony joins us with the action. what are you seeing? >> as you said, okay the back of paypal earnings up 11%. not surprising to see that block traded more than two times the average trading value. one stood out. the august 90 and 95 strikes were the most active call buying we saw going into earnings tomorrow. one trader bought 2,000 contracts of the august 95 calls. spending on average 2.09 for those call options. this is someone that is spending a little over $400,000 in premium to bet that will square will rally at least 10% more between now and the august expiration which is in under two weeks time. this is a bullish outlook on the back of a strong move

today. >> you got thoughts on this? >> any time you are trading momentum and you have seen it in the tech space and specifically -- i would play it through options. makes sense to carry over from what we have seen from the peers on the earnings side. >> tony, thanks for that quick hit. for more options action -- i did it friday and i did an option action. >> did you like it? >> i did. i was a stockbroker. you know about my graft kings problem. i traded a few problems on expiration friday. right before. >> like 12:30, buy them for an 8th and close at 11. coming up, cvs shares. it wasn't a beautiful day for all stocks. you will take dropping after

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welcome back to fast money. cvs shares jumping over 6% after beating estimates for the second quarter and raising full year outlook. the company announcing plans to get into primary care by the end of the year. guy, you have a take, you don't own it, want to own it. >> my take is you go back to -- i want to tie a ribbon on this whole show. your heating pad and epsom salts. for you technicians, go back to 2015, the stock topped out at 111, sold off. we got back there in january, february, sold off. making another run. the quarter was ridiculous. bertha reported that on this show this morning that i watch. the beat on revenue. the guide was common sure writ

with the beat. i think it takes out the 111 previous high and we are off to the races here. >> i agree with that. i'm looking at a chart as well and it mirrors what guy said. i go back to december of 2021. we double bottomed in the middle of june on this stock. it has been off to the races. through a prism, short term they are trying to patch the groundwork where they are not selling as many vaccines so they are trying to dabble in the primary care, selling a lot of tests but technically the stock is sound. >> who is testing still? >> i don't know. i guess they are trying to fill that void but there is an awful lot -- when i'm in a cvs, usually guy and i go together, is guy goes to the salon pas and everyone is buying stacks of test. i think they are still giving them away. insurance companies give you a

certain amount of tests per month free. they bill the insurance company. maybe that is a windfall as well. >> i won't get into this. >> you did already. you got me into it. in the meantime we have a buzz kill on you will take. the stock 5% lower after comments citing softer data for the beauty category. there is an opportunity to buy the dip. what do you mike? >> i am long you will take. i don't love to see it down 20 bucks. i would like to add. they had great momentum last quarter. they are below sophora so accessible for people whose wallets are stretched. but i'm curious why four weeks before earnings sometimes you see somebody downgrade -- this wasn't a downgrade but is management giving them a little bit of color so maybe the street will walk guidance down?

i don't know. do you see that ever? >> i'm amazed how analysts can miss by so much when they get help. >> i'm wondering if that is happening here. i would like to see if someone confirms that. >> bono, about that or something else? >> yeah, i agree with karen, it's a pretty great turn around story. the deutsche bank piece mentioned a pick up in promotion analysis. i would like to see -- from my point of view that might be a read through in declining gross margins. i don't want to get ahead of that but that is what i'm listening for. that is what will determine the direction of the stock going forward. >> ultimately he said. ultimately. i heard it. i get it. coming up, one stock making a stealth rally since the 52 week lows. the name that you should be watching. you don't have to but we are

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into the value plays out of these tech plays. rivian is up drastically for the month as well. that was based a little on amazon but mostly on tech coming back into vowing. i would let this breath a bit. wait to see what happens on wednesday and if this has any further tail wind to it. >> what do you think, guy. >> if you look at the chart

which you just had up, we are at significant down trend. we are probably touching the upper end of the down trend line. if you have been fortunate enough to be in, take the money and run. now i will get the hater tweets. >> you will. >> amazing run -- >> nature of the beast, joe. but i'm thick skinned as you know. >> you can get it from the other side, too, the tes slackers. they are worse than -- i'm not either. i don't care about -- we can't own them and i don't have a tesla. i love elon musk. they find a way to hate you from either side. i guess that means you are doing something right. >> you do it right every morning from 6:00 to 9:00. >> i will keep coming to you. do you want to come on the show tomorrow, guy. >> oh, so early. >> i don't get up that early. i have the cucumbers under my

eyes. >> bono you own it. >> i own it. >> a tesla? >> no, i don't own the car. i don't drive. but that's another conversation. anyway, i will take some of the hate off of your plate. if you look at the chart and you continue to see lower highs since november of last year. and the stock just made a sharp move up to that 200 day moving average. i doubt -- i'm sure it will test it if it has momentum and follow through there but i am with the other two. this is an opportunity to take chips off the table. up next -- is it really -- nt thfinal trade when we return.

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welcome back. let's get a quick round up of the earnings in the after hours. lucid, i have seen a couple of those, those are cool looking cars getting crushed. guidance 6 to 7,000 vehicles.

clorox dropping. apple supplier qorvo dropping after its results. booking lower after citing fx headwinds and mgm popping on a revenue beat then setting a record for las vegas strip. it's time for the final trade. around the horn. >> vicks is on my mind. >> be nice to andrew tomorrow morning. hug it out. >> we have been doing really well lately, trying. we differ on a few things as you know. it's amazing. >> like what, black, white. >> it's amazing. and then sometimes when he switches then i switch to the other side. grasso. >> i had to come up with a value stock where on wednesday we will switch gears.

i went with ge. still own it. >> that is like split one for -- reverse split for age. >> i thought it was 80. >> their vs, i don't normally love buying a stock up 6 bucks. >> for six bucks and not a stretch evaluation at all. >> thank you for watching fast money. you get to see how nice i am or not nice. mad money. my mission is simple, to make you money. i am here to level the playing field for all investors. there is always a warm market summer. i promise to help you find a. mad money starts now. >> hey, i am creamer. welcome to mad money. welcome to tomorrow. i am just trying to help you make some money. my job is not just entertaining but to put days like this in perspective. call me or tweet me. we spent so much time criticizin