speakers including powell on thursday. you've got quite a bit of treasury issuance coming this week too. so yields are going to be front and center once again. >> they will. but you got to keep your eye on tech. open ai has an impact across everything. >> okay. in the meantime, major averages finish the day slightly higher. that does it for us at "overtime." "fast money" begins right now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money." here is what is on tap tonight. looking for direction. stock eking out a gain. nasdaq now up seven days in a row, its best run since january. but can the recent momentum drive markets higher to year end? we're breaking out the charts to find out if this is a rally we should run with. plus, emerging opportunities. overseas marketing have been lagging the s&p so far this year. but could they be ready to play catch-up? pack your bags. we're globe trotting with a latin flare. later, uranium prices are at 15-year highs. but one of our traders says they

can still double from here. what it means for your investments in the entire energy space. i'm melissa lee coming to you live from studio b at the nasdaq. on the desk tonight, dan seymour, and we start off with stocks clawing their way back into the green. the dow adding 34 points. the s&p 0.2%. the nasdaq leading gains of nearly 0.4%. the gains muted compared to last week's super strong rally. the s&p is up more than 6% from recent lows and closed above its 50-day moving average for the second day in a row. now a wise woman once said -- oh, the wise woman is katie stockton, that nothing is worse than a false breakout, but nothing is better than a false breakdown. so katie, which side of the coin do you land on, given the run we've seen recently? >> you know, last week was really pivotal for the market. we're all talking than 4200 level for the s&p 500. it came down below.

we were actually watching 4180 and it didn't confirm. so it needed to spend two weeks below in our work to confirm that breakdown. it's a really important qualifier because it suggests it's more than just this emotionally charged move. and i think we can all agree that emotions were running very high last week. the week before. so we have this sort of false breakout, which we also call a shakeout. it shakes out the weak holders of the market. and it tends to be a very bullish development, at least short-term. so we feel fairly convince oto have had rally's strength. short-term momentum has improved enough to actually manifest itself in the indicators. and i think it sets us up nicely for year-end. we still have the jury out on whether that can be lasting. so beyond year-end, do we have the potential for this follow-through? and that's still a question mark in our work. we have the improved short-term gauges, not the improved long-term gauges.

we think that's going to require a breakout. and i think we have a chart above resistance around 4600. so that resistance level has been tested three times unsuccessfully. above that, that's where things i think would start to really look better on the monthly charts, the monthly bar charts, which we use for that long-term analysis. >> what do you think, tim? >> if i think about the most important last week for the equity rally and at least those that were driving rates down we had three things. the option announcement and the size of long-term treasury issuance, we had a fed meeting and a fed commentary and a weak payroll number and a weak ism. of those three things, i actually think the refunding announcement and the technical announcements of what was being issued or not issued was the most important ingredient and getting hedge funds who had record shorts going into this week on treasuries, on rates to quickly reverse course and scramble. and of all those three things, that's the one thing that actually doesn't change, right? we still have a lot of debt to issuance. and if anything, i think it gets worse. i think it gets worse as the

deficit gets farther out of control. do i think rates could come cascading lower? i don't, really. but i do think that last week's rally for some of the technical reasons katy is talking about, also in terms of the breadth that we saw during the updays. the breath was really impressive. it wasn't being led by qs. it wasn't led by the nasdaq 100. i think that was very significant. a lot of this is what we have seen at other times, including maybe even a year ago in october. you get these moments off of such oversold levels and such positioning that was so negative. i don't think anything really changed. i know we're going to talk about elements around earnings and what's happened here, but it's not like this earning season has been that great. >> bank of america position was pointing out the bread thrust we saw last week. the broadening. regionals were up really big. arc innovation, the growth risk i trade, that was all up very strongly. >> last week, yes. changed a little bit today. but all good. i think katie would agree with this. the downtrend in the s&p since july is still intact.

i mean, the level we traded up to basically takes us to the downtrend line. carter worth pointed that as well. so i guess through 4400, maybe it's a different conversation. the up trend that yields are in is still intact. the level we traded down to on friday was the third point of an up trend. tim brings up an excellent point. tender yields moved ten basis points higher. i agree. i don't think the yield story is over. i think positioning is exactly right. i misunderstood or didn't realize the scope of how short people were. but it doesn't mean they're not right. they just weren't right for that period of time. i still think yields are an up trend. if yields continue to go higher, the market is going have a difficult time. >> interestingly enough. so if you're buying equities because the ten-year went from 5% down to 4.5% or so, i think you want to focus on those two components that tim just mentioned, that cool jobs data coupled with the ism data earlier. if the economy is doing what the fed kind of hoped to so they could stop raising interest rates, i just don't see that as

a great spot right now where s&p expectations for earnings are in 2024. so we haven't really seen the cuts come down yet. and yes, i think we talked about it on the desk last week. earnings season took a little bit of a different stance toward the end of it. it didn't start out particularly great. remember that gap that netflix had, right? and a whole host of other ones that kind of followed suit there a little bit. so to me, i just think that if you're excited why yields came in and that's why you're going to buy equities, other from what seemed to be like very poor sentiment and the setup into it, i think the technicals, and i think this is the expression you used katie, the jury is still out here. to guy's point, the down trends are still intact. i look at the consolidation at 4400 that we broke down from on the way to 4200. that to me looks like resistance. if i look at what the russell, it's got resistance, and it's still well off its highs. the equal weight s&ps not particularly great to me. so the stop today right at that downtrend that had been.

so to me i think a lot of stuff has to happen other than technical to confirm that this is something that you want to buy. it can't just be that rates came in 50. >> what do you see for rates and the groups that gained the most last week, small cap, for instance? regionals, et cetera. >> you know what? i agree with the point on breadth. it was very strong. and i think that's a requirement for the market in order to sustain this advance. it needed to come off those oversold breadth readings, and it did that and now it needs to sustain that. i think the impetus force sustaining that would be yields coming off for a long time, right. and we have our first indication this month that yields may actually do that for about 9 to 12 months. it's from the demark indicators, looking at tlt and tlt has the first counter trend by signal. i'm not saying buy tlt necessarily, but it's the first counter trend by a signal per this model for a sale signal the month of april 2020. i'm intrigued by that signal

suggesting yields may be in store for what would be a counter trend move for something lowser to 9 to 12 months as opposed to 9 to 12 weeks like our other indicators are suggesting. if that signal holds any value, then we feel like we could have something that could actually help the s&p 500, not only get through 4400 as initial resistance really just a minor level, but that 4600 major level. >> and so that's interesting. she is saying 9 to 12 weeks versus 9 to 12 months. and if you think about last october's move, this was a 9 to 12-month move. let's be clear. it went really through tend of july at a minimum. we talk about the bread and talk about equal-weighted very market-cap weighted s&p. that's as simple as doing a ratio between the ast/etp divide. it's a ten-year chart. you can see. we're kind of right up at the extreme level of support where you've wicked underperformed by 13% on equal weighted s&p from

kind of mid- to late january of this year through to those lows. those are the same lows that we got through and were essentially a holding point of extreme oversold and relative underperformance that we got to back in covid. so i don't know whether that's where we are, but i do think it is a place where it's very clear. and the other side of that is what i have talked about a lot, which it's oversimplifying it. but until the nasdaq 100 really starts to underperform the s&p or that semi start to really underperform the nasdaq 100, i think this market is not getting too far out of its way, because that's where the leadership. we haven't seen those breakdowns. there is an argument we haven't made new relative highs. we've kind of held serve for the last few months. until we don't, i think you can stay long in the market. >> katie's argument is up to the next 9 to 12 months, if rate stays in check, that's good for the markets. carter worth has been saying stocks will go down. he doesn't think that lower rates is going to be a tailwind for stocks. >> carter talks about through 4 1/2 i think on the downside

suggests that something is breaking and that rates are going lower in some sort of flight to quality, which means maybe is the t stock market is breaking down. in terms of katie's work on tlt, monday i said tim, who was hosting, i don't remember. >> courtney. >> it was courtney. and you remembered and you weren't even here. >> it was nothing to do with courtney. i don't remember breakfast. it's not fair. >> we had talked about it on that monday show that tlt closed at 83, we said 88.5 is a level where it's going bounce. i think it's got to 89.10ish thursday and friday that seems to be enough for me. if rates start to go back up, that headwind will be back for equities i think. >> just going back to earnings. that's the thing. if you go back to october of 2022, expectations were so high for a recession, and they were just so low for everything. it was okay. i probably got it wrong down then. but the fact that we rallied the way we did, despite the fact that we haven't seen major

earnings revision i think for next year, were expected 12, 13% earnings growth, just go back to the data that we're seeing right now. and so even if the fed doesn't have to cut any time soon, you know what i mean, we're going have a weaker economy, whether we have a recession or not. paul tuder jones was saying it on cnbc's air a month ago that he expects the economy to be in a recession in q1. it's just not a good time to actually chase stocks after a 6.5% rally in the s&p or 8% rally in the x. and the x you know there are earnings revisions coming. >> let's move on. an earnings alert on semi conductor. kristina partsinevelos joins us with all the details. >> hi, xp is giving back some of its earlier gains. posting a little higher than estimates. investors were pretty cautious going into this name given the weakness we saw from peers like texas instruments or auto supplier on semiconductor. that stock dropped 22% post earnings. but the auto chip sector has

remained pretty resilient compared to other sectors post-covid. but the rollover is starting to happen right now. lucki luckily,% of it cosms from autos. third quarter, auto sales came in line. industrial and iot were weaker, yes, among peers but nxp was an actual beat. and you can see communication infrastructure was the miss. but full-year revenue guidance is expected to be flat year-over-year given the, quote, challenging and cyclical environment. the earnings, call, though, is tomorrow morning. two things to look out for is nxp, if it's still going to undership demand to control channel inventories and how strong that auto demand actually is given the warning signs from pierce. guys? >> kristina thanks. pretty much within the range what analysts had been expecting. nothing surprising there at all, and the conference call of course could have tape bombs. who knows. >> 100%. so last year this was $135

stock. since then a series of higher lows and higher highs that tess good news. valuation i don't think is unreasonable for this name. probably trade to mid teens or a little lower than that in terms of forward earnings. given these levels, if technically you want to play the game, this is a stock you probably buy against $1830 or so. >> how does it look, katie? >> it looks like it's bid up little bit in response, at least at this point. to me it's reacting to an intermediate term oversold condition within an uptrend and that's almost always a compelling set up from a technical perspective, at least for the next few weeks. when you look at the next resistance levels here, we're talking about the low to mid 190s. so that's also compelling to me. and that's the case for a lot of stocks. we do of course tend to see that this sector exhibit upside. if you believe there can be more of a relief rally, thing is a fair way to play it. >> and speaking of the fundamentalist here, if you think about hearing about resilience in auto or industrial, it's really

important right now, because, again, dan is talking about earnings and eps. and i kind -- i agree. all the stuff i'm reading from analysts that are coming through right now through their sectors where they're summing up what was going on, i was reading a leading analyst on the streets corps the rails, not only eps, but margin erosion of 460 basis points in quarter is the worst they've seen in 20 years in their models. you have this dynamic, go back to industrials, go back to auto. these stocks trade as if they've been in a bear market for a long time, most of them, a lot of them. even the ones that were doing better like a caterpillar had a rough week last week. important stuff to watch. >> this is one of the worst acting semiconductor stocks. other than texas instrument. qualcomm and auto. so when i look at this, i think you said it. there is likely to be tape bombs on this thing. this thing acts this way for a reason in my opinion. i think it is a value trap. and, again, it's expected to grow let's say high single digits earnings, mid single digits sales. and it's trading about 13 times.

well, there is a reason. the smh is up 40% on the year, or more. and so it had this ai ramp, which it doesn't have a lot of exposure. and then if you think about what apple had to say, 8, 9% of their sales comes from apple. this is not one i'd be stepping in front of the conference call. >> i'd also be curious what they have to say about china. they have exposure to china. they have that going for it in terms of not facing the backlash there. but could this now be something that works against them? i think we'll probably get some details tomorrow. >> i like the fact that you said tape bomb. that's old school. >> why? >> it's old school. "fast money" stuff. >> tape. imagine looking at a tape. >> boom! just like that, guy. >> okay, you know what? is that how we saw the week? >> it's not been a great day. >> it has not. a bit higher. is the housing trade about to heat up? mortgage rates dropping sharply over the past week. so what's home prices?

a potential game changer in the pharma space. could virtex's pain medication be a game change foreinterest entire industry? how it could shake up the entire space, when "fast money" returns.

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welcome back to "fast money." mortgage rates drop sharply. 30-year fixed rate falling 50 basis points, its biggest plunge since last november. is this giving the all clear for the housing market? cnbc's diana olick has more. diana, i bet people are jumping in. >> well, probably not exactly. because although, melissa, it was an epic drop, but we gave a little back today. all right. where are we? the 30-year fixed started on monday of last week at 7.92% and took three major plunges starting wednesday and ending friday with the lower than expected jobs report. it totaled more than a half of a perc percentage-point drop in one weekend. that very rarely happens. of course, the builder stocks just love that you can see the home construction etf shot up, but then rates moved 10 basis points higher today, which the itv did not love. to put it in perspective, though, if you're buying a $400,000 home with 20% down on a

30-year fixed mortgage, your monthly payment on friday was $119 lower than it was last monday. five days difference, $119. so what does that mean for the fall housing market? well, it could help on the edges maybe, but we've still got sky-high home prices. the last time affordability was this bad was in the 1980s when rates were in the double-digits, but the average home cost about 3.5 times median income. today that average home costs six times the median income, and home prices, melissa, they just continue to go up. >> all right. this could possibly be something good for the home builders who have been buying down the mortgages, right? at least in the very, very short term? >> yeah. i mean, it could help. they've been buying, though, in the 5.5% range. we're going need to see it get a bit lower. we're still in the 7s solidly. if we could get into the 6s, that might help a bit. i think you need to see another big leg lower to help the builders. >> diana, thank you.

diana olick for the latest on housing. what do you think? i was joking when i said -- because it's not a real big dent immediately for you to say okay, now rates are lower, i'm going to go buy a house. >> so the supply demand and balances, they haven't gone away, number one. what changed i think over the summer into september there was was this line of demarcation in terms of ten-year yield. 4.5% is when everything sort of changed. shp, which i don't think it's the greatest etf, but dr horton, lennar, toll brothers, a number of stocks, that rolled over in a major way. we traded down to 69 or so late october. then you had this 10% bounce on the back of yields. 77.5ish is a level we topped out at in october. rates stopped where they should have on the downside. hxb on the upside, i think they roll over from here. >> katie, what do you see in the charts? >> same thing. oversold-out term for the home

builders. so the corrective phases were very severe and sort of persistent. and they just reversed very quickly. and i think for now we can trust that there is room for upside through near term, and you can actually look at the mortgage rates from a technical perspective and see that they've lost some upside momentum. anybody can see it. but not enough to suggest it's meaningful. so we can throw something like a 20-day moving average on chart and use that as a gauge of short-term momentum. the 20-day hasn't even roll ed over in the last week. we need to see more in terms of loss ohm of momentum to seeing? that would be sustainable. >> could you cue those two opening phrases of a fall break down? this is the whole story to me. that move in housing to me is the one where that's a false breakup. just because -- by the way, we've gone back to levels we were at the peak of this market, if you look at that. either etf you want. and that is -- this is not a moment to be buying housing.

this is clearly my view. but it feels like it's the right time for what you were saying about false breakouts. i think you were selling this move in housing so fast. i don't think there is supply. you can't tell me housing prices are going higher when credit is getting higher. we haven't even got there. people haven't even lost their jobs yet. >> right. >> and there is no velocity in the housing market to have these sales coming off the period where housed that their greatest period of pricing because of covid. housing markets aren't going higher. >> the only thing i was going say, and you alluded to it, if you think unemployment is going above 4%, then housing demand is not going up. just not. especially with affordability and rates that are not going plunge, you know, so to me that's what you got to track here. and it doesn't look like something you want the chase here. >> the average house is six times a median income? >> good luck. >> that's nuts. >> i am laughing. it's not funny. rents are through the roof. by the way, we were kids, tim and i, clearasil, sure. >> but i'm just saying.

because katie's -- katie's the way we start. nothing is worse than a false breakout. but at clearasil, we can help you if it's a real one. that would be fantastic. katie could be the spokesperson it would be fantastic. they're watching right now, the clearasil people. no, tim, i'm not. my skin is pristine. >> i can tell you. you do scrubs. . there is a lot more "fast money" to come. here is what is coming up next. >> a potential game-changer in the drug space. one stock jumping as its new pain medication nears a breakthrough. could this be the next big catalyst for the health care space? plus, heavy metal trading. uranium near 15-year highs. but can the power source keep rocking? why wall street is going nuclear on this one. ahead. you're watching "fast money," live from the nasdaq market site in times square. 'rba, ghafr is.

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welcome back to "fast money." vertex pharmaceutical shares topping the tape en route to a record high today. the company releasing updates on a program aimed at developing a nonhabit-forming pain drug that could replace opioids. if successful, the drug could generate more than $5 billion per year by 2030, according to estimates. shares are giving back some of the gains after posting lower than expected revenues after the bell. our angelica peebles joins us for a closer look at the details of the new drug. this teams like the holy grail. one analyst is making the comparison to glp-1s. it's in an area that people sort of wrote off because there were so many misfires in terms of drugs that had terrible side effects. but it could really be a huge

market if there is a breakthrough here. >> yeah. everyone wants a pain medicine that is not addictive. of course, we've seen how terrible the opioid crisis has been. and the problem is that those drugs still remain some of the best options we have for pain treatment. and so people are excited about vertex's medicine, vx-548. and it's in phase 3 trials for acute pain, pain a little stronger than a headache, something more like after you get your wisdom teeth removed or get some sort of surgery like a tummy tuck is one of the things they're studying it for. so the hope is that that will give you the pain relief without that addiction risk. but it's still early days here, even if they do get the acute pain approved. then they're moving to neuropathic pain. so pain in the nerves. and then the ultimate goal would be chronic pain. but that's going take a lot longer. >> so the acute pain, and you mentioned the tummy tuck. they also studied bunion

surgeries as i understand it. is that the smaller market? and to get to that $5 billion path you have to have it approved for chronic? >> well. >> a cute pain is the first indication they're going after. and that alone could be a multibillion market. the last figure i saw from vertex was about $4 billion. that was last year. and tonight they're saying that that market alone is about 80 million people a year in the u.s. so that's still a pretty big market. but the global opioid market right now is about $22 billion. and that's factoring in the fact that these drugs are really cheap generic drugs. so vertex, if they do come out with something new, they're obviously going to price ate lot higher than what we've seen so far. so it's a really big opportunity. and even just getting a little slice of it could mean big revenue numbers for them. >> there seems to be some controversy, though, about how some of the studies were conducted, angelica, to the point where people are questioning whether or not the fda will actually go ahead and approve it. and i think that investors sort of have this muscle memory back

to when biogen had all this positive data regarding their alzheimer's drug only to have questions raised about how those studies were conducted as well. and then we saw the stock plummet. >> yeah. and it's interesting. a camp on the earnings call tonight, and the ceo is saying that they're still confident in their plan here and in the phase 3 trials that they're conducting, there is three going on right now, that they'll have data on early next year. they're saying that the goal of these trials is to actually look at how their drug vx-548 compares to opioids. and so they'll have some more definitive data here on how those two compare. >> all right. angelica, thank you for joining us. good to see you. angelica peebles with the latest on vertex. again, a gainer in the regular session, giving that up in the after hours session. guy? >> if you look, the move has been pretty orderly until recently. and then you had this parabolic move over the past couple of weeks. i guess that's the good news and the bad news. the good news is valuation i

think is still okay here. this looks a lot like eli lilly, the series of higher lows -- higher lows and higher highs. you've had pullbacks along the way. but you can actually wrap your head around this in terms of valuation and the story. you don't have to run from it. you're getting a pullback. now i think if it gets to 350, you buy with both hands. >> interesting you mention eli lilly, the producer of semaglutide drug which has transformed its business as well as the industry. you see that constructive? >> interesting to bring that up. i looked at eli lilly earlier today. and it has a sell signal, an overbought indication on the chart that's intermediate term in nature. you wonder perhaps if there might be rotation of people that play that space. there is nothing bearish about new highs is what i also say. so new highs from vertex, even with the subsequent pullback are compelling to me, especially with no sell signals. >> yeah, no pain, no gain here.

in other words, without this acute pain market and the size of this -- by the way, that's the title of. >> lyric swan. >> i think it's bmo. it's an analyst report on the stock. but the point is that the size of this addressable market is something that's so interesting, why they're overshooting. by the way, this sounds like the addressable market for cannabis. i'm just saying. someone has been in that industry, acute pain is really what the medicinal uses all talked about. and thing is obviously a lot of different ways people are addressing this. but the valuation here is something that can be overshot. coming up, some nuclear trading. uranium trading near 15-year highs. kind of a heavy metal trade keeps trading along. plus markets starting to rebound in november where. should you be in the overseas trade? we're going global, finding the best opportunity for your portfolio. details when "fast money" returns. missed a moment of "fast"? catch us any time on the go. follow the "fast money" podcast. we're back right after this.

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welcome back to "fast money." stocks closing in the green to start the week. the dow and s&p with modest gains and the nasdaq notching a seven-day winning streak, its best run since january. shares of paramount sinking nearly % after a double downgrade at bank of america. analysts slashing their price target to $9 down from 32. another 30% downside from today's close. dish network plummeting down more than 37%, its largest drop ever after the media company posted a major earnings and revenue miss this morning. dish also reported steeper customer losses. and some more after-hours action. tripadvisor soaring, posting a beat on the top and bottom lines. meantime, uranium prices trading around 15-year highs and the sprott minors move up over the past six months. he believes uranium prices will triple. what time frame you talking about, john? >> triple? that's a big call. i don't know triple.

but we've clearly gone up about 150% in the past two years and we think there is more room to go. and the reason for that is quite simple. we have a major supply deficit that is building over the next coming not just few years, but decades. that's a function of having a lost decade where we did not invest in this technology. as a result we did not invest in a lot of mining, which obviously is part of the -- a key part of the story in terms of the fuel for the nuclear power fleet that is growing around the world. and at the end of the day, the only way to increase production is through higher prices, because these are capital intensive projects with very long lead times, and that capital is starting could come back into the market. we pay very close attention to the commodity price because that's the key signal that we look for. >> hey, john, it's tim. thanks for joining us. i share bullishness. i'm long the space. i do think prices are going to double from here. and part of my thesis is i think

there are people short in the market. i think there are both producers and some customers. any thoughts on some of the technical elements of this? because of some of the lag times in the industry and where, frankly, a lot of liquidity in the spot markets has left us. i think we're as thin as we've been in 15 years. you've heard this, they talked more about the fundamentals of the industry, but you get some sense that one or two of the major producers also may have some deficit. >> yeah, it's a very vulnerable supply chain, and it's because it's very concentrated in a few countries and a few companies. and the market right now is very tight. it's very tight in the spot market. but more importantly, the term market is what we look at very closely, because that's where utilities are buying uranium under long-term contractual arrangements. if you look at last year, utilities around the globe purchased through long-term contracts about 125 million pounds. that's great. that was the highest amount we had in ten years. but we're nowhere near our

annual replacement rate, which basically means utilities continue to draw down inventories until they hit about 150 million pounds of annual procurement. this year we think we're going shoot through the 150, which is a very bullish sign. it means utilities are essentially restocking their inventories of uranium. why? because they're feeling very bullish about electricity prices. government support that's shifting back for nuclear power because of decarbonization, energy security and also grid reliance. a lot of people i think will are going to start to understand that when you add a lot of renewables to your grid, it becomes inherently unstable. so you need reliable load-based power which nuclear power provides. and obviously with zero greenhouse gas emissions. a very powerful combination that i think the market is realizing, if we want to fill this supply deficit, as i said, it really comes down to opening new mines, restarting previous mines that have been on care and maintenance for greater part of

the last five or six years, and building new mines is a pretty long timetable. in terms of bringing new production to market. >> just to be clear, john, when you talk about deficit, you mean the current market including russian uranium? because if the u.s. and europe actually sanctioned russian uranium, what would that then do to the market? and do you ever see that as a possibility, as geopolitics continue to -- well, not get better. let's put that it way. >> i'll break that down in two parts. right now if you add up all of the mines around the world, we think we're going to get to about 150 pounds of annual production in the next 12 months. the annual requirements for all the 434 reactors is 180 million pounds. we're already operating with a 30-million pound annual deficit. if you look at the world nuclear association, they're expecting the annual requirements in 2040 to be almost 300 million pounds per year. so we're talking about a serious

increase in production that will have to be filled if we want to build all the nuclear capacity that the world endeavors to. with russia specifically, they're not a big producer of uranium, but they're a key player in the fuel cycle, the nuclear fuel cycle around the conversion of to uf-6, which is basically a gasification process and the enrichment of uranium where they control about 40% of the global capacity. this obviously has western utilities and governments concerned, and right now there is a very strong effort to reshore some of these steps in the fuel cycle back to friendly countries. so you have facilities in the united states and france that right now are in the process of growing their capacity so that we're less reliant on russia. they're absolutely no sanction whatsoever on russia, on anything to do with uranium or nuclear fuel. and it's a simple reason that we do not have the capacity in the west to cut them off. it's a matter of time before

sanctions come into place. the current bills floating around the house are envisioning 2028. but between now and then, we're still going to be relying in some part on russia for the fuel cycle. >> john, thank you. nice speaking with you. john chiampaglia of sprott. we're hearing about uranium enrichment in france. but there is still a lead time as john mentioned. you put the investment, in it doesn't come online for years. >> and the reversal in germany and japan and places. jennifer granholm in this country has been a big advocate. and again, john pointed out, this is a dynamic. we talk all the time about the energy markets, talk about oil and gas, supply dynamics, talk about demand. this is a case where we're definitely looking at a deficit, and we also have the world nuclear association that says we're going to double by 2040. and that's probably very conservative, just based on the pathway we're on. again, the infrastructure required the build-out time, the

cap ex-i think this is going to squeeze very hard. >> a $2 million capital will do 100 million in revenue. obviously prices of revenue is ridiculous at these levels. we're talking about a stock that is at a 13-year or so high. with that said, they also have $200 million on the balance sheet, no debt. and they're way ahead of the curve. to tim's point you, have to believe in the fundamentals of the story. and the fundamentals are not going away. so these stocks are volatile, but the fundamentals are in place for a long time. so you don't race out and buy the stock up, you know, almost 100% over the last month and a half, two months. but you look for it all to get back in for sure. coming up, grab your passport. we are going international. our opportunities emerging overseas that trade and more when "fast money" returns. at ameriprise financial, our advice is personalized, based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work.

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with a partner that always puts you first. start for free at godaddy.com ♪♪ we have great benefits from principal. so i know i'm taken care of. and not just me. but the ones who matter most to me. ♪♪ hello. but the ones who matter it is so fantastamazing for me to see other trolls. is this how people feel when they meet me? yes. poppy, i'm your sister. my what? whoo. did you just braid my hair? we've got a news alert with the fed's next move might be. minneapolis fed leader neel kashkari telling the wojtyla he is not convinced that rate hikes are over. kashkari is a voting member of the fed this year, but will not be on next year. that's interesting.

>> it is interesting relative to what we think we heard and how equities reacted last week, because that was pretty violent. you agree? >> oh, guy. >> you guy with neel kashkari, don't you? >> whoa, whoa, whoa, let's slow down for a specific. in this very specific vertical that we just mentioned, yes, i agree. but you talk about somebody that has been -- and he is welcome to come on the show. he is on the network all the time. he was so offsides the last couple of years. least he is starting to have some religion in terms of what's going on. better late than never as they say. >> a time to look at emerging markets overseas. up 6% beating the s&p, but not all emerging markets are created equally. for this we go to the ambassador named for his specialty in emerging markets, tim. which ones do you like? >> investing around china is something that clearly we talk about the challenges with investing in china.

i still think 10 cent and alibaba are well worth holding in here. but i look to places where i think that the weaker dollar, which i'm not telling you the dollar is going to go a lot lower, and i thought it was going to be under more pressure than it was. but the dollar sniffed out. it closed below the 60. it's i think the dixie as long as you don't have the complete fall apart of growth which would lead to credit dynamics. but if rates have peaked, the dollar is weakening and you look at this resource trade that has proven very much you look at ratings in em, somewhat underwait in terms of its overall contribution, i think brazil and mexico are very interesting. i think pet from brass is why they can outperform here. >> katie? >> we do have the dollar indexboro its 15-day average. that reflecting a significant loss of momentum there. with that we see relative strengths start to perk up

behind emerging markets. so we're looking at brazil primarily, which is the via the ewztf. we like that setup. it's more of a long-term turnaround play reacting to oversold conditions. but we also like china, the china internet kweb etf has support right in line. so this is where these should rally. they should respond to oversold conditions. >> ew zed, downtrend since july, broke 30 a couple of times, resource etf. i think you buy it $30 on the downside. i think it goes higher. coming up, the results of the latest investopedia investor survey are out. caleb silver is here. we'll give you a look to the numbers. jim is chatting with the ceo of carvana. the stock is up 600% this year, wow. tcfu interview, top of the hour on "mad money." more "fast money" in two. at's we t-mobile for business. las vegas grand prix chose t-mobile to help power operations for one of the world's largest racing events.

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welcome back to "fast money." the leaves are changing color, but are investors chaining their tune on the market? "fast" may be running a hot streak lately, but investors aren't convinced. according to the latest survey, editor-in-chief caleb silver is here on set with the results.

caleb, it's interesting because it seems like they're cautious. >> yeah, they're still cautious. not entertained by the rally, not convinced it will stick, and not really buying it. not a lot of dip buying here. not a lot of people willing to get aggressive or even promiscuous when the opportunity presents itself, except if you gave them some extra money, which we'll get to in a minute. very back on their heels. they've been this way since we started talking about it in may. >> why are they so gun-shy this these days? . there is a lot of uncertainty. the war in the middle east is top of the list. that wasn't on our list when we last spoke about seven weeks ago. that, of course high interest rates, that's been on their mind. remember when i was here last, they were talking about the 2024 election, the uncertainty, what might come from that. that was their number one fear. that's dropped way down. war in the middle east number one. but general uncertainty and not a lot of approval for what the fed has been doing late lately, which is also new to straayer. >> in terms of the extra $10,000 question, that's the question i love because it's so telling. there is a real change.

last time you were here, i think cdc, people cds. >> they're saying stocks for the first time. that is new. people say one thing and do another. we see that all the time in every discipline. if you gave them the extra money, they'd put into it individual stocks right now. maybe they think that this is the seasonality play. maybe they think we've hit the terminal rate. maybe they think it's oversold and they're willing to start buying again. but they wouldn't do it with their existing money. if you dropped an extra ten gs, they're all over it. >> november, where people are searching for different terminologies. what's on the top of the list this year? >> we took a reader poll of our readers' favorite terms. ai topped the list. the inverted yield curve number two. a lot on treasury bonds, a lot on yields, a lot on what was happening in the capital markets. it goes super deep. minski moments in there.

bra bracketearring. in the legal world, investors have been searching for a lot of stuff. it's been such a tricky year. this is our latest list from them. >> caleb are, investors worried about losing out on yields? do they feel they need to lock in on this? most folks have seen this fleetingly. locking in at 5% is isn't you haven't seen in decades. is there anxiety on missing out on this? >> not so much. one of the top searches all year is best cd rates. how do i buy one? people are willing to lock in, sit on 5% until they get a better view of what might happen. there is so many things that might happen. you get this feeling that people are going to sit back. and the big difference, guys, is this lack of dip buying. just institutional dip buying, but also among institutional investors, these are very promiscuous investors that want to put money to work. they haven't felt that it's been the right time for a long time. >> with that said, their favorite stocks for the next ten years seems to be magnificent

seven sort of stocks? >> plus berkshire hathaway plus exxonmobil. jp morgan is on there. but they're still willing to bet with the same players that got them through the last ten years, the widely held, the biggest market cap stocks. they'll stick with what's comfortable and those are value trades. >> do retail investors have any money left not to invest about the ma g-7, you think the last four years and the speculation and unprofitable tech and nfts and cryptos. there is a lot of money that went poof, it went away. >> you don't see ate lot. even what the options trades, not a lot of retail activity. so you get the feeling that retail investors, individual investors, hands in the pocket for right now. >> caleb, always good to see you. >> thank you. al silver. >> investopedia. up next, final trades.

time for the final trade. let's go around the horn. tim? >> emerging markets. i like caddy's ewz. karen's zww. >> katie, great to have you here. >> i'm going to revisit

microsoft. i'll rejoin the retail camp. it looks reich handle formation breaking out as we speak. >> dan? >> qqq. puts in december. >> guy? >> love justin herbert. >> thanks for watching "fast money." see you tomorrow at 5:00 for more "fast." "mad money" 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'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 teach you. so call me at 1-800-743-cnbc newsom or tweet me @jimcramer. after last week's dalliance with the bulls, so many strategists want to pretend that it didn't