but the staples have been under such pressure, and what they have to say about snacking and soft drink demand might be interesting. >> we'll have to watch birkenstock, too. mike, now i'm going to say it. have a great weekend. happy friday to everybody. >> i'll be here if you need me next hour. >> sounds good. meantime, stocks finished the day higher. that's does it for us. fm. the starts now. >> live from the nasdaq market site in the heart of new york c city's times square, it's "fast money." so good it's good? stocks closing higher as a jobs report puts the fed back in play. the traders try to make sense of this madness. plus, a glittering opportunity. gold prices hitting seven-month lows. can this trade get back some of its luster? mind the chart master for answers. later, why the another new version of america's favorite "fast money" game, trade it or

fade it. today's foul version. are they worth a bite? do they past the smell test? are they past their expiration date? we could keep going. only got an hour. on the desk tonight, tim se seymour, steve grasso, guy adami. the do you ending the day up 288 points. after the blue chip index started the day down nearly a percent. s&p seeing its best day since august surging more than 1.5%. the strength coming despite a bigger than expected jump in payrolls for september. the economy added 336,000 jobs l.a. month. that strength initially sparked fears the fed could raise rates at the meeting. but take a look at the groups leading today's rally. technology, communication services, sectors that don't

usually thrive in a high interest environment did well today. why are investors flocking back to these names? what was the jobs report all about? >> good news was bad news and then good news was good news. if you look at the payrolls, we've averaged 2,626,000 jobs over the past three months. let's be clear, there's no weakening in the labor force. if you hadn't included the additional participation rate, we'd have an unemployment rate of 3.6%. nobody thought the labor market was going to be this strong. is this good news? is this bad news? certainly means we're playing out the sequencing longer for a lot of things to unfold. there's no question that the fed is nervous about a labor market, and i think the fed is very much back in play. everyone thought there was no way they could raise it. that's not the topic. the topic is mega cap tech stocks which basically closed at

their highs relative to the s&p 500 year to date. the all-time highs back in '21 relative to the s&p, but if you think about the run and all the weakness, we thought we lost market leadership. semis are up 5.9%. qqqs are at their highs against the s&p. this is a function of things are at least better. i also think were so oversold. let's be clear, the ten-year bond was off 72 bips today. .72 of a point, which was a very big move. you have a dynamic, while yields may still be going higher, i think markets were just oversold. >> at some point the volatility or the velocity to the upside that we're seeing in yields, and especially after we got that print on that hot data, it's going to actually take its toll. it just has to. you can say, yeah, we've gone from 3.5 to 4.8 in the last month and stocks are only down

6% -- sooner or later it's going to matter. if you're in the soft landing camp, and to tim's point, okay, you know, you're doing okay right here. if you look at the technicals of the s&p 500, it came down to that breakout level from june 2nd or something like that and found some support in an uptrend, found some in a 200-day moving average, earnings season, had the quarter end. i get it, but let's just say this -- at some point, maybe just this jobs picture is the wrong thing to be focused on. if because if you're looking around, looking through the lens of the stock market, we talked about it earlier in the week, some stick to haves are not trading particularly well. we don't even need to get to staples or consumer oriented stuff, discretionary. the list goes on and on and on. to me the market, under the hood is something different than what did well today. >> i thought you were going to

say that the rate spike had to subside, something had to give there. so that's the camp i am in right now. whether it's at five or a little below five. if that subsides, the market should rip higher. the biggest head wind to the market right now is still rates. we sort of forgot about the fed. >> if hike happens in november, which this jobs report seems to indicate or point to, then how can that -- >> i think that's where tim started with the fed is back in play. i think the fact that rates have spiked higher so quickly, that puts the fed out of play. >> so, the bond market -- >> exactly. it's not about the actual rate issue anymore. it's about where we are about rate issue. >> it's a higher than expected number for second amendment there are a lot of things on this report that seem to indicate hot markets.

we play this game in which i tell you what happened happen and you guess the direction of the stock market. if i told you what this jobs report was going to be, would you have guess this would be the reaction of the stock market? >> no, absolutely not. the early action is what i expected when i saw the numbers. the late action, no so much. if you watched the show last night, tim seymour played the role of tom cruise in "a few good men" as he requested marco in an elegantway. the line of questioning was about current positioning. as we talk about all the time, fundamentals matter. sometimes positioning matters more, and everybody seemingly got themselves on one side of the boat. we talk about 41.90 being the line in the sand. didn't get this. the market defended that moving average a couple times, which is encouraging. of course the problem the fed is in play now. i think there's a 45% hike in november. and numbers make their job, i think, that much more difficult.

and oh, by the way, he talked about a close being above -- the bond market is closed monday. i don't know what they call that holiday anymore. i don't want to fend anybody -- >> it's indigenous people's day now. >> listen, i get it. that's why i said i'm not sure. by the way, i'm half silcilyian >> the spotlight is greater. >> i didn't realize i asked marco, did he order the code red yesterday, but -- look, i think there are things to be looking at here. i also just think that the bond market -- steve's bringing up an interesting point. we don't know where it's going to settle out. i think we're in price discovery on yield territory. when central banks aren't buying bonds anymore, and there's a lot of supply. it means we'll probably overshoot, and it means i think the world we had -- again, reading a lot of the economists

around the street this week where they sorted through what happened with yields, what's going on with the last fed meeting and those who are writing after today's payroll number, the world we precovid in terms of an interest rate is gone. it's not just gone because the fed had to move higher. it's what was already happening. and therefore i don't think we know, and i think this probably plays well to dan's view, which is equities can't be worth this year. but i think it's going to take us a while to get there. where we were on the calendar, where we were with positioning, what kind of leadership. you can feel pretty good buying app and microsoft today, even though i didn't. >> why isn't it enough to talk about qt at this point? the fed seems to avoid qt, instead to the tune of $95 billion, which is 25 basis points. so they're tightening without tightening. japan, china, they're not buying anymore treasuries. the fed is not going to be

buying. they're selling. institutions are not buying anymore. >> why don't you think rates will go higher? >> because at a certain point you have to cover that short, and to guy's point, everyone gets to the wrong side of the boat, and if now all of a sudden we're not in a raising rate environment and we're just focused on qt, then it's a different narrative, different environment that allows equities to lift again. >> we've got a wall of issuance coming out. >> i was going to say, do you think it's short, still? i think it's a lack of buying. >> could be both. >> to mel's point about the cpi, even with crude the way it came in over the last week or so, with this hot jobs data, if we do have other inflationary readings, the stokt market down 7% from all time highs -- the fed, they got a lot of room at that point. they can get more hawkish, you know? let's just say they do this 30% chance of a 25 basis point hike. let's say that inches up and we see cuts pushed out in 2024 --

>> which we have already. >> they're going to have to take a hawkish stance because they have to. they have to job own it. that's why i said that nice round number of 5% as we get closer to the november 1 meeting. i think the chances of further hikes get priced in and the stock market has to pay attention. >> i think there's no interest the fed would have in even giving out a sniff of dovishness at this point. >> they've earned this. >> they don't have to give out a sniff of it. >> to a little tiny bit and the markets will take off. that's not what they want here, guy. >> there's no reason for them to be dovish in any way, shape, or form. they're getting what they want in this environment with the rhetoric they're using so why not continue the rhetoric and continue the pace effectivelying in something breaks? that's what's going to happen. not that i'm suggesting people trade it, but the hyg, which had gone nowhere for months traded down to 72. people say that's not a big deal. it's not in the context of

percentage, but this is an etf that doesn't really move, and it showed signs earlier this week. so keep an eye on that and just keep an eye on how the banks trade. everything bounced today, i get it, but up until today the banks, specifically the names we talk about -- it's going to be fascinating to hear what bank half america has to say, but bac, citi, wells fargo, and regionals didn't trade well. >> didn't the renales break, though? when you're saying we're going to continue on this pathing in something breaks, you could make the case something broke. it was a mini flash crash. something broke, something was mopped up. we just made the bigger banks get bigger. so, the whole idea of what actually transpire second down probably what the fed doesn't want. >> you think we've seen the full damage. >> no. the only person that doesn't seem to know about the long variable lags is jay powell. all of us talk about it. those lags are going to be

coming a lot closer a lot sooner. >> for more on what today's job reports mean, let's bring in steve leaseman. always great to get your analysis. we played the game with guy before, if i told guy what the number was going to be, they probably would not have guessed what the stock market reaction would have ended up being. >> no, nobody guessed what the number would be either. >> true. >> what's interesting, melissa, and interesting about playing the game -- i don't know if guy won or lost. >> he's a winner. >> what looked to be a -- in the bond market turned into a lazy day. maybe hoping a top could be near in yields. top shot up with news of the strong jobs report, then rallied in the late morning before drifting higher towards the end of the day. that's a bad day in normal times but not the worst that could

happen given how much yields have risen and how sensitive they have been to economic growth. still, one of the three main reasons yields are going higher you've got stronger economic growth, larger debt issuance by the treasury and of course that fed hawkishness. the idea the fed might do less suggested earlier this week by two fed officials helps take off some of the string of the rising yields. also -- and gas prices declined. you guys were just talking about this. the probability of a rate hike hedged higher, they remained below 50% for september and october. market is not really going there when it comes to a federate hike this year. they're not going to be comfort wbl job growth remaining this strong. they want to job market to cool, but they'll be less concerned when it comes with falling

inflation. >> how ldo you think the fed thinks about higher more longer in terms of context, in terms of structure issues in the bond mark with a tremendous amount of issuance that is yet to come into the market still and the thought that there are fewer buyers out there? so regardless a what they do, this higher for longer regime could still be out there. >> yes. first thing i think they're looking at is whether or not things are breaking. i think your discussion on that was really important. that's the most important. they're watching the internals of the financial system to see if these high yields end up being a shock that creates liquidity concerns. that's in the first instance. then i think they're going to take a step back when it come to the macroimpact of higher yields. and what they're going to think is, you know what? i could raise a quarter here. why am i raising a quarter? the only reason i'm raising a quarter point on the short end -- remember, the fed controls one rate, the overnight rate -- is i want to affect the

long end, the real economy. i want to affect the rates that banks charge customers for loans to expand or that customers borrow at. why would i raise a quarter if the market already raised a quarter or more? take a look back to mid july. what you find is half the 100 point game comes from the issuance concern and better economic growth. what have we done? effectively we have raised the outlook for the third quarter up near 5%, and i don't know how much of that's thought to carry over to the fourth quarter. betterissuance. the other began when the fed said, we're not taking the rate hikes next year. we're going to be more hawkish than you guys thought. the market has been mispriced, the bond market, for stronger economic growth. it's been mispriced for -- it's

not going to ease up as much as it thought, and when the bond market got mispriced and tried to reprice, the stock market with us mispriced. >> great to see you, steve. have a great weekend. >> pleasure. >> in our discussion of what breaks or when will things break, we speak of breaking as something definitive, something that happens, but it can actually just be a slow moving roiling through the economy sector by sector. >> boy, that's what it feels like. look at the move we've seen in utilities. we're going to talk about staples again, but when you talk about businesses that rely on funding and there's certain math that has to work and it doesn't work in this paradigm -- i don't know why we don't overshoot to the upside. i know we had a big move. i think we are exhausted in the short run. but again, this price discovery that's going on is not something we have had to do in a decade.

we have been waiting for this forever. >> tim, think about this. the s&p down 18% last year. up 12% this year. all of a sudden now we have an alternative to buying stocks. when you say, i don't know why we don't overshoot. -- listen, you're probably right. we're probably going back. have at it, people. >> no, i'm saying in the bond yields. >> if that happens, you think about it, the further we get into this, the lack of visibility corporates have about funding, inflationary inputs, demand. about all these sorts of things that to me makes a worse case for stocks. so if we do -- >> not all stocks. if you talk about the max seven you talk about they already have fortress balance sheets and become a more sense of safety for the overall. >> i agree with that. that's why i think those things outperformed so dramatically. i'll just say this, though. if we do go into a period

wherenter price slows they're going to be crowded and trade at multiples that don't make sense in this interest rate environment. i think we can go become and forth on all of this, but right now they continue to hold up the stock arket. if you look at every sector, how much they're down off their highs -- i know we're going to talk about it, but what happened this week in staples, what happened in walmart and costco -- >> yeah, but they're expensive. these stocks were bid up because they were safe and because it was covid. >> so it can happen to apple and microsoft trading at 27 times just as easily it could happen to them. that's what i'm saying. >> it is amazing the magnificent seven can hold up in defensive plays but on days like today they also rally. they're just magic. i say sarcastically. >> you're doing that again. it's friday and i'm in a great mood and you're doing that. it's just not going to work. that's not going to work. i'll say this, steve's point is

spot on, and i think tim and dan are saying the same thing. i understand why there's this flight to perceived quality. they're not affected by interest rates themselves -- of course the problem is their customers are. so it's a question of a certain point you're going to see the continued demand it needs to have for it to be the valuations they're trading at, and i would submit that interest rates moving to the magnitude we're seeing are going to be an impact on their end users. >> perfect segue to gold. yesterday the chart master said the appreciates metal was due for a bounce. since then it's jumped more than 2% higher. let's bring in carter worth for more on where it goes from here. you put on a note marking the quick decline we saw in oil. you think the dollar is next this part of a corollary trade? >> i think so. two weeks ago the ten-year was at 4.3%.

does it, does it not break out? it did, went from 4.3 to 4.8, almost 4 hadn't 9. we had a lot of movement. utilities cracked 15% and gold dropped 7, but gold miners dropped 15. that's overdone. and so just as you're seeing rebounds, i think you play for rebounds, and we have charts, but gdx of course is the miners. i would play that for a rebound, and gld. you see it here on the screen. the miners, steve you often talk about that. the leverage in operating company is better then the commodity itself. the two biggest plunges, utilities and gold miners, and those are some of the two that got bigger bounces off the low. so i think there's more to come. >> part of this call is also that rates are going to come down, and that's what you see for the ten-year yield. >> right, there's this -- there are relationships that are inverse and direct. we talk about that often. . all of us. it's not always quite as perfect

as one could think, because if it was always inverse, then when the dollar was surging, oil should have been collapsing, but that's not what happened. sometimes over the past year we have had great dollar strength and great move in the -- market. there is somehow this belief that you cannot have a weak dollar, lower rates and lower stocks, but of course you can. so i think ultimately rates come in, spike and reversal -- market's starting to feel like we're getting to a peak. >> you sort of just answered it, duh if you have the ten-year, the dollar, and oil which have been the head winds toward the market, just talk about the s&p, if you see those as head winds and now those start to dissipate, are you going to have where you just left off? where do you see the s&p going? >> no one wants to think that you could also have a lower entry market, but i think you can. we shall see. >> the max seven, we were pointing them out and you were chuckling as well. >> we have had that before. it's called dot com, fifty

nifty, poll roid, kodak. if you go back the last 50 years, the concentration in the market, the top five stocks or top ten stocks are typically 20%. right now it's 30%. that's the problem. they're still just too big. >> can you make a case that etfs changed it? >> could be. >> has to be different because of the role etfs play now? >> i talk to clients who have been perpetually understood weight market. they're constantly stuck playing chess against something they can never properly weight because their mandate doesn't allow it. we have a lot of things like that. >> carter, thank you. coming up, exxon eyeing is biggest takeover since buying mobile. what it means for the energy space next. speaking of deals, disney could be in talks to sell its

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topping the tape today at more than 10%. exxon mobil is eyeing a deal to acquire it. the deal could be announced as early as monday and would be exxon's biggest purchase since 1999. it would also theoretically be the biggest deal globally in 2023. guy, do you think this happens? do you think it makes sense? >> makes sense to me. and think about exxon doing it taxpayers a $60 billion deal. effectively what they're telling you is the energy industry isn't going anywhere any too many soon. we still need to be active. as tim mentioned hundreds of times the balance sheets were forced to be better and now they are so they can do acquisitions like this. there's a reason warn buffet owns 23% of ox dental petroleum, because he sees the same thing. i understand it's been a bad week, but maybe there was a positioning thing, but energy is still in play here, and i think

this proves it. >> for exxon -- although exxon supposedly is not chasing upstream and resources. pxd has some of the best oil assets in the group. i think at a time when a lot of this is scarce -- i'm talking about core resources that are worth more, and therefore i don't know why they do the deal. where's the premium? i don't get it. they announced numbers that were really strong. this stock was trading at the level it was rumored to be. the number that the journal had i think was 236 a share. it was trading there two weeks ago, three weeks ago. i'm surprised the deal gets done at this price. >> w else could be a buyer. >> >> you could look at a royal dutch, another big integratives. whether this gets into the geopolitics of oil. could it be a foreign multinational? i don't know if it could. but again, exxon chasing upstream and chasing assets is something we kind of thought was

not part of this new regime. and i think it's probably a little disappointing to hear about the big boys trying to do this when the theory has been these companies are leaner, less asset heavy, paying back cash, paying down balance sheets. >> exactly the reason i thought about it. if things are so good, why do they need to do this deal? does it mean exxon mobil can't get regulatory approval? if you look at any chart in the space, the charts are terrible. all of them are terrible. >> there's a lot more "fast money" to come. here's what's coming up next. >> announcer: the disney download. the media giant reportedly looking to offload some assets. does this mean the stock should be part of your world? details next. plus, the traders are going south of the boarder and checking in on the mexican market. why stocks there are getting hit

and what can be done about it. you're watching "fast money" live from the nasdaq market site in somtimes square. we're back after this.

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welcome back to "fast money." disney shares getting a boost today. the media giant in talks to sell its indian tv and media business. an indian billionaire reportedly one of the names disney held talks with for the sale as sell as sun tv network. we always talk about the overseas market, a tough market, especially when they don't have cricket rights which they didn't have because they lost out because an indian conglomerate bought it and broadcast it for

free, which hurt disney. seems like disney is serious about getting rid of assets at this point. >> it does, and i think -- tom rogers has brought this up. they seem to be negotiating against themselves in the media and driven by deals, which was never the way this company has been, especially for bob iger who is thought to be one of the great negotiators, at least in his sector. to the extent that this -- i don't see this as a major strategic sell, i see this as maybe remaining focus on what they have to do. i don't think this changes the game. if we were talk about selling all espn here and now -- and that at one point was seen as a major catalyst to the stock, and now seems like part of the core offering. i don't think this is all that big a deal. i think it shows disney is looking at everything, but trying to be more efficient within the structure. >> we also have the reports

recently, guy, of exploring the sale of abc, and that's what i was thinking of when i was thinking of asset sales to slim down and refocus. >> i don't know if you're a fan of "yellowstone", but there's a term called circling the wagons when you're in trouble, and i think that's what's going on at disney. maybe it's the right time to do it. the stock made a ten-year lower. the bounce might be the market saying they're finally going to try to get down to core businesses and focus on what's important? to tim's point, it seems as though they're doing it against themselves but at least they're trying something. i think that's why at least today the market seems to be rewarding them. >> coming up, mexico stocks sinking again, but our next guest says the country should be one of the best investment opportunities post covid. what she thinks needs to change. plus, a staple sector continuing to fall. make sure you've got your coupons. a game ofrf esh or foul straight

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welcome back to "fast money." stocks pulling off a big reverse until today's session, the dow jumping nearly 300 points.

nasdaq climbs nearly a 1.5%. insta cart, the stock down 40%. shares of gm higher after uaw announced it will not expand the strike. shawn fain saying general motors agreed to celibateries -- meantime, mexico back in the headlines after secretary of state blinken and other members meet with the mexican government to tack it will border problem along with fentanyl. that comes days after the mexico announced tariffs at the airport, which rocked stocks there. it's been messy months for mexico etf. our next guest still says there's great opportunity at the border. joining us now, michelle caruso

core cordera. great to see you. these capricious moves scare businessperson. >> the near shoring trend should be great for mexico. everything post covid should be great for mexico. they've got lot of free trade agreements, proximity to the united states, and belief between the two countries that we need to secure the supply chain, and every time the president does something like this, it just rocks confidence and causes incredible c volatility. this isn't the first time. back in may he seized 120 kilometers of rail line because he want and it took it from a publicly traded company. these are things when you can't predict them it leads to your question about how much rule of law is there in mexico? >> why? was it the elections coming up? he's very, very popular --

>> extremely popular. >> so it's not like he's going to lose. >> he can only one for one term. the next election is between two women. one who is very similar to him and his policies and then a more conservative woman. the next president of mexico is going to be a woman, which is going to be historic, and the conservatives have really come out of the gate and has actually gotten all the other opposition parties behind her, which is a formally leftist and right wing party are backing her against the amlo candidate. it's one of the reasons the central bank has kept interest rates so high at above 11% due to the uncertainty there, which is one of the reasons the current si remained so strong. >> great having you here and talking about emerging markets. when i think about mexico i think about a currency that's at times been extremely volatile for the geopolitics and headlines, much more over

substance. you're not a currency analyst, but you understand the dynamics with the current account. seems to me for this investing in mexico, getting the currency right is as big a deal as getting the politics right. >> that's why you see the central bank keeping it high. every time, some company goes to build something in mexico, they have to buy the peso. you have natural support of the currency. the other thing that's important -- and we can criticize amlo for a lot of things but he hasn't gone full erdogan on the central bank. he's allowed them to be orthodox, which has happened a lot in latin america, because they're very fearful of inflation, because they have had it. you mentioned volatility. we can be very negativing you i know many people who have made a very good living trading the volatility out of latin america. because there's so much volatility, you can really trade

these markets in a way where there isn't a lot of volatility in other markets at times. >> is there a thinking that when we leaves office there will be fewer interventionist actions? >> one depends who wins. if his act lite wins i think he's going to follow similar policies. he's interventionist on something particular, which is infrastructure. he want a new refinery that's cost way too much money and was unnecessary. he wants to create this rail line between the pacific coast and the east coast. so these big, big projects that aren't well run go over budget, et cetera. not sure if she would continue those. >> michelle, great to see you. >> always a pleasure. >> michelle caruso cabrera. >> you been trading this? >> love mexico as a marketing i agree. but their response -- this was a period where latin america looked interesting. brazil began to cut rates. when they start to cut rates you see insurance and pensions get

into the equity market, and it's a major follow through that you see. but names like coke, wallmex, american mobile. they are worth owning at this time. >> when you look at the charts, the eww is still up over 10% year to date. even though it's had a collapse recently. but michelle who has a background in journalism and politics, the right wing of the party here has been super aggressive against the mexican government as to what michelle said, rule of law. so you're going to have to absorb a lot of grenades that come on the tape side of this, because they're thinking that the mexican government is not really establishing rule of law in their own country. >> coming up, it's a friday edition of trade it or fade it. we're digging into the staples afraid. are these stocks fresh or foul? find out next.

celebrating hispanic heritage, here's citi's head of investments. >> it allowed me to bring the best of me and my culture to work. being latino can be your superpower. i believe it generates a diversity of thought and inclusion. my advice for latinos is really to bring your full self to work, to allow yourself to not forget your roots, and actually maintain your sense of belonging to your community.

welcome back to "fast money." consumer staples the only negative sector in the s&p 500 today, and over the last three months down 3%. one thing weighing on them, the surging popularity of weight loss drugs. bank of america with a note saying the food and befrm sector could see a hit to demand as people reduce their calorie intake. we thought we'd play america's favorite game. >> it really is. >> trade it or fade it.

>> i thought it was a different name. >> just hold your horses. >> trader or fade it but we will do it with a wrinkle today. we're going to ask these traders, are these stocks fresh. >> ugh. >> or foul. ♪ >> i know who's making those sound effect, and they are cute. >> the traders are spoiling for a fight, so let's kick it off with coca-cola. tim seymour, fresh or foul. >> i didn't think a can of coke opened or closed could ever go bad, and probably you could dip things in it and they would never go bad. that's fresh. it's fresh. it's not fresh right now -- >> mm! >> yeah, yeah. but i do think coke is overdone. the whole carbonated soft drink dilemma and who -- i just think these stocks are run too far. >> yeah, i mean, people still have to hydrate, guy.

they may not hydrate with a full sugar coke, but might choose water or diet coke. >> always choose water, mel, ahead of carbonated sugary drinks. i'm with tim on this one. i think coke is one of those brands the sell-off is enough where -- >> mm! >> dip your toe into it. >> the sound effects are good, right? >> actually better than the content, which is troubling. >> those girls are topnotch. >> don't be mean to tim. grasso, let's see if yours is fresh or foul. >> it's going to be fresh. >> mm! >> slow on that. if you think about it they're going into a seasonally probably tail wind area for alcohol going into the holidays, and ozempic, i don't think that restricts our

alcohol content. >> it suppresses everything. >> that changes everything. just kidding. going seasonally into a sweet spot. also they just instituted another buyback. they vote on it on monday. it's going to last for about a year. you don't buy because of the buy back but you like the support of the company buying the stock. >> tim, you're a bar owner. you know the seasonal tail wind when it comes to drinking. >> constellation is coming up on -- i owned it a lot over the years. i don't own it now. some of the margins, there are concerns here in the spirits base. these are great companies who have been through a lot. i think you're going to get them lower. i'd be foul. >> ew! >> ew, ew. >> the next stock here is kraft heinz. dan nathan, what do you say? >> i think to tim's point, when you have stocks, a sector in a free fall like this, a whole

host of things, like, this is -- i don't know why you have to step in. i think it really comes down to -- it's foul right here. >> ew! >> i'm going to be selling this. if you own these stocks or any you own right now that just dropped 30% in a straight line in a month or two or something like that, and now you actual traded reasonable valuations relative to their history. again, i think there's going to be opportunities. i think you would just look at the xlp at some point in the not so distant future, but again, i think they're going to make lower lows. >> steve, what do you think? >> this is going to be foul for me as well. this has been a declining trend line since january. it's down 21% year to date. margins are probably collapsing as inflation reseeds. >> guy, this is for you. hershey. >> mm. that's it? you're just going to say it? >> fresh or foul. >> i'm going to play the game correctly and say foul. absolutely foul. >> eww! >> the parks are funk but i'll

tell you something, the product mix, nobody wants salty snacks. go back and listen to their conference call in july. it ain't working out all that well, and although the stock has gotten lam basted there's still room on the downside. when this gets to 17 times earnings give me a call. i think it's currently trading at 21. >> so harsh considering your candy bag is often filled with products from hershey. >> hold on a second, let's be fair to the folks at haribo who sent us a 20 pound boxes with a handwritten note. what's the last thing hershey did for us? nothing! >> wow, that's hard core. so i'm going to jump in and i'm not going to defend hershey. i'm going to go foul. but those aren't salty snacks. one of the best days in my life was taking my kid to hershey park. >> that's sad. >> what's sad about that? >> one of the best days our your

life? >> are you with me on this? >> in 2012 i took my sids to hershey park. >> best day of your life? >> it was a great day. first day i took an instagram photo. june 2012. >> any way, four and son hanging out you think would be a good time. 17 times is probably long. guy's right. >> coming up, it's back. earnings season around the corner. options trades seetom be betting big around one bank. the name of the trade. more "fast money" in two. from chrome to duckduckgo.

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we make money from ads, but they don't follow you around. join the millions of people taking back their privacy by downloading duckduckgo on mobile and desktop today. welcome back to "fast money" we're closing in on big bank earnings season fast. bank of america's front and center. the stock is down a whopping 21% this year, and the options market is betting that an even bigger loss is coming their way. mike khouw is here to break it down. what do you see? >> not one of the ones reporting next week, this is one that saw the most bearish activity, though. three times its average put volume, and that the result of a lot of activity in the june 15 puts, june of next year. saw 130,000 of those, including a big block of 73,000 for just

over 25 cents a contract. the buyer of those puts is probably hedging against a big move lower. >> yeah. dan you have been commenting about how lousy bank of america has been. >> it's interesting when mike highlights something like that. and again, mike knows this very well, the options market is saying there's about a 5% probability those puts in the money, right? when you think about how somebody might be positions it's interesting to think that someone might be playing for 15 -- >> that far out in the future, though,s the a long way to go. >> think about it, stock's at 26 bucks. it's just not likely to -- >> mike, thanks. next, final trades. cause the rit information, at the rightrit time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's yours free, just for calling the number on your

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time for the final trade. let's go around the horn. guy adami? >> in the word of james taylor, mexico, i've never really been, but i'd like to go eww. >> tim? >> you got a friend. i'll tell you that. ewz i think is your friend as well. i think brazil -- if mexico works brazil's going to work even more. i think the currency's going to strengthen. >> international tonight.

steve? >> wrk. i think it goes much higher. >> dan? >> cart her a call on the dollar, i think short of the uup. >> what a week it's been. thanks for watching fm. the. don't go my mission is simple. to make you money. i am here to level the playing field for all investors. there is always a bull market somewhere, and i promise to help you find it. "mad money" starts now. hey, i am jim cramer, welcome to "mad money". welcome to cramerica. i'm just trying to make a little money. my job is to entertain, and! help days like today can happen. comment -- at first glance, this report may