there is a trade-off.ince mike sold more puts than he bought, he could be forced to buy at the lower put strike price or for $352.50 even if it falls well below that level. however, even if mike did have to buy at that price with all the money he made on the way down he wouldn't zbin to see losses until below $46.40. but since the time of the trade, tiffany's shares have risen 2%, making this trade a loser. options actions fans only want to know one thing. what will these socialites do now? >> hopefully this will soften bad feelings. however, if you bought mike's bearish options trade. is it magic? the value of the two puts that mike sold have decreased more than the one put he bought. in short by being short options he was able to be wrong on the direction of the stock but still right on the money. so should you stick in this trade? let's call back to carter. what do you reckon. >> i think we will stick with this one. it's raemly young. we will stay on the short side. >> mike? >> you know, this is one of

trading platform so was this driven by a desire to acquire the firm's trading software we don't know but we'll talk about just how valuable the algos have become and sticking with this theme could drones be the new high frequency trading one of then well we're not waiting for this guy net's first strike to talk about it we'll discuss in loose change let's get to today's capital account. knight capital as we know is the latest example to alert us to the reality of how much of the role of machines and computer programs and algorithms play in the stock market today and what can happen when programs meant to execute trades at a manner of nanoseconds go haywire four hundred forty million dollars in losses in just a half hour overnight capital or a little less i guess actually the c.e.o. reportedly told clients the firm lost two hundred seventy million dollars after taxes in a letter obtained by bloomberg now when it comes to markets and the average investors is this what humans are up against when it comes to the power of the algos. term. we'll have to say it sure seems like it and there

watch and is an expert on trade policy and international trade relations in our conversation we talked about the new and highly controversial trans-pacific partnership a deal with the united states is close to signing despite its harmful effects there's my conversation with your wall. for tonight's conversations of great minds and i'm by lori wallach or has been director of public citizens global trade watch division for nearly twenty years she's an expert on the outer operations and outcomes of trade policies like nafta in the w t o and currently is leading her organization's efforts to reveal the truth behind the trans pacific partnership or is appeared on a variety of television networks including c.n.n. the b.b.c. and p.b.s. she's also the author of numerous articles and books including her most recent book whose trade organization or joins me now in the studio welcome thank you very much thanks so much for joining us first tell us about. your organization the global trade watch and he said public citizen was founded by ralph nader in one nine hundred seventy one and now has six di

that night or any of the other you see and you know it trades a trade and it's very hard to break a trade the only alternative that she could have had was to adjust the hard is and lows of the move which could have been respectable and that could have happened then that would have taken some of the pinch out of the losses however to call law and say that we want to break all trades we messed up when i was on the trading floor if i sold something that i thought i wanted to buy i couldn't run over the program so please please please let me out you know it's like a do over and how many companies for people that are your viewers that their company has made a mistake they don't get the second chance and to think that they were above everybody else pretty insulting that is pretty insulting and you're right i mean this is what should happen if a company is in trouble they should be in trouble and have to deal with that they should get a bailout from the government whether it's regulators giving them a pass or the government giving them money but but you are saying on this one as critical a

calls traded. implied volatility is pretty cheap. i might go out further in time but i'm also completely different on my rue point on apple. this week's web extra is all about apple. we revisit a bullish trade from july is what to do if you're bullish on apple. >> scott makes a good point. that 29 put i sold for 15 cents. i sat and debated it for a few minute because it's dollar cheap in a lot of ways. to me when i put the trades on i'm defining my risk. this is put it on, forget it. if i get the 5% move, i'll be happy. >> let's wrap this up with stocks versus options. short the xlk or etf for some matter, some considered that insane as it carries unlimited risk. dan's put spread offers a four to one payout, just 20 bucks. >>> let's move on. what happens in vegas stays in vegas unless you're the prince of wales. nude photos of prince harry's wild night in sin city suite have been burning up the web. sparked a new ad campaign for the las vegas conventions and visitors authority saying las vegas is a

privately held scott trade has 40% of trades route the through knight. you can't see that stock sympathy because it's privately held. many of the trades now being directed elsewhere. even though it's unclear whether any of the direct trades were affected. we have calls out to the major players but for now, td now saying we do have contingency plans in place we could execute if these. but seeing as it's still business as usual, we'll continue to who monitor the situation and make decisions as warrants. td said there was no impacts to its trades yesterday and all client trades were cleared appropriately to its knowledge. we're waiting word from other trading par anywheres. that's the latest on that situation. >> lots more halftime report is under way. we'll tackle the market's reaction to the fall zwrout. how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investm

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this high frequency trading thing, electronic trading. a week ago yesterday was the knight situation. firm almost goes out of business because of an apparent software glitch. should investors be worried about the role of technology in the markets? >> i am actually very concerned about this issue. as is well-known in the last five or six years the individual investor has been deserting the equity market. this is bad for the market, but it's bad for those investors because it means they don't get the high returns equities can provide for pensions. a longer-term important issue. why are they dessertierting the equity market? volatility. one of the things that heartened me about the whole knight trading debacle is the s.e.c. declined to cancel trades. i actually think this is an important discipline. i think high frequency traders, all kinds of traders need to be very careful they mean when it they place trades. sometimes speed has got the better of them. i think they made a huge mistake two years ago after the flash crash in canceling trades

about a yummy trade. dan nathan has an options trade on yum brands that could make you seven times your money by october. and why were all the options traders hunting for calls? the action begins right now. live from the nasdaq markets, i'm melissa lee. these are the traders here on this desk. the only thing hotter than the weather here is the stock market. the dow hitting lows not seen since 2007. how much longer can this rally run? let's get in the money and find out. we start with a tesk skeptic. he is the most skeptical on the desk. everybody is skeptical. home builders, oil stocks and more. what's wrong with that, dan? >> listen, everything is great. to be a skeptic of this market is a bit exhausting. i'm pretty much ready to throw my hands in the air. you know, when i look at the s&p 500 and i look at the con trags of the top ten names, they make 20% of the waiting of the entire intex, ten names. seven of those. a small amount of stocks driving a great bit of performance. all are at major lows relat

knight trading stocks trading down.sider that there's been a four fold increase essentially in the shares outstanding and look. i don't want to sugar coat this but the stock is -- >> down 23%. >> bottom line is stock's still here. i checked on the preferred security that was trading on friday. >> right. >> trading right now at 87 cents on the dollar. on friday, 79 cents on the dollar so there's what you want to look at. the market believes that thooigt is going to be around here trading up that high. nearly 100 cents on the dollar. >> $400 million infusion of capital over the weekend and you have been doing work on electronic trading and this is a software glitch. >> quite a big one. >> needless to say, people wonder whether or not the machines are taking over and usher in some sort of a compromise between, you know, what used to be the open outcry system and electronic trading. what are you finding out? >> there's no doubt that machines are doing, for example, more of the trading. but remember. there are humans writing

mike, what's the trade? >> i'm looking at buying the november 60 puts, paying $3.40 and selling the 52 1/2 strike puts for $1.10, collecting $2.20. net debit is $1.20. i need it to run through my long strike by at least that much. i make the most profit with the stock down after which my profits trail off a little bit. as you pointed out, if it declines too much more, i could potentially own the stock at a net price of $46. that's pretty significant, more than a 25% discount to where we are right now. >> in this sort of environment, do you want to be short that extra put? >> to me, here is one thing, i can't agree with these guys more about everything they just said. they didn't mention that 35% of the sales came from asia. china is a big growth area for them. i can't agree more. i do not want to sell two puts. i like the structure, the cost. the risk/reward makes sense here. >> marginal -- i absolutely agree. melissa made a great point talking about the ecb and other monetary policy being essentially a put

tonight the ultimate apple trade. how would you like to make four times your money in apple in just one month? it ain't on the new iphone but it is dan nathan's options trade and he will show you how you can make money, too. plus talk about hitting the jackpot. teaming up for a trade that will get you long las vegas sands. for under $2. they'll break it down. and why were options traders discovering discover's financial calls? we break it down right now. >> live from the world's largest equities markets exchange, these are the traders in times square, stocks snapping a six-week winning streak. but there is only one stock traders are watching and that is apple, the world's most valuable company making fresh highs this week. seeing huge call volume as well. how high do they see it going? tech, of course, one of the stronger sectors. apple in focus and was in focus in the options business as well. >> earlier this week, the call volume, traders reaching for short dated weeklies. they were dominating the most ak vated call

day had regulators not shut down trading forty five and forty five minutes into the mess. thing about wall street nowadays is humans are no longer in control instead robots are in fact fifty five percent of all the trades made on the stock market every single day are not made by people buying and selling shares they're made by a high tech robots that are programmed with special algorithms to buy and sell shares at the speed of microseconds it's called high frequency trading and we're talking tens and hundreds of thousands of trades being made by these robots every single second and these robots aren't looking for the big money trades they're just programmed to find the slightest increases in stock prices hoping to buy a stock in the mean and then immediately sell it for a profit of one one thousandth of a penny or less but doesn't sound like a lot but when you're robots are making millions and millions of trades a day it adds up pretty fast unfortunately there are problems with robots making trades just ask knight capital or ask those companies affected by the flash crash

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high frequency trading makes actively traded stocks a lot more expensive. good to see you. more expensive for the average investor? >> yeah. the directional traders who are trading on behalf of investors realize higher trading costs when you see the higher stocks. >> where do the high costs come from? are they from passive orders and get filled at a higher price. >> basically when they work on behalf of investors they want to trade passively. and pay inferior prices which leads to worse execution. >> are we catching up? i don't feel a whole lot better abwhere we are. >> we have recommended a couple of changes that we thought would address some of the distortions that would make this a problem and specifically that was allowing for a smaller tick size. >> i know you spoke reading your piece. it appears to me that the high frequency trade guides are acting about trade makers but back then you had a 25 cent spread and now you have a penny and that's how we're making money. >> especially for lower priced stocks. there is actually pressure -- price pressure that could allow a na

give me an energy trade? i know a lot of the folks have really focuseded in on the big, you know, chevron as well as exxon mobil and i have nothing to say bad about those two stocks. you also know that i've been focussed in on a lot of the smaller plays like oasis and ultrapetroleum. i think right now, that a lot of the refinery f, indeed, he's right and we pull back, i think it's going to be good for western refining. wnr. >> murphy, what is that, the spread between wti and brent, is it the wider that it gets the better it is for refiners? >> i think the refiners, i agree, i think refiners are in a great spot right now and i actually like energy as a whole to start to catch up to the rest of the market and one name i've talked about and i think doc has been on it also is shinear energy, the only guys that can take nat gas in the u.s. trading 270, 280 range and transport it overseas where it's trading up in four and fire times that level. >> baker? >> tom talks about the supply getting higher and higher. if y

i'll trade this like guy trades it. let it stew for two or three days. >> murph coach popping 4%. >> coach was in the mid 60s. down to $50 a share. stock's come up $50 to where it is today up in the 57 range. a $71 price target. i would wait for this to settle in a little bit. >> cvs care martwise dropping. >> they did pick up some customers from walgreens. walgreens got their feet back under them with them. >> a pop for bronze. study has surfaced showing third place olympians are often happier than those who win silver. researchers found bronze medalists to be more pleased than second place contestants based on podium smiles, and interviews. silver medalists may feel like they've fallen short but those with bronze are happy to have won anything at all. of course the happiest athlete on the podium is still the one wearing the gold medal. >> what do you think about that judge? you buy in that? >> yeah. i think if you win the silver -- >> happy to be there. >> happy to have gotten something. >> honorable mention. >> and s

>> your first point plays into my trading at the high frequency trades.will get people to come into this market and if you look at the vix, i like to look at virks, weekly close under $15. four instances since '07. four instances where we've seen a sub $15 close in the vix, and with that subsequent two months after each one of those instances, the s&p 500 falls 6% so that does add on to the treasury trading. right now people are getting a little overexcited about the treasury exit. still at 185% in the ten-year. >> thanks for your time. >> melissa, take care. >> he's making a statement. >> killar kapital. >>> are fundamentals telling the story, tech stocks outperforming, growth stocks hit its highest levels in a decade. time to get out of dividends and into growth stock? bill stone, chief involvement strategist at pnc asset management joins us to break it down. great to speak with you. started at the top of the show taking a will be at valuations in the s&p 500. defensive ones that have seemed to led the markets higher and where they are trading relative

>> it's a lock up trade. it's a lock up trade.e to decide. >> coming up, one of our trader s on the big name tech company. opening windows. we're going to lift the windows. trade the day for a secret. at merrill lynch, we understand the importance of your goals. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >> sit the moment you have all been waiting for. our trade of the day. we have no idea what's behind that curtain. >> it's microsoft and here is why i like it. i mentioned that i wanted to get long in the market and i want it to be safe. i think it will do well. further more, there is nothing in it for windows eight. mobile phone marjt with windows operating system because other venn tors may be afraid manufacturers to design in the an droid system. >> why would they go to iphone? why not the

let us trade this. mike murphy. >> i think when you look at this news, brian, we were short nasdaq right after the facebook ipo because we believed they did have a lot of questions to answer and we thought the market was not going to like the answers that it got. when you see news like this out today, and then you look at the stock's reaction, it is trading down awe few pennies and actually been in this 22, $23 range for just about since the facebook ipo came out, so we pulled our short off. we're no longer short nasdaq. i still think there is a lot more to be told about how they handled the facebook ipo. >> i think it is interesting. if they can get the facebook issue behind them which is a big if, and i suspect they will probably have to pay out more. they started off by offering 20 million. now it is a little over 60 million. maybe it is more. if they can get this behind them, they're growing single-digit operating income, double-digit earnings growth. they have a lot of excess cash, and they just bo

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it's the trade you don't make. i don't think you want to go with sigs can't energy to energy, builders. you're going to continue to see a u.s. dollar that is the safe haven, and to use a quick analo analogy, michelle, if you were to think ten years back to the high school days and you needed money to go out with your girlfriends. you don't ask for the money on monday or tuesday. you ask early friday. spain has a long-term redemption schedule. $21 billion worth. it's october when they need the money and this is going to continue until october. >> wow. we're in for a lot of this. stephanie link, what do you do in the meantime. >> it's easy to see why the markets can trade off because the markets are up by 8% off of their lows. i don't expect major action. i don't think we need to act here in the united states. i think in the meantime, we've raised more cash. we eesk taken son profits but we've been buying some names like bristol-myers and general mills. we're looking to add back cyclical exposure. >> aid >>'dle weiss

on the trade too. >> plus, talk about a yummy trade. dan nathan has an options trade on yum brands that could make you seven times your money by october. he'll break it down. and why were all the options traders hunting for huntsman calls? scott takes aim. the action begins right now. live from the nasdaq markets, i'm melissa lee. these are the traders here on this desk. we get to the trades in a moment. the only thing hotter than the weather here is the stock market. the dow hitting lows not seen since 2007. how much longer can this rally run? let's get in the money and find out. we start with a desk skeptic. he is the most skeptical on the desk. everybody is skeptical. home builders, oil stocks, and apple making a 52-week high today. what's wrong with that, dan? >> listen, everything is great. to be a skeptic of this market is a bit exhausting. i'm pretty much ready to throw my hands in the air. you think about, you mentioned things acting very well. technical setup looks very good. in general, people feel better than they did two mon

so this is an erroneous trade or series of erroneous trades. what could have happened? it's quite possible that there wan algorithm or a human error or mechanical error in the way the systems communicate with each other. that is quite possible. what we need to do is number one, invest more money in making sure these systems are more robust and connect with each other better. and i would agree with calm of other points you made. i think you need to make sure there's some redundancy in the system, some confirmation that the orders are actually the ones that people intended. i agree with your point, scott, i think that the system responded very quickly. you'll notice the s&p did not have any dramatic gyrations. the dow did not. individual stocks did. but they responded within 30 seconds, and people were yelling and screaming. i'll tell you why i think the system worked pretty good here. if there was a major problem, it would have spilled into the options market. you would have seen a lot more chaos. but we didn't see that because i thought it was caught fairly quickly. and

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>>> time for one final trade. stevie, i don't smoke grasso. >> sell or trim the high dividend payers. >> thanks for watching. more "fast money" this evening. "power lunch" right now. >>> "halftime" is over. "power lunch" and the second half of the trading day start right now. >>> indeed it does. welcome to "power lunch." here comes isaac. it is still a tropical storm. that, however, is expected to change very soon. and new orleans is in the cross hairs almost exactly seven years after katrina. the port of new orleans is going to close early today at about 5:00 p.m. now, parts of florida have already seen isaac's wrath. heavy rain, heavy wind, having a big impact on oil, of course. and so is this massive fire that's been burning now for three days at a major venezuelan refinery. so the market impact, the price of gasoline has been spiking. it's up almost 3% today alone on a one-week basis up better than 4%. >>> we hit tampa, of course, where the convention is taking place. figuring out how to rescript it pretty muc

or trading. play variations on the same thing. high frequency trading they are views ng the architecture if you well of the system with massive fraud and all the too big to fail banks are involved banks involved j.p. morgan the reason they do it is to protect their massive silver short position that they inherited from bear stearns as part of that corrupt deal that was done during the two thousand and eight collapse the super vigilantes like eric sprott and others are buying physical silver in the market to destroy j.p. morgan's ability to continue this game much longer and once the price of silver overcomes or ability to manipulate it j.p. morgan crashes balance sheet is technically worth zero and that stocks going to go the way of enron fraud flow f f fraud flow is the collateral backing j.p. morgan's balance sheet if you take away the fraud again stock goes the way of enron same thing with goldman sachs same thing with warren buffett's pet bank walkover which is that heavy into fraudulent sub

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with an e-trade app. ♪ nobody knows... [ male announcer ] e-trade. unleashed. [ male announcer ] e-trade. it's something you're born with. and inspires the things you choose to do. you do what you do... because it matters. at hp we don't just believe in the power of technology. we believe in the power of people when technology works for you. to dream. to create. to work. if you're going to do something. make it matter. >>> welcome back, everybody. it's "street talk" time. gap is really on fire today. reporting a really strong july. people just love those colorful pants. >> you know, this is a heck of a turn-around, mandy. same-store sales up 10%. way above estimates. the stock is up 70% year to date. northern american sales up 13% since february. it has well outperformed. the gap was left on the scrap heap of stocks but it has been a heck of a year. >> i think this gain of 10% is the biggest gain since 2008. >>> a couple of teen retailers are really taking it on the chin today. >> it's an interesting dichotomy here and it goes with the gap story, i g

trading volume on the big board spiked over the trading problems with knight trading we just mentioned. big board volume topped one billion shares. it was 1.7 billion on the nasdaq. the sector losses were led by utility stocks, falling 0.7% as a group, the industrial sector dropped 0.6%, and consumer discretionary was off by 0.5%. california utility edison international led that sector losers. while earnings were better than forecast, the electric power producer continues having trouble restructuring the debt of its wholesale power business, threatening to put that unit into bankruptcy if it can't rework its debts, or sell it. shares fell 2.7%, down to a five week low. earlier this week shares traded at their highest price in four years. the company's wholesale business has suffered from a high debt load, aging power plants and low electricity prices. fellow power producer exelon shed 2.2% after coming up shy with its latest quarterly earnings. it also was hit by lower power prices. a different type of power company, first solar was in focus after the closing bell. earnings more than d

trading for a man no second to hold something for a nanosecond here with these fake trades j.p. morgan was putting out between five forty five pm and six pm this quiet time they were putting out fake trades i.e. as ned naylor leven told me a fake trade was oh my god sorry i pressed sell at twenty one fifty when i meant twenty four fifty so it gets pulled before being filled but still displays on sac so platform showing other traders where the level is for the day so it's just on this private platform which doesn't get sent to the rest of the community and only these people who are insiders on this platform were able to front run and in move forward on j.p. morgan campaign which then went into the wash trades and all the other stuff but this quote stuffing or trading first play variations on the same thing. high frequency trading they are abusing the architecture if you will of the system with massive fraud and all the too big to fail banks are involved banks involved j.p. morgan the reason they do it is to protect their massive silver short position that they inherited from bear

you make a trade, you are expected to live up to it. people familiar with the matter say regulators are sending a clear message to investors: the rules on erroneous trades are meant to provide markets with certainty and they worked in this case. another message: firms need to have incentives to be careful and what happened to knight is a big incentive. >> right now i think that every i.t. manager is going to his boss and saying, "give me a bigger budget so i make sure this isn't going to happen here." >> reporter: but that does not reassure critics who fear wall street firms have created computer systems they can't control. >> it is not a glitch when in less than 30 minutes over 150 stocks on the new york stock exchange vary wildly in purchases and sales and prices. >> and there's essentially haywire in the markets. that's not a glitch. that's a huge problem. it's a red flag and people better start paying attention. >> reporter: while the s.e.c. took a tough line with knight capital, there are growing concerns about the ability of regul

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a 45-point trading range so far today. very narrow trading bands the last few trading sessions.nwhile, the fear indicator, the cboe volatility index on pace to finish below 15 for the seventh consecutive trading session. up a fraction at 14.18. what a difference a year makes. remember last august, maria, when the vix was trading in the mid-30s because of the debt ceiling crisis in washington. >> we're in a similar moment right now with the fiscal cliff issue. but interesting you're not seeing -- >> only in slow motion, though. >> slow motion. did president obama do too much or not enough to help the housing market. that's what we want to talk about now. it's the focus of a "new york times" article today which says the president's efforts have fallen short of turning around the housing market. it is suggesting that our economy and his campaign would be in far better shape if he did a full-on bailout of troubled homeowners. >> during the president's news conference you saw it live here on cnbc earlier today, he pushed congress to do more on that issue. >> we're going to be pushing

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because it looks like trade with china and trade with europe is going well. however, is that something that's in our rear-view mirror and the weakness over there to hurt our exports? we seem to have with stood the weakness of those two countries. >> back to you, sue. >> joe, let's address the export picture first. i think that's an interesting point. and how much of that is currency related. how much of it is not. what do you make of that? >> i think probably more rear view. hard to believe exports as strong as they are in light of what's happened to the global economy and particularly europe and seeing things like the ism survey. i think export growth is going to slow over the next few months. having said that, if the ecb and the european policymakers do some things that the market thinks they do then you'll see exports recover later in the year but the story to talk about is housing because there's so much positive stimulus to come from a stronger housing market in terms of household and bank balance sheets, wealth assumption and the multiplier that housing