exposure see if that plays out or if, in fact, we've gotten our rally for now and see how the markets absorbs it. >> what does apple do? finishes higher? go figure. the moment i suppose we're in. see you tomorrow big day to react to. that' that's mike santoli. "fast money" right now. a winning streak with tech leading the charge the nasdaq posting four straight days of gains, first time that happened since september is this the market's way saying we're in for a tame cpi report tomorrow. the re-opening from beijing and beyond picks up steam. could millions of chinese consumers keep the u.s. and europe from falling into a recession. day three of our big 2023 acronym reveal carter and courtney waiting in the wings set to reveal his bright and shiny plays while courtney is trying to create the right mood with names on her

list i'm melissa lee. this is "fast money. tim seymour, courtney, carter braxton worth. the nasdaq now surging for the fourth straight day. it is up almost 6% since friday. 9 big winner so far, big growth, amazon up nearly 6% today. its best day since november up 13% already this year. it is close to re-entering the trillion dollar club meantime, intel is up 13% in 2023 netflix nearly 11% transports coming along for the ride coming up 7% since the first day of trading the moves come as we are on the clock for tomorrow's cpi report, the market expecting prices overall fell by 0.1% from november to december but excluding food and energy, cpi is expected to rise 0.3% so are investors positioning for a weaker read on inflation are they right or wrong? does seem like the market is taking a stand. >> i think they're positioned for it and disproportionately

positioned for a weaker cpi and makes me feel like the reaction when we had the same positioning which basically was a -- the markets rallied pretty aggressive to that december cpi tomorrow if we get a weak cpi, you know, the trader says you'll fade that. the other side of this is on the other side of the cpi are earnings, you know, fourth quarter earnings for the first time in a year expect to be down i don't think they'll be great arguably a market that's priced some of that in. i do think you have a case here where obviously an amazon which has been significant underperformingaries triple qs less inflation, that's what big tech needs but i think this is a trade not necessarily -- >> i want to walk through that trade. because when you say you'd fade it fade the pop that the markets would have tomorrow on the back of the weaker cpi? >> to me the october 13th cpi and the december 12th or 1th cpi were big intraday moments and,

yes, you are fading -- buying the bottom on that cpi was great and fading the december 13th cpi an important moment. >> the trader fade right into the a block first question -- >> out of the gate it's in the blood. what would you do? >> so, i agree with him. i think you have the ability to fade the cpi pop we're seeing today, although i do think it could be longer lasting. the bigger question for the market is earnings as tim said if we fade cpi, what does that mean for the earnings recession? is there an earnings recession you could get a double rally what i think you're going to get. >> you think we'll have a weaker cpi and better than expected earnings >> yes, the better than expected earnings only has to be better than the earnings -- very low bar that's set so you could get a real rally if we start to see the banks, first of all, the banks are right out of the chute so the banks could surprise us to the upside even though they

have outperformed recently i think you can get better than feared earnings on the back of a better cpi >> what do you think, carter it's a lot of mind games >> sounds like wrap it and strap it something like that. >> i don't think anyone knows and -- >> no. all right, cancel the show cancel the show. >> best effort is to try to figure it out. at the end of the day does it move a lot is it a newsreeled pop or drop is the market really in a position to move meaningfully higher here? equities as an asset class in a good position. tim brings up it's all about earnings and the presumption is they're not going to be great. >> so even the cpi is important but it's still all about earnings. >> earnings are going to be the big driver the big thing driving the market the entire last year is inflation where interest rates are going which i why i don't think the report tomorrow in and of itself is important the fed keeps saying we'll keep

getting interest rates higher. don't care the data shows it's lower. we will keep going forward but the markets are saying the data isn't telling us that and trading on that. that's where i think some of that data becomes important. i don't think it's tomorrow itself but what we see -- >> we didn't get a hawkish powell this week, right? >> everybody -- >> we had everybody else but all the market cares about is powell and powell has been the wet blanket for the market every time the market gets sort of ahead of itself -- >> nobody believes powell. nobody really believed him i mean that's why we're here today. >> yeah, but this week, this week we have to believe powell within eyeshot of the cpi. if he's not throwing sand on a potential -- a little bit of a bull market, no one knows exactly will happen. if earnings come in slightly better i think this market could overtake that 4000 level in the s&p and take out the 200 which has been -- it's been rejected

multiple times in the s&p and then everyone has to scramble to chase a market that they don't want to chase. >> i mean, here's the thing. i think one way to approach the market, right, is this, that we all agree can only do one of two thing, up, down or sideways. easier than medical school. >> close the show again. >> if we know we have that yet what we are supposed to do is eliminate the scenario we think is the most unlikely i think big up is unlikely, downway or sides captures -- >> i think you have a case where let's talk about bank earnings that are going to be decent. you're going to look at net interest income which is going to continue to be strong and look at certain parts even of their services business will be fine they don't have the credit issue yet so this is -- this is the real conundrum i don't think banks fall off a cliff but i don't think by the middle of next year you'll want to own the same who are not

going to fall under a credit avalanche. >> i think that's great but don't think banks have been a bellwether in the sense of them set the tone for the rest of how the marketing trade. >> i think you're largely right but banks have outperformed the s&p since august and the minute rates peaked we used to rally banks on higher rates, da, da, da, where they're able to lend and until they can compete for deposits and pay more for them, i think the banks are in a case where there's still an interesting place i'm with you i mean for so long and if dan was here he'd be pushing back aggressively because i think he's got a personal vendetta against banks, i get the fact at times they have seemed to be high quality, you know, balance sheets are fine but they've really lagged the market. >> i mean we get netflix -- i mean, the floodgates open next week, courtney which sector would you look at the most >> well, it's interesting because when we opened up this

segment it's all of your tech, that's what's outperforming and every time we got a rally, the things down the most which is tech is what's outperforming what hasn't gone away, rates will still be higher and they w will's continue to be under pressure don't go into tech right now because it's so down i would stick with value companies, i still think internationals are an interesting play, already starting to outperform and a lot of that might continue. >> rates have really been a key part or a part of this rally that we've seen for technology >> yeah, the rule on trading is if rates go higher you don't buy growth stocks and have seen that ripple through the entire market but is that a little bit long in the tooth? we watch -- you brought up netflix. netflix has gone from $280 to $330 and a handful of weeks basically. so that is sort of long in the tooth. i think people are getting back into technology willing to take the risk in those groups that have been, you know, a heavy

head wind. >> we mentioned yield. they edge lower in today's session as well. the chart master sees an opportunity for a trade in two of the most rate sensitive areas, reits and utilities carter, what do you see. >> you bet so two-year yields lower, ten-year, of course, these are, of course, the two most rate sensitive areas of the market and you're looking at a comparative chart over five years. and to my eye we'll get some convergence. you've got utilities in blue, you've got i shares, etf which measure reits in orange. let's look at it as a relative line, one line and so what you're going to see here is this is simply one divided by the other, how you depict relative strength that's relative performance which say reits underperforming and then now starting to put in a double bottom which warrants a green regard row, another way to

look at it would be as follows, put in a trend line, it's the same thing, right, so not only do we have the double bottom today we flirted with a breach of the downtrend line. i like it a lot and a very safe way to play, remember, pair trades in many ways if you get them right it's nirvana. it's the least risk you could embrace by taking still a bet. >> or you could be wrong on both sides. [ laughter ] >> of course, the opposite of nirvana. what do you think? >> like i like where carter is going here and i think if you look at both reits and utilities, the most extreme part when rates were moving higher was really late summer, so it was kind of july into the bottom that i think we hit somewhere in october and from that point, they both behave pretty well and i think we're in an environment where utilities will be defensive this year so i think i like the trade, though, when you consider that, you know, there's still going to be some outperformance and we've had an

extreme move in interest rates and i don't think we'll see that over the next two to three months. >> in fact, carter, back at the desk. >> when he ran off, i thought he was getting sick i didn't know what was going on. >> his trainers on you think rates overall are going lower? >> oh, yeah. for sure. >> you say, oh, yeah. >> i do. that's what i think. do i have to be right -- >> what does that do for your trade? >> here's the thing, the bet streetwide is lower rates mean higher stocks. why is that? it's like the lower dollar was supposed to be good for stocks it collapsed and the stocks haven't done anything. these relationships are spurious and sometimes true and sometimes not true at all. >> do you like reits or utilities? >> i do. i think rates are probably likely to come down which should benefit reits. with rates higher especially with your residentials, that's what's been keeping it down. a lot will come off the table. >> got you. >> i agree especially that it's broken that downward trend line, that's pretty important and it's pretty

convincing when you actually take a look at it so i would go reits over utilities. a look at shares of disney higher by a little more than a percent off the afternoon session highs on news there's a shake-up on the board. david faber broke the news and joins us now >> hey, we're going to spend a lot of time talking about this probably focusing a little too much attention on a high-profile proxy fight that breaks out. nelson peltz will try to get on the board. we're not interested in you joining the board, mr. peltz, they said. he is a significant shareholder, maybe $800 million worth of stock. they've known he's been there and bob chapek was aware and the board did get rid of mr. chapek but that apparently wasn't enough to satisfy mr. peltz. we'll learn more from him, i assume in the not too distant future what it is he after mainly getting on the board.

that is currently 12 people. it's going to go down to 11 because susan arnold will step down she will be replaced by mark parker as the company's chairman, of course, the man in the middle is bob iger longtime ceo who stepped back into the role after roughly a three-year absence from that role, not quite. and is tasked with, you know, fighting off or helping to fight off mr. peltz, although much of the board, the new chairman or the existing chairman will be part of that effort and leading this company, of course, that he's only been back at for what has it been, two months? not even, that long and again, melissa, trying to understand what it is that peltz is after will be a key thing here you know, he i believe is fairly close -- used to run marvell and has been a thorn in iger's side, it wouldappear for some time costs will be important here he'll be focused on the lack of

shareholder return over the last number of years, now, that includes covid he is also going to be focused on the fact that he believes they overpaid for the fox assets that was a deal will you that mr. iger did and the company faced its parks not opening and needed to take on debt to just simply make it through to a certain extent that period and continue to fund, of course, its streaming business so any number of questions here that we have that i expect over time -- one important thing to mention here, universal proxy access this may help mr. peltz. disney will have to include him on their proxy that gets sent to shareholders and they were 12, they're going to be 11 he'll be the 12th name it may be quite helpful to him in that way because he doesn't have to go through so many -- the different difficulties that faced activists in the past when

they were pursuing proxy fights, universal proxy access making it easier this will be one of the first tests. melissa, as you know, peltz, i mean, the last proxy fight was p&g, on the board of unilever. you can go back to the fights at heinz's dupont, so many through the years, this one could be an interesting one. >> i mean you mentioned p&g and that cost procter & gamble how much in terms of fending it off? that's probably the biggest -- i don't want to say waste of money but they spent dearly to fend off that proxy battle. >> they did. i mean i think they're still counting votes remember how close that was? >> yeah. >> but, you know, he did get on the board. it went fairly well. the stock price responded quite positively i think disney certainly will point out at some point that he has no experience in the media business unlike, you know, any number of their other directors including the recently added carolyn everson now on the disney board remember, dan lobe was there in

mid-august he had a number of proposals, supportive of mr. chapek at that time but had some focus on costs and cost discipline he felt was lacking at disney. again, remains somewhat unclear exactly what we hear from peltz. i don't think he has some great ideas in terms of how to change the business but that could come into focus again, costs and shareholder return over a long period of time will be part of his campaign >> all right david, thank you for bringing us the latest david faber on the story for us. the lack of media experience seems like, i don't know, not a very good argument there are plenty of people on the board who you point to and say does mary barra have media experience >> consumer product experience and, boy, last time i checked activism should be agitating for things that shareholders will like forget what the board likes, i get that and get back as a shareholder of disney, these are important headlines but they're

not the headlines are to the stock that move it the most important are the streaming losses are cut substantially in 2023. bob iger is focused on profitability. i think that's very important. the question of are they going to spin off abc, espn? i don't think they're going to but disney's valuation relative to netflix trading at four times streaming revs and netflix is more and the street was giving disney a lot more credit getting 7 or 8 times revs multiple on th whereas netflix was getting five or six and disney getting less. with netflix netflix is more profitable i own both i want to see profitability. >> you were talking about disney earlier in the day. >> i own them both as well >> right, does this make you more bullish >> it does, and, you know, i think bob iger -- everyone both investors and everyone in the business community trusts bob. that's the big thing

you want to trust who is steering the ship. you know my thesis, disney should never be trading at the pandemic low this is not a pandemic low environment for disney but, remember, what lobe said. they should be getting a hybrid valuation and they were not getting that hybrid valuation based on their streaming business so that's where the stock really took off when dan started to make those comments. i'm long, i think this should be up 10, 15% at least. >> disney shares are up 1.4% after hours. coming up all over the after h hours results. kb home next and an faa fiasco they cyberrifrjs to our nation's systems? don't go anywhere, "fast money" is back in two

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those smiles. that's why i do what i do. that and the paycheck. welcome back to "fast money. kb holmes shares down in the after hours well off their lows, they're saying housing market conditions remain challenging missing on both the top and bottom lines top of the hour cnbc's frank holland is listening in.

what's the latest? >> listening in now. mixed report, the company is talking about the changes in the housing market including this quarter seeing an average selling price rising 13% year over year. deliveries a big miss and margin a miss there the ceo on the call citing inflation and acknowledging dramatic downturn in the u.s. housing market. >> the homes we delivered this year were sold under different market conditions than we are navigating today and recognize these remarkable results were accomplished despite numerous obstacles including supply chain issues and delays that significantly extended our construction times as well as persistent inflation and rising interest rates. >> laundry list there, guidance soft kb holmes forecast their averaging selling price would fall to 490,000 to $500,000, a

4% sequential decline but more than % increase on the bottom end of that range year over year melissa, back over to you. >> frank, thank you. you would think there would be some respite in terms of easing of prices, inflation, that is, prices on lumber, courtney, to come down a little in mortgage rates at least. >> the supply and demand issue has been a structural problem with your housing in general and just think about this, over the last decade there's been 5 million more households created than homes built they stopped building them in '08, millennials are having families and looking for houses, not enough to go around. i look at homes all the time i'm like that perfect person with a young family looking for a house. they aren't out there which is the problem. that's why home prices aren't coming down and i don't think that's going to go away. >> yeah, i do that too just for fun. because i'm nosy carter >> first of all, this is such a

good group outperforming that a lot was priced in. we know the fundamentals are getting worst. existing sales are deteriorating, permits are deteriorating. it's probably an overdone move in a strong group. >> it feels like all of those data points that carter just said have been factored in but all -- the whole group has balanced together and that seemed like that move should not have happened. so i thought things were getting better for the home builders, but this actually puts that into question so you want to actually look at the home builders that are damaged off this print that haven't reported yet those are the ones you want to buy. if you can get a discount on a toll brothers that's actually sold off with this, then you actually get a better setup going into earnings instead of this. >> i think it takes us back to home depot and lowe's and they've had the biggest move of them all as interest rates have peaked and moderated and things like lumber prices have come in, a lot of material prices have come in.

again, i love home depot as a company. i don't want to chase at these le levels i think home depot, lowe's sit differently but housing velocity needs to get higher. >> here's what's coming up next. >> announcer: travel on the tarmac the latest issues for the faa raising questions over the vulnerability of our nation's infrastructure the biggest risks and who is best positioned to tackle them plus, china to the rescue? what the country's re-opening could mean for the global economy. we're laying out the details ahead. you're watching "fast money" live from the nasdaq marketsite in times square. we're back rightft ts. aerhi may for a payroll tax refund of up to $26,000 per employee, even if it received ppp, and all it takes is eight minutes to get started. then we'll work with you to fill out your forms and submit the application; that easy. and if your business doesn't get paid, we don't get paid. getrefunds.com has helped businesses like yours

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welcome back air travel coming to a standstill after a system outage at the federal aviation administration led to over 10,000 flights being canceled across the country and while there was no indication of cyberattacks in today's incident it raises the question of how vulnerable the nation's infrastructure is. the answer is, very. eamon javers has the latest. eamon. >> you summed it up exactly right. you know, the answer is very and when you talk to people about this in the cybersecurity community as i did this morning within a few minutes of this news crossing the wire in the 6:00 a.m. hour, cybersecurity experts are saying, look, this particular system inside the faa is not the one that they would have assumed would go down they would have assumed 9 air traffic control system itself would have been hit because that might be more vulnerable and more crucial to the links here in the united states afenging the economy more broadly if it was a cyberattack. so a couple of reasons why folks don't think this is a

cyberattack. one is, we've been looking at the dark web all day we don't see any evidence of anybody taking credit or talking about this and hacker forums, that's something you see particularly if it would be a ransomware attack. also we don't see who out there would have the motive to do this to just sort of cause this kind of chaos for a few hours in the u.s. air transportation system and then, of course, we see the major figures involved here, senior law enforcement officials told nbc news earlier today that there's no indication that this was a cyberattack. we saw pete buttigieg, the transportation secretary out today with a statement saying, there's no evidence necessarily that this was caused by anything malicious, so take all of that together and there you see the buttigieg statement, no direct indication of any kind of external or nefarious activity not yet prepared to rule it out. everybody you talk to in this area today says, you know, it's a possibility but we don't see it and that's sort of where things stand as we wind down the

business day. >> eamon, if it were a nation state testing vulnerabilities, do you think there would be talk of that on the dark web, hey, we tested the vulnerability of the faa networks and we were successful i just can't see a nation state doing that if it were. >> really good point if it's a nation state probably not. if it's some kind of hacker organization that's doing ransomware, sometimes, you know, you will see bragging on the dark web and you will see what they call shame blogs or shame sites on the dark web posting embarrassing information about the people they've targeted. but, yeah, if it's the russians, the chinese, you know, definitely you're not going to see them bragging in public about it the question is, you know, do they benefit from this could this be a test or, you know, is this something where you don't really see a nation state having an incentive to do it at least not right now where we are geopolitically. >> eamon, thank you. eamon javers, i don't want to

stoke any conspiracy theories. >> no cynics here. oh, boy. >> right airline stocks, you were pointing this out earlier today on the back of this. >> i do still like airlines here this is coming after all the southwest news, right? i think what it's bringing up how important technology is going to be and how these airlines and faa need to get up to speed with the stuff so they won't have outages we already had issues of getting boeing planes and people not traveling with covid and this is something they can very much control if they can get on top of this it will help the travel demand is not going away, leisure travel and business travel, international travel coming back and seeing that they're doing well despite this news which is important. >> i love acronyms we did them last night i don't want to talk about that but rpasm. it's the number one pick in the space, you have revenue 10 to 15% above 2019 peak and you have

capacity down 9% that spells profitability better if demand holding up at these prices airlines are way cheap here and demand won't be as buoyant as it was into the fourth quarter but i don't think that's falling off a cliff corporate back to 80% of where it was. >> it was the "a" in your lags. >> and it has legs. >> we have got coming up even more new year's acronyms from the traders. one of our members of our desk hopes will give us good vibes in 2023 and lay them out ahead plus the check on china for the country's re-opening, will it give a bright green light to the economy? we'll dig in when "fast money" returns. i'm sam morrison. my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcias, love working with you. because the advice we give is personalized, hey, john reese, jr. how's your father doing?

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welcome back to "fast money. another check on market, stocks closing near their highs ahead of tomorrow's cpi report, the dow adding 260 point, the s&p jumping more than a percent and nasdaq leading the charge at more than 1 1/2% notching its fourth straight day of gains etsy, up more than 6% today along with airbnb. china, after three years they're re-opening borders saying good-bye to its zero covid policy

will this easing and unleashing of the chinese consumer help bolster the economy around the world? let's bring in leland miller great to have you with us. >> thank you. >> this is a consumer that has effectively been locked in for a few years now. we were locked in for a year plus and got unleashed and spent all sorts of money so how do you think about what this will do to not only chinese gdp but also to other countries that rely on china, you know, as trade partners >> well, there are two potentially very different stories, you know, you've had terrible data, growth data, every other data for 2022 so as covid zero has ended and the economy reactivates you'll see a bounce in everything china cyclical bounceback so you're going to see people traveling again, spending again, you'll see investment spending again. temporarily but you'll see consumers jump back in again you'll see a jump in china the question is, will that have

the same effect for the world and, you know, the caution here is that most of china growth has traditionally been output, building out of property these things will not help global growth. it will not help global, you know, gdp. so i think the question here is, you know, will the china story be a world story traditionally it has not been. >> it's tim. i agree with that. in terms of the impact on resources and commodities because i think china will spend on infrastructure and investment and we've already seen a move higher in iron ore prices and copper prices. can you talk about that impact >> sure, look, you're going to see the cyclical bounceback and probably see consumer spending and do have the first attractive window in three years to stimulate the economy further, build out infrastructure you know, help the property sector heal, although not rebound to what it once was. there is a real question if you have a bounceback without

the stimulus, we have to be very cautious about assuming that beijing is just going to dump a bunch of stimulus on top of it they're not going to need it in the early parts of the year, the middle parts of the year so we have to be cautious and see big numbers in terms of, you know, what they're stimulating, going to stimulate the property sector and issue all these bonds and build out infrastructure, but if they don't need it then we have to be careful about assuming they'll do it particularly earlier in the year. >> you know, leland, we've seen a big bounce in consumer related stocks like luxury goods, lvmh on the notion the chinese consumer will all of a sudden go out and spend all sorts of money. if you could talk to us about the state of the chinese consumer because while we think here about getting lots of stimulus checks, it was different in china and the fact of the matter is when there are many lockdowns more recently a lot of chinese consumers were faced with mortgages that they couldn't pay, properties that they couldn't pay for anymore because they couldn't make their livings. they weren't getting any help from the government. what is the state of that

consumer and their actual ability to spend >> well, the state of the consumer in china is very poor you know, you had a different type of stimulus in the west you had consumers were stimulated, households were stimulated you didn't have that in china. it was going to the supply side so you've had a problem with consumption falling for several years and, you know, the government's promise there will be a shift from investment to consumption has never happened doesn't look like it's happening. you will have this cyclical bounceback so there is the potential you could have what we probably call a head fake in 2023 where consumers get back into it for two, three, maybe even four quarters and start spending, there's certainly going to be traveling and the question is, you know, as the consumption numbers go up, does this reflect anything more than, you know, a three, four quarter at most bounce the answer is probably not you still have the cyclical bounceback framed in a context of a long-term structural slowdown you have to be very careful about that head fake in 2023. >> leland, thanks for your time.

appreciate it. >> pleasure. carter, how do you think we should think about a head fake if it is, especially if we've seen stocks jump in advance at this point >> i mean that's the thing, the stock market -- we all know it's aically say ahead of the facts so i just fall back on this, everything i see and this is just spending hours looking at charts but the chart ultimately is a weighing mechanism and reflects all the fundamentals and where money is changing hands. banks were up more in the market but citi because jpmorgan is dominating the index, so many ways to slice the data, make it look better or worse i don't see like thesis for being bullish. >> a chart in the short term in the medium term even can be a voting machine as much as you think it's a weighing machine and i look at china and i look at the kweb. that looked like a v-shaped bottom. >> it is. >> something that can go higher and i'm not sure it really is people weighing all the

fundamentals right now i think it was thrown out the window for a lot of different other reasons. >> yeah. >> it's steep now, it's all about your time frames talking about it being up 100% i think you fade it. >> i think -- >> mentioned -- >> you have to go high end in the retail space or you have to go with who benefits the most, the tg -- >> as it relates to china. >> i would go capri, i would go ralph lauren, go high-end retail all of that money is getting back into the market and it needs to be spent. but i agree with tim i think everything china related can bounce further because it's been stifled it's like a balloon underwater >> coming up we're getting ready to reveal more acronyms. courtney and carter to spell out their 2023 strategies, one of them is a real gas you won't want to miss it. vince mcmahon is back at the wwe and one options trader thinks that's money in the bank, the raw options trade on that after

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welcome back to "fast money. time for more acronym reveals of the courtney and carter will lay out their trade, ladies first. courtney, yours?

>> yes, my is vibes. want a good vibe, what that stands for is v is for value, i is for international, b is for bonds and e is for energy. so if you're looking for funds to play this when looking at value vanguard value is a great way of playing it. a lot of large cap values. for your international, you have two funds, both ishares fund look at the emerging markets, both of those are good plays i cheated here two funds with my one letter i'll go for it "b" is for bonds i like to own individual bonds, all of our clients use an institutional manager. if you don't have access to it you can look at laddering treasury bonds, "e" is for energy i didn't have a fund with an "e" but mlpx your pipeline. almost 6% and like the way these are going to work. it's not going to follow your oil prices as much as demand going forward.

>> international versus emerging market, is there a difference in terms of the kinds of countries in the international versus the emerging -- i imagine international has more developing -- >> europe for your developed international and emerging markets like china, brazil, russia, et cetera. >> would you rather, tim, the international or the emerging markets since you are our emerging markets specialist on the desk. >> coming off this china segment i just think china is -- as leland pointed out china is more important to that part of the world is more important to asia. euro is at nine-month highs against the dollar i think we've seen a big rally in some of those stocks and outperforms. >> what do you think of pipelines as the energy portion? >> you know, it's weird. you had this year you have to look at the die ynamic with commodity versus equities. i like the pipelines as an angle on it but i have no clue on a lot of those names like she could win no matter what i don't know if it's a game

but -- [ laughter ] it was the "b" was for bonds, i'm not sure i like the bond so the "v." i like the pipeline aspect and the way she played the game. >> okay. [ laughter ] >> compliment, i think >> this is not a game. >> oh, it's not a game. >> not everything on this show is about a game or about winning? >> it has to be. >> winning >> tim and i -- >> you're last >> something like that >> if you're not first >> carter, let's get to your acronym. >> it's g.a.s. cooking with gas if you want something that will serve you well in the year ahead, g.a.s. is "g" for gold, "a" for alcoa and "s" is for silver so basically i think alcoa covers you in the event we do get a sort of cyclical rally, emerging markets or china. but that you get the defensive characteristics of precious metals, g.a.s. >> i feel like you're very levered in one direction

>> always. >> but for the full year this is what you would stick by? >> yeah. >> and you could have made this s.a.g. but chose g.a.s. >> yeah, because s.a.g. is kind of the -- wrong direction. >> anyway -- >> but you actually had the a aarg you changed it >> i was not reading the rules of the game. how best to describe the past year and aarg, apple, amazon, "r" for rivian and "g for google and what am i missing. >> "h. >> hang seng, the things that were the worst possible -- aargh is like ugh, horrible. >> you think those are all going up you talked about being crafty here and have -- that's two. >> i don't like those. >> good for you.

i like aargh no one likes g.a.s coming up, let's get ready to rumble. big changes at the wwe helping the stock to rally but do options traders think there's e geat om to run thca mchn that trade next ♪♪ ♪ a bunch of dead guys made up work, way back when. ♪ ♪ it's our turn now we'll make it up again. ♪ ♪ we'll build freelance teams with more agility. ♪

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the digital age is waiting. welcome back here's a sneak peek at the kramer cam talking to massimo. catch the full exclusive interview top of the hour on "mad money." meantime, shares of bed, bath & beyond surging for a third straight day you guys, three days in a row. the one-time darling rocketing 70% up more than 160% this week. it is still a fraction of what it was at the height of the craze but bringing other retail traders along. caravan that and amc both up more than 20%. even gamestop is rising today and the backdrop is a rising market overall what does this tell us about where we are in this rally, tim? >> well, the fed isn't paying attention to bed, bath & beyond

and amc and carvana but one of the ingredients you need to get a market bottom is get all speculation out. we haven't done that if you look at the fundamental stories here, nothing has changed. these are first of all, they're traders who have shorts on that are squaring shorts that have done well in some of these the story around bed, bath & beyond talking about cost savings and preserving cash is basically a slow burn and it's not going to change and these are not moves to chase and i would go all the way back to meme mania when they were not moves to chase and here we are, again, talk about fundamentals versus voting machine versus weighing machine these are absolutely voting machines, they are not weighing machines >> by the way in the after-hours session bed bath is up 20% 20% on the back of today's gains. can we pause it the bottom was already seen, these names have been so bombed out that's when we can say the speculation was stamped out of the market? i know you'll say no but i'll

ask anyway. >> i think the funny thing, always how you word things doing a lot of words tonight exactly. is it really bed bath & beyond surges or is it bed bath & beyond down 97% from its mean peak a day ago is now down only 93%. i mean -- >> what? >> who cares it just -- i think it will go out of business, yes, it will go out of business. >> shares of wwe giving back early gains after david faber shot down a report the company could sell itself to the saudi investment fund. it's been on a tear since vince mcmahon reinstated himself to the board and despite the pullback option traders are betting it is ready to rumble higher brian, what are you looking at >> yeah, i spent most of my day trading volatility when you see option trading volume tick up like it did calls, trade six times average daily volume over the last month and then i see 34,000 july 120

calls trade for $1.25, that's a call that's almost 40% out of the money, 34% out of the money to the up side traders typically don't buy that my experience with takeover kind of rumors, traders won't buy that unless they believe it's going there so i know some of these things were dispelled today but there are still option traders putting real bets out there. i know it's only like less than 400 grand a premium but that's a real shot. that's a heavyweight trying to take a shot to the upside. break even 121 1/4 out to july so there might be some fuel to the fire and some of the rumors that are going on out there. >> that's a huge bet brian, thank you for more options action tune in to the full show friday 5:30 p.m. eastern time. up next, we've got your final trades you ok, man? >> announcer: options action is sponsored by think or swim by td ameritrade

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monitor. no word specifically on what peltz is seeking other than that board seat but disney acknowledged this in a statement made this afternoon. time for the final trade let's go around the horn, tim? >> i know i don't like to call these games but in another game we did, good, bad and ugly uranium. i think ccj kimiko is doing a much better job. uranium going higher. >> carter. >> long bonds here, rates going longer, tlt, treasury bonds and etf. >> courtney. >> you asked do i like international versus emerging markets. iic loo. i looked developed markets and ishares are a great way of playing that. >> she pulled a grasso she said both. i'll allow that. >> courtney. >> maybe that's it >> grasso? >> if you did a twitter poll they like the games we play. intel with a break above 30. buy. >> all right

that does it for us on "fast money. what a fun show tonight. >> a lot of games. >> we have all sorts of stuff in the hour thanks for watching "fast. see you tomorrow at 5:00 "mad money" with jim cramer starts right now. 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'll cramer welcome to "mad money. welcome to cramerica other people want to make friends, i'm trying to help you make money my job is not just to entertain but educate and teach you about what's going on in these crazy times so-call me at 1-800-743-cnbc or tweet m me