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the markets' fed guessing game instrument, when that a number came out, fed funds future saw a brick added to the 50-point side of the scale. traders anticipate more than 80% odds of a half point move versus just 19% probability of a fifth in a row, jumbo 75 basis point move at the december meeting. so maybe the fed decides to peel back a bit of the aggressiveness. let's see what's really moving here, high-end retail a, luxury names. consumer discretionary roaring higher. it's like inflation's down, let's buy a pair of stilettos. michael kors, versace up 10%, and then tapestry, parent of coach and kate spade, is also gaining about 9.6. ralph lauren, lululemon joining the party estee lauder is up 4% this afternoon on a report by the financial times that it is nearing a deal to buy fashion

house tom ford for $2.8 billion. important to note here that they already have a deal with the makeup line of tom ford, but we thought you'd find that interesting because it moved the stock from up 2% to about 4%. the pharma if names are getting slashed, merck and j&j plumbing the depths of the dow. united health though, that's at the very bottom. we've got unh down 5%, perhaps as investors shift out of more defensive health care and health insureer names and into riskier assets. and speak of risk, investors recoiling from the crypto world after the epic fail cure of ftx. the latest in the saga, ceo sam bankman-fried has resigned, and the company has officially filed for bankruptcy. this crash and burn collapse began over the weekend when rival exchange binance said it was cashing out of ftx's token ftt due to concerns about,

quote, recent developments. that sparked the crypto version of a run on the bank. customers rushed to yank their deposits out, and now, well, susan li, you know, let's bring her in. these in the newsroom. there is a question of contagion. during this hour yesterday, coinbase's chief executive office told us the clip crypto exchange has 50 million in goes kits stuck in -- deposits stuck in ftx's international arm. >> reporter: that's interesting, because coinbase is trying to rep coupe that $15 million you just mentioned many those deposits, and they're also a writing off, by the way, the venture arms investment that they had in ftx. now, also coinbase and coin desk just reporting that ftx u.s. has ceased processing withdrawals around midday today. so we sifted through this bankruptcy filing and voluntary with 130 subsidiaries being impacted here including ftx

u.s., that u.s. trading arm, and notssoncern is about con rtllim th nknoto- n. cr instance, crypto lenderhedin blockfi here saying they were shocked and kiss playeded by the news -- dismayed, and they only town out on twitter like the rest of the world. and until they get further clarity, they are limiting platform activity themselves. also caught up in this ftx collapse you have celebrity endorsers tom brady, giselle bund. chen, steph curry, naomi to sack a ca, also super bowl ads featuring larry david. no dollar amount or payments

that were announced, but you have to remember that gisele and tom were paid in equity, in ftx stock. that stock is worth a lot less today with that bankruptcy filing. it's also notable who's stepping in here, thing enron liquidator is going to help fulfill these set elements, and he's -- settlement, and he's notable. investors are hoping to get something back, but in these bankruptcy proceeding, liz, it's pretty tough to do. liz: oh, yeah, good luck. don't set timer, because you're going to be waiting a long time. coinbase is on the move here, gaining 11.5%. investors are bank on it maybe picking up market share, so let's bring in a bull-bear debate. d.a. davidson, gil lauria has a buy on coinbase, and duke university's financial economics center policy director lee reiner is here, he says contagion is coming.

gil, bitcoin is trading right now down about 5.33%. it was kind of up yesterday but still now below 17,000. this looks a lot like the ftx decide is -- decide is spreading. are you still as bullish on bitcoin as you were maybe last week before this disaster? >> oh, absolutely. there's a lot of legitimate players in crypto and bitcoin, and there's even more players that are not legitimate, stateless, unregulated entities like the one that just went bankrupt. there will be more. i'll concede that right at the offset, there will be some contagion. very smart people made a bad decision to invest in ftx which, again, is an unregulated entity. it has nothing to do with bitcoin. bitcoin is a phenomenally interesting technology and payment network that has represented a very good asset class for a lot of people, and we expect that to continue

regardless of the fact that bad actors continue to get involved in it. bitcoin is open source software, a network that's worked phenomenally well for 13 years. that doesn't mean bad actors can't get involved. liz: lee, you are our bear in this discussion. are you in the charlie munger camp who famously on fox business likened crypto to rat poison and later called it a venereal disease? >> well, i wouldn't use charlie's language exactly, liz, but i agree with his sentiment. i mean, crypto's problem is that it has no fundamental value. when you try to assess why is it worth whatever it's trading for, what's the methodology you're relying on? there's no cash flows, right? most financial assets generate cash flows. you discount them to present time. normal currencies are value ised relative to one another based upon things like if -- the gdp rate in countries, inflation.

of course, that doesn't apply in crypto, so you're left with an asset class that trades entirely on sentiment, and sentiment can be very fickle. and it's been negative, of course, for the last year. a year ago this time bitcoin peaked at $68,000 and you should herred in this period of crypto -- ushered in this period of crypto winter, and we might be heading into a crypto ice age. for crypto to have value long term, it has to actually do something beyond just a mean means of speculation. it has to provide genuine economic utility. we're 13 years into this crypto experiment. we haven't seen it yet, so when are we, would be my question to those who still think bitcoin is worth something. liz: gil, a lot of people like bitcoin because they feel it is a cultural phenomenon particularly for those who have a severe mistrust of the government, for example. i bet a lot of people who lost money at ftx sure wish there had been government's hand in there

earlier to make sure they would be made whole through all of this. at what point and, again, that one is domiciled in the bahamas, so we have no control over that. but do we need regulation much sooner rather than later here in the united states, and why is the sec draying its -- dragging its feet? it has this ammo to say all of it is bad. >> yeah. i think you're making the exact right point which is the loss and the failures of ptx -- ftx is not bitcoin at all. but let me also address the bear case -- liz: please. >> absolutely, crypto are not cash generative assets. by the way, neither is oil, copper and gold. they have value because they have utility and they have scarcity. bitcoins has utility. it's a tool that allows you to move any amount of money anywhere in the world for

practically free. people use it as an asset class that allows them to hold value. it has utility, it has scarcity, that's fundamental value. liz: to the contagion question here, lee, again, you've got two crypto lending companies before this, celsius network and digital, filing for bankruptcy. now you've got ftx. this is definitely a smear, and it scares people who aren't total believers who are saying, you know what? let me put a little bit of money in here. however much it was, it's gone, poof, if they had exposure to ftx, the international arm. would you advise not just stay away from crypto right now, but pull it out and convert to u.s. dollars right now? >> well or, you know, i would advise that but, of course, the challenges if you say that too loudly, then people, you know, it'll become a self-suggest filling -- self-fulfilling

process city. people will run. custody of crypto is very different than custody of traditional financial assets. when it comes to cryptocurrency, you know, you'd have to have your private key, and so you sign a transaction with your private key. and there's a saying in crypto, not your key, not your coins. so if you give control of your private key to a third party like ftx, you know, once they go bankrupt, you get in line as an unsecured creditor. very different situation, of course, than if, god forbid, charles schwab or e-trade were to go bankrupt, right in your assets would still be safe. so that doesn't apply in the cryptocurrency context. so i certainly think you're going to see people start to pull out their funds from these decentralized exchanges, no one's safe. liz: and even the futures. we're looking at the proshares bitcoin strategy etf, which was approvedded for trade the, and you can see the dramatic dropoff over the past year, and so we're

watching all of this and more. thank you both for participating in this fast-developing story. gil and lee, please come back. and, by the way, oh, can i stop and say thank you to lee? he served as a u.s. army communications specialist in baghdad. and on this veterans day, we appreciate everything you and your fellow soldiers have done. >> thank you, liz. liz: anytime. all right, citigroup strategists give a pointed piece of portfolio advice this morning we want you to hear. is an exit strategy of a popular trade recently in order? our floor show traders up next with the long and short of it. and later, the sweetest veterans day story you will ever hear. we've got it live on this veterans day. i promise, you will not be disappointed if you stick around. closing bell, 47 minutes away. dow jones industrials flipping back and forthright now. it's negative 27 points. we do still have the nasdaq and,

of course, the s&p in the green. same with the russell and the transports. "the claman countdown"'s guttin, we're back in a minute. ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire [coughing]

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liz: fox market alert are, i want you to take a look at the s&p 500. this is a week chart, up 5 plus percent since just the start of the week, and we are looking at an 11% jump this quarter. in the last 48 hours, inflation is still hot, 7.7%, but a few degrees calmer, right? and now citigroup strategists

advised investors exit short positions in the s&p 500 and buy instead 10-year treasuries. here's their thesis: due to very little day a coming out between now and the federal reserve's next meeting, there will be few bearish catalysts to take stocks down. here's the proshares exchange-traded fund that allows investors to short the s&p 500. you can see investors were ahead of citi's call, serving it down 17% -- sending it down 17% this week. remember while a few degrees cooler, inflation's temperature is still high. so here's the question: is the rally this week heavier on the optimism or outright euphoria? let's get to our floor show traders, trader and army vet sarge guilfoyle along with keith fitzgerald. sarge, of course, we thank you and all our veterans every single day. >> and marine corps vet. i was both. liz: really?

>> when the war started, i was too old to get back in the marine corps, so i ended up serving the army. i am, therefore, loyal to both. liz: and the rest of us? i'm sitting here saying thank you to you, really. are you fore selling into the rally? >> if you'll recall, i gave you a tradeable bottom back on october 13, and i confirmed the changing trend on october 21st for my readers, and so far so good with that. liz: yes. >> it's hooking, to me, fantastic. i think we have a couple of months where the market can go higher. i see about 100 points to the upside with the s&p 500. next year we're going to have a recession. by march or april. and i think it's going to be a nasty recession. so i'm not telling you to go out further than that. keep your opinions to the short to medium term and trade, don't invest. liz: yeah. and no one should ever get totally euphoric here, right,

keith fitzgerald? as we watch what happened this week, we know intraday, at the moment, we are just off session highs for the s&p but still adding. it's been an incredible week. and yet everybody's still looking and hoping for a lower moment than what we were. so my question is does one good cpi number make a trendsome. >> well, technically, the answer to that is, no, you don't is a single data point that makes a trend. however, what you do have is a collection of people who have simply had it with down markets. there's never a warning bell, there's never a sign. what you see is them clean out the shorts, then you see them take a liquidity run, and everybody starts to move. now you've got a bunch of people on the pseudolines say, hey, wait a minute, is that fomo? do i have to get back in? but so sarge's point, this thing still has a long way to run. liz: i want to point out one of

the best performers for the week, almost really for the month. salesforce for the leaders on the dow, microsoft, home depot. those all look really good. for the nasdaq, docusign. docusign, obvious, was one of the pandemic darlings. and we're just cycling through all of these. meta, of course, appears to be getting its house in order when it comes to organizing the balance sheet here. they've laid off 11,000 people. very tough week for those employees. but, for example, you know, s&p 500 you've got t. rowe price, dish. so, sarge, any of these appeal to you before this week? >> sure. i came into the week long home depot, long microsoft. you didn't name them, but long marvel technology, and last time you watched me about nvidia, i wasn't in it, i have been back into it, so i wrote about that the other day. they're very well-managed firms. would i buy into meta platforms?

no, it's poorly managed. i i know the ceos, they have a track record, and when i dial in to that call, they sound really smart. they sound smarter than i am, and that's my gauge. liz: keith, your favorite name right now at a discount. >> oh, my goodness, bar none, apple. microsoft is a close second. again, i got that echo the sarge here. if the ceo can seem competent and he's leaning forward, that's ad good sign because a lot of see gross -- ceos right now have no idea what they're doing. liz: i if pulled that back in theth grade. market cap for apple, $2.37 trillion. great to see you both. sarge, keith fitzgerald, thank you so much. as we look at it, 38 minutes before the closing bell rings. buffett's berkshire, speaking of a guy who says make sure you understand a company before you buy stock, he's banging the sell button. the oracle of omaha unloading two key holdings including a

bank name he started buying 15 years ago. stick around to find out what else berkshire is jettisoning. dow jones industrials in the green again, up 19 points. s&p better by 33. the nasdaq climbing high higher by 185, and the russell bringing the rear here, up 16 points. stay tuned, we're coming right back. ♪ get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.

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what should the future deliver? (music) progress... (music) ...innovation... (music) ...discovery? or simply stability... ...security... ...protection? you shouldn't have to choose. (music) gold. your strategic advantage. (music) visit goldhub.com. liz: fox business alert, after a 16% runup this year, the u.s.

dollar is facing the longest streak of weekly losses in more than two years. yes, the greenback pulling back, and is so the euro is stronger, 1.03 right now. that's what it takes to buy a single euro. it had been as low as something like 98 cents. that prada purse is more expensive now. all right, berke scherr hathaway has been enloading some of its holdings, $3.8 billion worth of bank corp. shares, a bank stock the conglomerate has held since late 2007. berkshire owns 52.5 million shares down from the stake of 137.4 million. we do have u.s. bank corp. not really wounded by that, it's up about a third of a percent. buffett also trim thing his stake in chinese electric vehicle maker byd. the stake has gone down to, it's really a trim with nail scissors, down to 6.6% from 17..

investors rolling the dice on u.s. casino es operating in maca u. quarantine times have now been shortened from seven days down to five days for those who have had close contact with a covid patient, and the penalty on airlines for bringing in infected passengers has now been eliminated. walgreens boots alliance getting a pop after deutsche bank upgraded the stock from a buy to a hold and put a price target of $50 on it. it's about $41.52 right now for a gain of 7.8%. the move to acquire health care provider summit health which is the owner of city md urgent care centers is kind of thrilling deutsche bank team. intel, let's take a look at that one. this is up 2.25% after jpmorgan resumed coverage of the chipmaker, well, this is faint praise, an underweight rating.

jpmorgan also cut its 12-month price target to $32, it's at $30.43. jpmorgan says intel will participate in an overall industry rebound but at a slower pace due to competitive pressures. on this veterans day, we are about to hoe you an end dick -- show you an epic effort in new york city to gift mortgage-free custom homes to our worst wounded soldiers. my team "claman countdown" right there last night for my favorite cause, building homes for emt,neme.s. st their annualndst aalerio ananisinin 2e,araron, alg g wi he e mca,a, trtraoarary ts i

ste you hear how he did it. he joins us next live. closing bell, 29 minutes away. dow, what kid i tell you? it's up, it's could be, all around, gaining 54 points at this very second. we are coming right back with a story you will not regret waiting around for. ♪ ♪ ♪limu emu & doug♪ it's nice to unwind after a long week of telling people how liberty mutual customizes your car insurance so you only pay for what you need. showtime. whoo! i'm on fire tonight. (limu squawks) yes! limu, you're a natural. we're not counting that. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪

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♪ liz: veterans day began early in manhattan last night. ♪ ♪ [inaudible conversations] bsel m 1inththl kis is the charity nearest and dearest to my heart and soul.

founded by a new york businessman after the september 11th attacks and the subsequent wars in iraq and afghanistan -- there's andy -- www.building homes for heroes.org builds mortgage-free homes all across the nation for severely wounded soldiers returning from iraq and afghanistan, paralyzed, missing limbs, suffering from ptsd and much more. na jllted atroc to edrtecie yeamamnt" ewciaple we 00itanl ho3 fitele1.r ieha gon suss,ria ss n bwatrerd car

friel,l,l, r r r fm m m deo o o thoolgegeget a there's my joel.e e staff sergeant aaron hale spoke last night. he was a member of the army bomb squad, and in 2011 after neutralizing his, i don't know, umpteen.th bomb in afghanistan, isisisififififififife lalalalala fufufufu c c comomomny that ships the most delicious fudge and chocolate all over the world with. and aaron join withs us right now here on set. thank you for being here, thank you for your service. this is your holiday season. this is like your super bowl. how's business, aaron in. >> business is very good, and thank you very much, liz. and happy veterans day. liz: oh, absolutely.

don't just say very good. tell us how it's grown. >> we've grown outside. it started in our building homes for heroes home right at the stove top, and we've expanded into a much larger facility, and we've grown out of me cooking for 14 hours a day -- [laughter] liz: you've got some help now, right? >> that's about what it was, and we got our small business start. thankfully, over the last few years i've graduated into being a real business owner instead of just the head bottle washer and cook. liz: well, again, you served both in the army and the navy, that's incredible. navy, you were the cook, but in the army you stepped up and joined probably the most dangerous position to have or one of them, and that would be the bomb squad. after, if you could, after you got wounded and you came back to the states blinded and suffering so badly, can you expound upon what the home that was gifted to

you mortgage-free so you didn't have to worry about paying any bills or anything like that, what that did for your future path. >> of course. like many of our wounded veterans suffering from physical and mental scars, there's a battle that's fought back here at home with recovery and family issues and returning to work or starting whole new lives. and i'm no different. i had an entirely new life that i needed to learn how to navigate. so having this omaha i did not have to worry about, you know, paying for the mortgage and i could come home to and put my family under, it really changed my life. liz: changed your life, and by the way, right now, you guys, we have about $56,000 toward our goal. we can check in on the web site. i'm hoping that you will -- oh, it just turned to $59,000.

thank you, thank you, thank you, that's our little goal here, big goal, we want it to be 100,000. but, aaron, as this is happening, and the web site is layoff, building homes for heroes.org, you brought the house down with that speech about what it helped you do to become a contributing member of society. from this sent not only -- accident not only were you blinded, your skull was cracked, you had a tear in your cod did artery -- carotid artery, your eardrums completely blown out, sinuses crushed, and you have started this business, i am determined to blow up the web site right now, eod fudge.com, everybody, extraordinary delights, eod fudge.com, right now during this hour because, you know, it's the holidays. people should be buying from a businessman like you. yes, it's artisal candy, but what else? i heard you're a budding business magnate now? [laughter] >> well, magnate, maybe.

because of the success in our fudge company, we were able to pursue more of our bags including investing in real estate -- our passions. back in my hometown of ohio, as well as the emerald coast, in florida, and michaela is one of the up and coming real estate in the destin area. and, of course, we're growing our family. we have two identical twin toddlers, just a handful, but amazing little boys. liz: well, tell me, those boys must think their dad is pretty darn cool. anybody who brings candy every single day to the family is pretty impressive, right? >> being a blind and almost deaf father to identical twins is definitely a challenge and an adventure. they run around me, you know, like house cats -- [laughter] but i tell people we have

identical twins because i shouldn't be the only one that's confused. [laughter] liz: so you get a pass if you can't tell them apart. definitely. as we look forward to the future, what's the most important thing you feel people should know about veterans when they come home with such horrible injuries that eventually they want to contribute once they've recovered? >> i think the biggest thing for most patriots to know is that we're humans, we're americans, we're patriots tattoo -- too. sometimes it's just someone to listen and to learn their story and to give a helping hand and offer it. that's all. liz: building homes for heroes, has it, has it changed your life in a way where you feel -- because we have 5,000-veteran-long waiting list, that there's a message from that that is really important for

this audience to hear. >> what i have experienced through building homes for heroes, being gifted this home and, you know, just thriving since then. it wasn't just the bomb blast, but i was nearly killed a second time when meningitis took my hearing four years later. and both times i got to come back home to the four walls, roof and solid foundation to recover. and, you know, build my life back together. and since then we've become business owners, multiple businesses, grown our family. i'm an endurance athlete, and i'm running in a 100-mile all there that-marathon -- liz: come on! stop. that's amazing. you ran the boston marathon, didn't you? >> i have twice. [laughter] liz: okay. everybody, you've got to look at the chocolate one more time. everything od fudge.com -- eod

fudge. they have the most incredible name, strawberry white. they're got these caramel chock rate-salted, they're called gophers, but the fudge, handmade. and think about who you're really supporting when you buy from eod fudge.com. thank you so much. aaron, it's wonderful of to have you once again and thank you for your sacrifice and your service of. >> thank you, liz. liz: and i will just say one more time, and i wasn't kidding, 5,000 people on the wait list. these are our worst wounded soldiers. you guys have been watching me over the years, you know how much building homes for heroes matters to me, and you have stepped up over the years. we've gotten $5 donations to $5,000 donations to quarter of a million dollar donations from individuals, and i have said it every single time, we don't care about the number. we care about the heart of what you guys put into that. we had a veteran who wrote us a

note and said i'm on a fixed income, i only have $5. he included the $5 bill. and if he could do that, i hope you can find it in your heart. it's building home for heros.org. and by the way, guess what? you out there have been responsible, directly responsible for raising a million dollars to help build these mortgage-free homes for injured veterans. and as i mentioned, now we are morphing to helping first responders and their families because, of course, the arounds -- wars in iraq and afghanistan have wound down. please go and help all of these people who have sacrificed so much. building homes for heros.org. anything you can give matters and is deeply appreciated and you bet i'm saving this gopher. order it now. consumer discretionary versus consumer staples. our countdown closer has your portfolio covered on both ends of the spectrum. stick around to find out how his

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>> i think there is a growing sent i am in the crypto industry and republicans in the congress who could be a big deal. we are still not there yet. if they get control of the house there will be hearings on gary gensler and crypto. especially with his relationship with the founder of bfd. this is probably the biggest implosion we have had so far. a lot of money was in this exchange. the way they work, you have wallets, you can put money and their crypto locked into these

wallets. when you declare bankruptcy you can't get it out. that's why you see a run on some cryptos. it made somewhat of a comeback today. but be that as it may, it's still down today. this is a problem. here is where it becomes a problem for gary gensler. he had a meeting with bankman-fried in september. we know they met in march. he met with the i ex ceo. they were look to do a joint venture that would have given them a leg up in the cryptocurrency market in terms of their exchanges. they could create a super exchange. they were look for gensler's blessing on that.

gensler and ftx have interesting connections. bankman-fried gave a lot of money to liz get warren. people associated with fdx worked at the same lab. there is a lot of connections here. now the republicans in congress want to look at it and bring it up. >> it doesn't sound like there is any there there. >> i don't know. but i'm telling you if you are a major democratic contributor and meeting with gary gensler to get a leg up, to get his approval. everybody's face while the sec is busy running around cracking down on ripple which runs a real business. you have got to ask why didn't he look at them closer in.

liz: he didn't green light anything yet. charlie: we don't know. gensler claims that his meetings with bankman fried were above board. i remember when madoff blew up. people did ask the sec how did you miss the madoff blowup. it turns ought madoff had some family members -- his son-in-law worked for sec. he didn't get charged for that. but there is something called regulatory capture. when you have close ties to companies you regulate, we'll find out how close gensler was

to fdx. there is something in you that says that person is not a crook, that person wants to do good. bankman-fried's father is big in democratic party circles, so is his mom. so you know him. but that's called regulatory capture. gary gensler is your friend? are you friends with him? liz: i interviewed him. i want to tell people the eod website crashed. thank you very much, you guys. sergeant airnl hale is going to make sure they get it back up and running. the candyman. we are seeing your donations to come in for heroes.org.

we popped to 65,000. thank you so much and keep it coming. s&p hitting its highest point since june. you met aaron? >> i gave shim one of my command coins. >> i have one of your command coins. what do you like in this atmosphere that's been wild this week. >> i think the big thing to recognize, even though we have gotten better print on inflation, it's not overyet. we have to be cautious going into the new year. december is the cpi that may affects things. is it going to be .50, .75 or something else. we ask what it was like going into this. we noticed -- there is a barbell

consumer. people at the lower end of the economic spectrum, we are seeing wages rise faster than inflation. at the higher end of the economic spectrum, what's happening is people were able to have their incomes keep up with inflation. it was in the middle that people are getting challenged. louie vuitton is doing well and walmart is doing well. you are seeing dollar tree and walmart seeing a lot of people who make $80,000 to $100,000 are shopping there. liz: you like the luxury names along with the lower income names. >> think of it as a consumer barbell. liz: j & j, merck is down. it's almost as if people are

shifting out of the defensive healthcare into other things because of one decent inflation print. >> one print doesn't make a trend. while the peak inflation probably occurred. we have headlined back in june. we probably have seen peak on the core. but it doesn't mean it's going in the direction we need. liz: it's so great to see you. thank you so much, and thank you for your service. >> thank you for everything you do for veterans. god bless you. liz: as we quickly finish up the markets for the week, we are in the green. all to the up side here, thank you so much for doing it and for donating. larry: welcome to "kudlow." i'm larry kudlow. tonight her sh