and for more on today's market action, "fast money" trader, dan nathan is with us.to have everybody onboard. mike, we just keep marching higher. >> we're tacking it on. obviously, like a little bit of a slower pace than we had the first couple of days of this real burst through the all-time highs, but it's really hard to quibble with too much that's going on. the only thing we're looking for now, has this move gotten a little bit too extended, and i think you're only seeing the stirrings of that. if i'm pointing to anything today, it's the fact that small caps didn't do a whole lot. that's really in itself not too much of a concern. we did have a better cyclical tone. reaction to the bank earnings of financials and some of the other more growth-oriented sectors doing better. and yields higher again. >> and utilities at the bottom of the barrel, stephanie. i'm sure there's a lot of people part of this whole stub phenomenon, wondering if they're going to stub their toe now on staples and utilities and telecons and bonds. >> i think it's about time you see a catch-up t

so we go to bear dan nathan. >> skeptic. i mean, listen, all those things, we had very low expe expectatio expectatioexpec expectati expectations. had really low expectations as it relates to earnings, and when you look at the ones that actually performed really well, important to remember jpmorgan is still down 10% from its 52-week highs. expectations not there in delta or csx so we are results better than very low expectations. >> it was a revenue beat, dan? didn't jpmorgan ultimately do more loan growth? >> right, and those revenue estimates have been coming down for a year. >> it is from its 52-week highs. 52-week highs, and it's still down on the year and we'll get nao citi and bank of america, down 20% from their 52-week highs. >> i'm not being cute. >> explain why 52-week high, why being below is such a big deal? >> massive relative underperformance. >> who cares what it did yesterday. >> we started out the conversation by saying the s&p makes a new high up 9% since june 27th. un1.5% from the all-time highs made in ma

dan nathan, thoughts on just this? >> amazon and google are two very different stories and google had a disappointing quarter. if q1 the stock has been in the penalty box since, growth had a reasonable price here. i don't think you can really say that about amazon even though they did put up a record profit this quarter and people will think about cooingle and say how do we get it back to the prior highs which at this point is not too far away. on amazon the question that you ask is is it too late to get in? you could have asked me that three months ago, right, steve and i would have said yet. this one i can't get my arms around. run thing i'll say, as far as the aws is concerned, still 10% of their sales and still the most profitable part of their business and growth is decelerating and we know that competition is coming. >> or you could almost say it is the profitable part of their business. >> correct. >> because, amazon -- >> you want to show a profit? >> amazon as you know, steve, has always been a ref new growth

dollar index surging to its highest level since march this week, and that's great news for our own dan nathan. he'll explain why, after this break. ste,ther than making me move stuff, at are you workingn? me move stuff, t me show you. okay. our thinkorswim trading platfora you need in one e and lets you visualize at information r any options series. okaycool. hangn a second you can even see the anticipated of a stock pecting earnings. impressive... what's up, t. td aritrad thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it? you do with comcast business. it's reliable. just like kung pao fish. thank you, ping. reliably fast internet starts at $59.95 a month. comcast business. built for business. oh heyn, i connecting our bras you doing? w wcan share ou amazing trg owledge. that's a greatdea, but why n't you just go to thkorswim's chat rms where you can are stratees, ideas, eveacal trades w

dollar index surging to its highest level since march this week, and that's great news for our own dan nathanexplain why, after this break. i'm here at the td ameritrade trader offices. steve, other than making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place and lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim. td ameritrade. oh hey john, i'm connecting our brains so we can share our amazing trading knowledge. that's a great idea, but why don't you just go to thinkorswim's chat rooms where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders? i know. your brain told my brain before you told my face. mmm, blueberry? tap into the knowledge of other traders on thinkorswim. only at td ameritrade. >>> this is "options action." we have a news alert on hershey, seema. >> dow jones is reporting that hershey

dollar index surging to its highest level since march, great news for our own dan nathan.ll explain why after this break. i'm here at the td ameritrade trader offices. steve, other than making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place and lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim. td ameritrade. if ynow's the time to get your ducks in a row. to learn about medicare, and the options you have. you see, medicare doesn't cover everything - only about 80% of your part b medical expenses. the rest is up to you. so if 65 is around the corner, think about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, they help cover some of what medicare doesn't pay. and could save you in out-of-pocket medical costs. so don't wait. call to reque

are the good times over for material stocks now and dan nathan is making a very special appearance tonightas if this wasn't enough at the smart board to break it down. >> here's the deal. the xlb, the energy select etf, a lot of put activity. two times average daily volume for all total volume in the xlb. two large trades. one of them caught my eye today when it was trading 48.50. an opening buyer of 20,000. the august 5th weekly 48 puts, paid 41 cents like i said to open. here's the thing that's interesting about this trade. in my eyes next week dow chemical and dupont, two of the largest components make up 20% of the etf earnings. generally not big movers but they have been underperformers. maybe it's one holder looking to get some protection into a potentially volatile event. >> okay. got to leave it there, dan. real short on time. nice to see you. don't forget, of course, "options action" 59:30 p.m. eastern. up next the final trade. hey gary, what are you doing? oh hey john, i'm connecting our brains so we can share our amazing trading knowledge. that's a great idea, but why don't you

our traders, tim seymour, steve grasso, dan nathan, and guy a a ada adami. we start with the nightmare earnings for netflix. the beg headline, subscriber growth or the lack of it. only 160,000 new subscribers were added in the quarter. that's against expectations of over half a million, and the company slashing its subscriber growth guidance for the next quarter. the question now, is netflix any longer a growth stock? dan, let's start with you. >> well, here is the problem. it's international subscriptions. that was the thing that took it down last quarter when they reported in mid-april. they guided down from this quarter from 3.5 net subscribers to 2 million. they just missed that number. they came in at 1.5 for international subs in the q2 and then guided the q3 below expectations. for a stock that trades at this valuation, you need to see that ramp internationally. there's been no shortage of questions about competition. maybe that's coming into play. we know that they have that price increase here domestically for long-time subs. a lot of headwinds. >>

remember on monday your first night here we had dan nathan and carter over at the smartboard saying what ia bullish setup it was to earnings and that's exactly what happened. that was a great quarter. the valuation of qualcomm i think is fair. they seemingly have their problems behind them and have a great balance sheet. so the one i think can continue to perform is qualcomm. >> but there were expectations that qualcomm might disappoint coming into it and push the stock down. that's a special case, isn't it? >> look at intel, a couple of quarters ago we were talking about the death of the pc and these guys were tied to a business that was going nowhere. there was a lot of bad news pricing in this stock, whether it was china, chips or the core part of their royalties business. a lot of that stuff is in the price. the question i have for the market right now is the expectations for so many things were so low and things have surprised enough to the upside that haven't we gotten a little euphor euphoric. we're out of place in this rally where if you look at bull/bear indicators, market hasn'

traders on the desk are tim seymour, steve grasso, dan nathan and guy adami. tonight on "fast" one top technician says there could be trouble at tech and it has something to do with apple. he's here to explain and think the rally in gold is coming to an end? not so fast because one better is betting a stagger $15 million that the metal is set to surge to new heights. behind that stunning trade. later the mega merger between humana and aetna could be in serious jeopardy leaving billions on the table. all the details but first what is usually the moment of truth for the markets? that, of course, is the jobs report tomorrow. may's report was a shocker, the weakest in six years. could the numbers shock again, or do we already know that janet and company are on the sidelines forever? guy? >> well, i mean, i don't know that they are on the sidelines forever. i mean, listen, the last number was 36,000, whatever it was. unemployment rate went down, right? didn't it go down to 4.7%, whatever it did. it went down by a tick, so disastrous number but the number that they

kudos to dan nathan who talked about getting ahead of earnings.can express, i think it is good enough. why? because they have clarity out to 17. mike just talked about valuation. you slap a 13 multiple on next year's earnings and you talk about a stock that could be trading 70 bucks. costco thing we can talk about it until we are blue in the face. that's a long time ago. they are past it as this quarter indicates. so on valuation alone, given the clarity they have and think american express is still interesting despite it is higher in the after market. how's that? >> i love it. i love it, i tell you. and we will see you next hour. >> of course you will. >> appreciate that. >> thank you. >> see guy and the rest of the fast money crew at 5:00 p.m. eastern time. tony dwyer says this rally has come too far too fast. what? is he changing his mind about the market? he will be on with the fast money crew at r5 okay eastern time. look forward to that coming up. >>> meantime, much more on today's big after hours earnings, including ebay's results. plus cfo

our traders, tim seymour, steve grasso, dan nathan, and guy a a ada adami.with the nightmare earnings for netflix. the beg headline, subscriber growth or the lack of it. only 160,000 new subscribers were added in the quarter. that's against expectations of over half

traders on the desk are tim seymour, steve grasso, dan nathan and guy adami."fast" one top technician says there could be trouble at tech and it has something to do with apple. he's here to explain and think the rally in gold is coming to an end? not so fast because one better is betting a stagger $15 million that the metal is set to surge to new heights. behind that stunning trade. later the mega merger between humana and aetna could be in serious jeopardy leaving billions on the table. all the details but first what is usually the moment of truth for the markets? that, of course, is the

nathan's hot dogs. nothing more american. >> i don't know. this shake with a piece of cake on top of it is pretty good. >> the first time dan has ever eaten on e hot dogs will be eviscerated tomorrow at nathan's hot dog eating contest. in brooklyn, new york. defending champion, matt stony, who downed 62 dogs last year, looks to extend his winning streak against, rob, joey chestnut, euroyou were talking t him earlier. he's won eight consecutive titles. both of them looking fierce in this staredown, "relishing" the competition. empire cake bakery. now a dan harris favorite for these cakes. black tap craft burgers and beer for their incredible holiday milkshakes. and tip the elves for the cool duds. you outdid yourself, really. >> honestly. dan, one more bite. >> anybody want a piece of this cake? >> oh, i'll serve some. sure. wait. oh, my -- dan. >> dan, what is it with you and cakes? you're like a 5-year-old. >> it's not a wedding. >> we gotta go. i'm in trouble. >> dan. i'm scott abraham. tomorrow is the big fourth of july celebration on mall. streets in the area and memorial bridge will be closed to traffic the day. visitors will be screened