old, but it has the knack for being relevant to how the market trades so i guess the point is you've had a few breaks that got you to this point, and nothing says they can't continue for a little while. >> nice broad base move today too. you have a good thanksgiving >> you as well. >> i'm not going to see you before that. all of you too right now on fast, the tonic shift, some of the most high-profile tech stocks licking their wounds as the pain in the rear view mirror are still ahead for us and also ahead, he said he was a fraud right to his face over six months ago he also warned congress but wasn't that raised red flags. plus, a new bet on a come back for the home builder b. a take on two retailers heading

in different directions. i'm melissa lee. this is fast money we're live at the nasdaq market. full house here tonight. let's start off with the anniversary of a major milestone. it was one year ago today that the nasdaq climbed to a record of over 16,200 what a year it's been since, the tech index has fallen more than 37% from its peak. take a look at some of some of the biggest stocks in the index. netflix, tesla, nvidia, all cut in half. with all major indexes closing towards their high of the session, could we be setting up for a come back rally? it's the holiday season. we want to be a little positive here before we go to the nay sayers on the desk what do you think?

>> absolutely. the market is going to rip higher, is it possible, of course it's possible is it going to happen? i don't think it's going to happen if you go back to this time last year, we made a series of higher highs and lower lows in the s&p. the nasdaq is still expensive. and in this environment, i think the overall market is so expensive. don't look past the fact that now it's approaching 75 basis points, probably on the way to 1% i'm not an economist, but that can't be particularly good the rally made sense based on what we saw. tim will tell you with a vix of 21, the exact opposite is true. >> those top five names that make up about 40% of the names of the nasdaq 100, apple, google, microsoft, and tesla all of them just guided lower

for the quarter we're in right now. they had h disappointed results in the q3 and guided lower we're just starting to feel these effects of the rate hikes as they move through the economy as we have a weak global economy ma to me, at the end of the day, these are the stocks that kind of led us in the bull market on the way up they're starting to lead to the down side, but i would really follow the estimate revisions until valuations look reasonable enough and until we have a good sense for what the economy is going to look in the back half of 2023. i think it's hard to chase these stocks they could rally a little bit more, but i don't think they're going to have legs the s&p is down 16% of the year. >> i get that you may not think that it's a one quarter guide down, but a lot is in the stock already. we have been saying for a long time -- tim, you have been saying you want to hear that guide down from these companies.

we got it. >> yeah. i don't think -- the consumer is not dead this is part of the problem. the consumer's got a job, spending, working down their entire savings savings rates are at 13-year lows it's really hard to see the economy fall out of bed when the consumer is doing okay i think you ought to buy semiconductors with both hands when you hear about that iphone warning. but we haven't gotten a warning in terms of shipments. to me, the obvious place that dan brings up that we all know the market is very different you have to tell a different story around interest rates. we're 375 fed funds point from where we were a year ago wre still haven't seen the impact of it if market is moving in phases, and i think i've been quick to point out the trading ranges on this show. there's no reason why we don't

get there. semiconductors which gave you a 3 5(% movoff are holding in there fantastically. you can't argue with the price action, but it's a market that's cashed up. >> speaking about what's been incorporated into the market, i think a lot of the blow of loose monetary policy is being baked in as the other panelists have said, these guide lowers are what needs to be priced in it's the e to the p multiple that needs to be factored in more speaking of the consumer, sure it's healthy but we've all said we want com companies that can withstand inflation and hold a balance sheet. we are watching a consumer that has an eroding balance sheet you have a situation where they are tapping into that savings and you're watching credit card bals climb as interest rates are the highest they've been since i

can remember this sets us up for a situation where we're talking about the health of the consumer i think that's different than the propensity to spend. the capacity constraint will kick it at some point. >> guest services and costs has definitely gone up, but not as fully as one might think because people have not moved. as that starts to work through completely, that will be more costly for the consumers can't this be a protracted work through? >> everybody wants to get through it the reality is we might be sloging through this year all of next year into 2024, and that's not unreasonable to think. historically, that's what a cycle is i don't think the full effect of this fed raising rates is felt in the market, and it's just a matter of time before it is.

i'll say it again, to discount all the things we see, all the warning signs that are still there and look at the price action of the s&p and think everything is fixed, just because the market's gone up doesn't mean everything is fixed. >> we're approaching a down trend that's been in place since the s&p's all time high this year, and you see the vix approaching this uptrend it's been in. it's made a series of higher lows here, and it's been a telltale sign down towards that 20 level, you want to sell stocks it's been that simple here so i think about what's going to happen when we get back from the thanksgiving holiday we know we're going to have the november jobs report and the fed meeting. think about how explosive stocks were and rates to the other side on just slightly better than expected inflation readings. so that does have the potential to be an explosive cocktail to

the upside especially when you think about where we are in the year i'm just not positioned for that in the stock market because what i think very convicted is that valuation and some of this fundamental stuff we're talking about, we're not done yet. to me, you might get a rally the liar they go in december, the more they're going to drop next year. >> the other dynamic to tell about where we are different from last year, it's that the structure of the market is changing, and we know that you had to have the leadership from the biggest companies in the world. tesla is the fifth largest company in the world should it be i think we're starting to see -- we talk about the impact of passive investing, of just -- >> why should it not be the fifth largest company in the world? >> when you consider the size of their business, the size of the sector they operate in, and i still don't know what sector they operate in, i mean, i just

don't think it should be some of that is talking from a place where i think the real economy is finding its way back into the stock market in ways that i think it probably should, and i think a lot of companies even that are real economy stocks are tech stocks too i think tesla is a car company we'll see what happens. >> if we got rights on the ten year, does that make you more bullish on the stock market? >> it probably makes me more bullish on the housing market, but not on the stock market or any market for that matter because of the path to get there. i think that will be recessionary pressure, not the pressure of borrowing and lending rates. >> things continue to slow, and one of the knee jerk reactions will be higher stocks. when people realize the rate is going lower for the wrong reasons, they're going to realize the market is still expensive. short-term bullish, yes, long

term, no i will tell you, that two year is still going to be 4 and a quarter. >> the deputy chief investment officer joins us here on set dan, great to see you in person. >> good to see you guys. i missed you. >> missed you too. so tech, still going to be under pressure here? >> i think so. for the all the reasons you guys said, i think that makes sense there's been zero capitulation if you look at sector flows year to date, it's number one so where's the capitulation we're looking for? i think bubbles take time to deflate. this is still early days it takes tyke, and it probably takes more pain before we get there. >> we were just siting all these stats about how all the biggest companies have deflated to the tune of 50% or more. what's so bubblicious about

these stocks >> it's like the $10,000 hand bag that's still $8,000. it's still not a good price. i think if you go back to the tech bubble, which there's a lot of perilous clues, there's differences. tech in telecom was 40% of the market this time around, i think it's now broadened out to three sectors, communication services, they made up about 50% of the market that's come down to about 40 there's probably more to happen. >> when you talk about capitulation, hasn't happened yet. we see parts of the market where we're really close, maybe it's crypto, maybe it's spacs a lot are down 70 or 80% or so what would te fine capitulation? the s&p is down 16%, and some of those massive tech names still make up a massive amount of it.

>> i think you can look at it a lot of different ways. one, those flows have to go the other direction. valuation is trading at a huge premium to the rest of the market, that valuation gap has to close or go the other direction. i think we all have to stop talking about it the fact that that's the center of every conversation, it tells you a little bit about where -- >> are there other networks other than cnbc? >> not worth watching at least. >> let me ask you because you have been out there for this view, and you have been right and even though apple is only down 7%, i think this is the point you're making. what part of the market do you like here as we're seeing the shift and there are parts of the economy that are work something. >> i think there are a couple of ways of looking at it. when we're in an environment where profits are slowing, you want to focus on high-quality defense overall. that's probably the number one

thing we're focussing on in our portfolios that being said, i think there are areas becoming interesting and being able to play a little offense here you can get phenomenal upside returns in places in the market at a time when market fundamentals are deteriorating one of those places is china we talk about slowing and tightening markets that's not the case in china if growth is going to be the driver of markets going forward, it's going to be lower interest rates, and a hun yip side for long-term treasuries here. >> so you're comfortable with the whim of the chinese government when it comes to covid lockdowns. some say that effects 20% of china's gdp. >> haven't we all been subject to the whim of china for the

past three years if you think about 2020, it's the epicenter of the epidemic crisis, now the rest of the world is slowing in that environment where things are bottoming, i think it makes for a nice interesting contrast for the rest of the world. >> thank you for coming by just yesterday, we had jules on. he also liked china, which i think is interesting two days in a row. >> we've seen this when cycles seem to be changing. we're so u.s.-scent rick here valuations are always going to look a bit more attractive there. we've spent a lot of time at this desk the last couple of years talking about is china investable, and if you said no, you have been right for a very long time. there's been some fits and

starts here. i don't like the geopolitical when i think is coming with this bipolar world that the u.s. is going to be with china for the foreseeable future. >> yeah. i think you make a good point, but i think thest the uncertainty and whims of the chinese government versus what certainly looks like a quantitative tightening, more challenging earning environment here so as investors -- >> so certainly bad? >> certainly bad. >> that's better than uncertainty. >> that's exactly my point yeah, there definitely is some risk you're factoring in if valuations around the dmes pick market are still very bloated, and by any metric, these chinese stocks are cheap it's at least worth exploring. >> another signal on china, today we got the announcement

that it seems like ant financial is going settle with china these are the moments i think you're waiting the government has pushed hard, smacked down everything related, so ant is a function of that company. i think we're seeing a little bit -- i want to believe -- and there is no certainty around this, but i feel like this is a bit of -- we spoke some french last night with jules as well. >> and you were so -- you were speaking high of it too. >> your knowledge is more expansive than i thought coming up, we're watching nordstrom afterhours. plus, are home builders turning a corner could this be a solid foundation for your portfolio fast money is back in two.

welcome back to fast money earnings earned on nordstrom dropping 6 cents above estimates.

it fell by 2.5% to $3.55 billion. they lowered its earning outlooks melissa has been listening in on the earnings call. >> it's important to note that while it's a beat for nordstrom, it had a low bar to beats. it also had weakness, despite is fact that it's in a lot of sweet spots for retail right now occasion wear, luxury, and offprice its chain actually saw net sales drop by 2% we saw ross and tj max put up pretty strong numbers in that category last week the third thing that jumped out at me is the company says they're feeling prepared going into the holidays with some fresh merchandise, gifts, and apparel. >> i associate nordstrom with a

higher end consumer. >> it's confusing because it conflicts with what we heard from macy's a few weeks ago. they were saying luxury was a big strength for them. nordstrom is talking about seeing a weakness among lower income consumers, and higher consumers are not able to make up for it. >> there's an initiative calendar, correct? because their anniversary sale was two weeks later. that was one of their excuses. >> yes that's a dynamic another thing about timing is holiday shopping seems to be going back to a prepandemic cadence. so we heard there is a slowdown in late october and early november, and they're anticipating a lot of sales to turn up closer to black friday a lot of anticipation is building into black friday going into cyber monday because of that low-end sales. >> melissa, thanks

what do you make of nordstrom, guys >> 180 basis point miss on operating margins is not good. the margins was not good revenue missing with not good. i'll tell you what is good, merchandise inventories only up 1.5% over year that's good. but this stock is in a 7.5 year down trend from like february of 2015 again, a series of lower lows. i don't think you can necessarily own this stock despite what people say. >> 16% on short interest, you would expect thing decent to pop this stock all these other, i know they're not nordstrom, but when you think about the retail sector, a lot of these stocks have been targets for a reason the profitability factor here is what's an issue. and i think macy's would love to

be considered as classy as nordstrom, but their balance sheet is different macy's you can own here, and i think that was part of the difference here. it was an interesting dayfor retail overall we're going to talk about best buy. >> best buy topping the tape today. better than expected revenues. the company did of course cut its guidance for the year over the summer they were among a slew of stocks turning positive report cards. is this a sign of strength for the consumer for best buy specifically, seems like the bar was so low, this is one of those retailers, nobody's going to buy electronics, it's terrible everybody has a lap top, and here we are. nice pop here. >> i think it's about what they reported versus what expectations were. in the case of nordstrom, you look at them versus a lot of other retailers, i think they were about flat for the year, maybe down or up 1%.

you see a lot of these other names that have been down 20%. to best buy's point, you're seeing their competitors tell you a different story in terms of inventory management. you see their promotional management going forward i think that's still overhang on the stock. >> i feel likewe have the same conversation this week every year heading into black friday and cyber monday. >> are you sleeping out by the way on thanksgiving? >> i'll tell you this. i already got the email -- i already got the email yesterday about 25% off the whole thing. there's no sleeping out. there's no doing anything. there's just promotions. >> if they're promoting even before black friday starts, imagine what it's going to be three weeks from now. >> that's where i was going. i feel like it's this enthusiasm, excitement, about working off inventories or doing better than they did year over

year, but then it gets bad again in q1. tim just mentioned this, savings rates going up, down, consumer credits going up it's like the death rattle. >> best buy even said, one of their headlines was we see a draw down in consumer savings. they can see it in balances, credit cards, their best buy cards, and as they said, their premium mix of products has not been affected. so they have this barbell customer approach, and some parts of the consumer space is doing very well zbli loo-- >> i look at you because you go into best buy with a notebook and you walk out you don't even buy gummy bears. >> if you're going to do that -- >> at least i'm not sitting on a leather couch at best buy on sunday afternoon watching football i'm a draw >> you're a draw more fast money to come.

here's what's up next. home is where the builders are, analysts, laying the foundation for what could be a very constructive trade. so will this call hit the nail on the head? the details next. plus, the ftx fallout continues, and we're talking to one exchange exec who's got some harsh words for the former ceo the latest on the crypto collapse ahead you're watching fast money live from the nasdaq marketside in time square. we're back right after this. pgi. topping the tape is brought to you by pgim join the pursuit of outperformance and private marke. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim.

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welcome back to fast money jpmorgan now with a big call on the home builders saying the group is ready to turn the corner they say they're already tightening the cycle in the first part of last year. kb home -- i said that already kb home, that rose too also kb home all right. [ laughter ] keeping a close eye. negative, but can you see how had argument may hold up >> kb home it's a credible argument i think a lot of times when you're talking about the fed, a lot of data is lagging, and you start to see these prices trough before the data troughs. i do think some of the upside the priced in. these names are up 25% since that trough. some of the steam is taken out here, and i would be a little cautious in terms of stepping in here

i think the fed has told us despite the wide range of fed commentary that we are probably going to be at this elevated level for a protracted period of time, so with the pivot off the table, i'm not sure i'm rushing into the building. >> it could be as simplistic is if rates come down, home builders are going to find the floor. it's still not -- it's really not a demand for a problem with housing. it's a supply thing. they have not felt the pressure. yet, the stocks have if yields go to 3.5%, i think you can trade these names for the long side. >> i lot of inputs have gone down too, lumber -- maybe wages have not, but there's margin expansion there. >> there should be that should counter -- we talk about the market is going to grind. and i do agree there's a one brain cell attached to home

builders that's fair and i think if rates come down a little bit, the question is how promotional are they going to be. >> if rates do come down, you're going to want to buy home builders that's one of the first things i don't know how you guys are feeling about the home lenders we talked a lot about kind of this inverted yield curve and what it means for lending. we talk about net interest margins when rates started going up when i think about the banks -- which we have not talked about the banks in a really long time. >> who have outperformed the markets in earnings. you can pick your lines anywhere you want, but banks have outperformed in a market where the mortgage department has gotten worse. >> and while she keeps coughing over and over and over -- kb home

[ laughter ] they're kind of discounting possibly the home lending turning at some point, i guess. >> when you start on air, sometimes it catches up to you, you don't realize it, and then you start talking kb homes, and it happens. >> we're making fun of the girl that's been working all day. >> i appreciate it you guys are like brothers to me coming up, the ftx fallout, the group picture we are getting of the firm's finances again. and we'll talk to terry duffy. fast money is back after this. (woman 1) i just switched to verizon business unlimited. it's just right for my little business. unlimited premium data. unlimited hotspot data. (woman 2) you know it's from the most reliable 5g network in america? (vo) when it comes to your business, not all bars are created equal. so switch to verizon business unlimited today.

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welcome back another check on the markets today. all three major indexes closing out in the green the s&p closing above the 4,000 mark for the first time in more than two months. take a look at some of the stocks sitting at an all time high today china covid policy still weighing on china tech stocks.

nearly down 2% day one of the ftx bank hearing on record. eamon javers is there. eamon, what did you learn today? >> reporter: this was the day for the lawyers of john ray to explain what they know so far as they have been sifting through the wreckage over the last couple of days we're learning there are cyber attacks against this company and trying to defend against those by hiring a cyber security firm they can't even name because that firm could be attacked as well also they're saying that a substantial number of the assets here are still missing, possibly stolen they're still trying to get their arms around that information. the lawyers we spoke to here today, a number of them saying they estimate this process, which began in court today, could go on for years, not just months because this is such a

complicated and hibankruptcy one of the big questions here was would those names become public the company's lawyers argued in court those names should be considered confidential. the u.s. side of this case argued, no, no, those names need to be public in the end, though, the judge sided with the company and said those customer names will not be made public any time soon anyway, and the reason far is because there's different regulation sh europe than in the united states. the argument was it would be unfair for european clients to be private and american clients to be public, so they're going to keep them all private for now. if you have money on that exchange, and you are one of those customers, your name will not come out in this bankruptcy, at least not soon. but that's still tbd in the long run. >> thank you

one major exchange that has trouble over ftx six months ago, terry duffy said he told the founder, to his face, quote, you're a fraud you're an absolute fraud that was back in march duffy recounted in conversation just a couple of days ago. he's here now to take us deeper into that encounter. terry, this is absolutely fascinating, and what we're finding out now is no surprise to you months ago. how long did it take for you to figure out this guy was a fraud? >> i don't know if i knew he was a fraud right away i just didn't know what his business was here he is, he's trading an inforget -- out of hong kong, making all this money, and next thing i know, he's going to buy goldman sachs and everything else so i met him, as you said, when i gave guy and dan the podcast the other day. but what is really interesting is how this whole thing came

about, which kind of got my interest up about he is a fraud. and i met earlier in the day with the trading commission and i asked why are you not dismissing this application out of hand, and he said, because under section 5 b of the commodity exchange act, he has to look at it. >> and i said to him, you don't have to, under the commodity exchange act, have to accept anything that's innovation that puts risk management at the backseat of this, and that's exactly what was going on. right away, my suspicions were up why is there so much pressure coming from this application when i met with him, i knew right away, this is a joke this is going absolutely nowhere. you look who he's traveling with, the former chairman of the ftc. what was he doing with him was he carrying his briefcase or backpack and then he's got ryan miller, the former counsel at the cftc

and then became general counsel. this guy is sitting at a bar, can barely pick his head up saying, why won't you let us grow so you can see there was so many different red flags. and then when i got to washington, you're looking at people like mike conway, former head of the ad committee who was an ftx lobbyist. and i heard all these different things come out of members of congress, were they putting pressure on the cftc i don't know but there's a meeting coming december 1st, and i hope somebody has the courage to ask was somebody putting pressure on the cftc and let me say one more thing, which i think is really important. i told my team this had nothing to do with crypto. when he wanted to do was list all asset classes, mine, the intercontinental exchanges and

everyone else's under his model, which, as i have said, would have been a biblical disaster. >> is it your allegation, terry for lack of a better term that he had lawmakers in his pocket looking back on it, the he was a major donor in the midterms -- no, you're not saying that >> i'm not saying that $40 million second largest donor. i want to know where it came from is the $16 million house his parents are living in, where is all this money coming from all the ten people living in a $40 million condo, whose money is that? unexpected clients i don't know the answer to that. i think a lot of questions need to be answered but i did say in congress, right after ust classed, i said his proposal will do the exact same thing. i didn't know how right i would

be in a very short period of time. >> you got republican remanded for your testimony in front of congress >> i did i got republican remanded by a guy who didn't have the courage to show up but came on zoom telling me i didn't know what i was talking about. i don't think mr. cohn has a clue what he was talking about i'm prepared to debate him at any cost or at any time. he told me i was under oath and said they do have capital. i said, they do not -- they have capital under regulatory regime, but they don't have marketing capital, which i'm holding an additional 200 billion they don't. that's the capital i was referring to. >> when you take a look back at this whole thing, are you surprised by how many people got taken for this ride that he created? whether it be the investors, lawmakers, regulators, you name

it. >> no, i'm not when you have the greatest quarterback of all time and a supermodel wife doing a commercial, picking up the phone saying, are you in to me it looks like a pump and dump scheme if you watch that commercial and i watched it again today people get very influenced by people like tom and others so no, i'm not surprised and i'm not surprised by the baggy shorts and t-shirt because it's a gimmick, and most people who wear a gimmick are also selling a gimmick. >> terry, it's always great to get your take on things, especially from where you sit on the cme. do you think every single regulatory agency should be ashamed of themselves at this point? seems like everybody fell asleep at the wheel. >> you know, melissa, i'll say this it's too early to make those comments there's going to be a lot of hearings going on in the future. let's follow the money, see who

knew what when and where, and we'll draw those conclusion then. >> we always like to talk to you, terry we know you're a fan of the show and you watch every single night. >> every single night. you don't have -- >> right here. >> oh, you're right there. sorry, buddy. >> if we do get him on, i hope you'll come back. >> i would love that. >> i want to hear what the congressman has to say for himself. >> i would love to talk to the congressman himself. >> terry, thank you. terry duffy. all right. so, he sniffed it out. early. early. >> well, and he talked about a collection of people around sbf that sent the signal that there was at least people that could help prime the pump of the system what i think is also interesting to hear terry talk about is how first of all, he's very much in favor of trading digital assets.

i think his quote is something like one bad apple doesn't spoil the bunch. if anything, it's time for the real exchanges to step zblup yeah, i mean, which dart to pick up what was interesting for me is from my understanding is terry actually offered to help with risk management of this whole operation and was rebuffed i was waiting for that that is the red flags of all red flags. you'retalking about the cme here, and you are looking to circumvent what is a tried and true situation, i think that was very telling. >> i've known terry since the late 1980s, he watches the show. with all that said, he said to him, sir, you don't know much about crypto currencies, and you're giving false statements to congress. that's false he was telling congress the truth. this is the same terry duffy

that warned people about john corzine. so these geniuses need to start listening to terry duffy instead of being rude to him glib >> well, you know, guy and i were having this conversation with terry, and we were being recorded we almost fell off our seats when he was telling us this. here's the thing, people say, well, why didn't he say anything -- he did he went to congress two weeks later. he said ftx proposal puts a significant risk to market stability. that was in may of this year he laid it all out if you didn't like the back and forth, you could have read this testimony ahead of time, and it was all there. kudos to terry. >> coming up, deer in our headlights we're breaking down how option traders are playing ahead of tomorrow's earnings. fast money is back right after this

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♪♪ for skin as alive as you are... don't settle for silver. harness the power of 7 moisturizers & 3 vitamins to smooth, heal, and moisturize your dry skin. gold bond. champion your skin. welcome back to fast money checking out deere here, ticking higher today ahead of the company's earning reports tomorrow morning options traders are betting the run can continue

mike khouw is on with the action i know we saw more than three times the action volumes in here today. one of the contracts that saw the most activity was the weak 440. buyers are betting the stock will move up to at least the $1.60 they paid. it's averaged about 4.4% historically or so that's what it's implying right now. of course, if you're trying to chase stocks, i think it's probably the right payway to go. >> what do you think of deere, tim? >> i like it where commodities are, it continues to work. the valuation, not terribly expensive, at least relative to itself despite the fact that lumber and some cost inputs have come cheaper, this is a time where the ag world is still a place we need more deere. >> be sure to tune into thenex full show, which is next friday

at 5:30 eastern time. coming up, we're taking a look at some classes investors are betting avy aiheilagnst right now and finding out which side of the trade you should be on more on that when fast money returns. good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back.

welcome back check out some of the etfs investors are -- all groups investors are betting will head lower into the end of the year would you agree as a percent of shares outstanding, so they're pretty high here. >> yeah. so, let's see, xop, a think that one is a little volatile here. i think the short-term train is probably lower, but i would be looking to trade out of that one pretty quickly. >> hyg is the one. i think karen had been short that for a while, successfully i still think it's lower i think credit is going to be the thing that turns the fed credit hasn't broken yet i think it's inevitable that it will. >> do you get enough bang for

your buck? we've seen this when it bottomed i would go with iwm. i think it's a hedge for people. it's the most cyclical small cap stocks we used to short the iwm against short markets. >> was xlf up there? >> no. but you can put it up there. >> here's the thing. look at that chart if you got a one year, looks like it wants to, what, guy? >> party >> party. >> party meaning break out >> what do you think of the semiconductor? you said before you would buy taiwan semi hand over fist. >> the minute i hear apple warn because i think there's that type of -- let you have that flush, then you wave that baby in i think taiwan semi was like

china tech stocks. up next, final trade

(vo) hi, we're visible. a different kind of wireless company. in sports, catches are a good thing. wireless? not so much. so we don't do catches. with visible you get a one-line plan with unlimited data for just $30 a month, taxes and fees included. switch today at visible.com. welcome back to fast money shares of english soccer club manchester united soaring nearly

15% today. the company also announces the departure of the star forward. our chief soccer correspondent here -- i don't know if anybody knows much about soccer. >> i wouldn't say that, but i want to hear what the man has to say. >> most valuable franchise in the world, i think it says something, but they can't hold on to renaldo. you see argentina this morning drop the ball? >> as they have been doing. >> he thinks the saudis bought the argentinas. >> unsubscribe. >> there was a time they were the leader in the world cup. i think it is about to break out. i also think em is breaking out. >> i think you need to be buying

vix around 21. >> if we're going to get a sense of rally, banks look like they want to get unchanged. >> those footballers on argentina, you know there was a problem there. goldman sachs. my mission is simple to make you money. i'm here to level the plays 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 other people want to make friends, i'm just trying to make you a little money my job is not just to entertain but to educate and explain how days like today can happen so-call me at 800-743-cnbc or tweet me @jimcramer. listen to me, a year ago today