you want to sell fcx copper not so shiny. >> bonawyn. >> take a look at pvi. >> jeff mills?, surprise i'm a seller of apple here i think it breaks 150. there's a catchup trade to the downside. >> have a great weekend, diageo might help. >> that does it for us don't go anywhere. options option is up next. e's in the perfect cup of coffee and her museum of personal computers. and you can find her, and millions of other talented pros, right now on upwork.com power e*trade's easy-to-use tools make complex trading less complicated custom scans help you find new trading opportunities while an earnings tool helps you plan your trades and stay on top of the market ♪♪ welcome to life in the new open web. where innovation keeps pace with imagination and the future arrives daily. viant is pioneering a new approach to media combining ai with human insight. creating new ways to reach customers and new standards of measurement, both on and offline. viant. built for the new open web. built for now. >>> it is friday, and that means it is time for options action. the dow closing at a new low

. >> michael, jeff mills here. so you think they should go faster but you also say they probably won't so it is this slower more drawn out cycle. in that environment where do you think investors want to be for relative safety. >> i look at front end of the u.s. treasury curve. you have just about 4% it is gone up as you all have mentioned and you look at that and say well okay it is a pretty good yield in nominal terms. it yields a fair decent number or relative to inflation you think about the real -- which a lot of the people in the bond market focus on, it is not a bad place to hideout take a short duration position and sit is there for a few months and see what the federal reserve does and then react. >> michael, great to speak with you. thank you. >> thank you, melissa. >> michael schumacher. 150. imagine a world in which the fed went 150 and then said, you know what, after that we're going to stop i don't think that is is ever going to happen but that is an interesting thing to by this because that is where w

here to help trade them is jeff mills, a cnbc contributor. h apple, jeff. >> hi, con sessa apple is a stock we own but i don't feel good about the prospects in the near term look at this from fall of 2020 to early this year it broke the bottom so i would be looking to about 150, if it breaks below that level you could see a swift move lower that set up worries me a little bit. and then just from a valuation standpoint at almost 25 times forward earnings it hasn't been this expensive in the ten years prior to covid even if earnings expectations stay where they are in the out year, looking out to 2024, still trading at 23 times earnings so not particularly cheap. i think the crux of the story is the slowing consumer we saw retail sales today, we know the story about credit card debt continuing to rise, some stress evident there and warnings on the hardware side and iphone is still 50% of the sales. the valuation is where it is and i describe the chart near term i think there's more down side. >> i'm hearing you say you think the shorts are right

jeff mills, kick it off for us. >> let me give you real quick bonus one, because i thought this was interesting and more long-term, like carter. all of our clients anchor to the s&p 500, so gold standard. you can't beat the s&p 500, compare all performance to that index. small-cap has outperformed the s&p 500 by hundred and 36% over the last 20 years. just remember that is not the entire stock market. there are areas that sometimes outperform. i think that is worth remembering. now, back to my surprise from this week. basically, oil down, energy stocks don't care. we have the chart here. you can see the decoupling. you wonder if it says more about the commodity or the energy companies themselves. i think it probably says something about both. in terms of oil, maybe the weakness will not be severe. there are still supply issues that might support the price. the stocks are just better run. better capital discipline from the companies, and they are still quite profitable. i think that is important to remember. i think about a stock like eog trading three times their earnings. they said they could

we'll see you shortly on options action jeff mills, do you think nike's -- you just said you would think it's interesting change your mind >> well, yeah, i think there's probably more downside to go, but if it gets below that $80, you start buying we don't know where the bottom is going to be i'm describing this difficult environment relative to employment and hiring, there are head winds this is a stock that's down a lot versus dig's sporting goods for example, where the chart looks good i have a hard time that stocks like that, they're going to be able to levitate you have a stock like nike, of course they're beaten up there could be more downside i think there probably will be but those are names you could be look at versus some stocks that have more downside to go that's i think the challenge that investors are dealing with now. but focus on the names down a lot, and i think that's where the opportunities are. >> grasso, you like the charts and like to made bold calls, so i ask you this -- will mike see its pandemic lows, about 68 or so >> yeah. so, the pandemic low, you're right, th

. >> david, jeff mills here. i want to ask about the inverted yield curve, long-term interest rates. given your view on the economy right now do you feel we've seen a top in long-term interest rates and does that translate into the way we should be thinking about market leadership if the market starts to believe we've seen a top in rates what does that mean for what outperforms and what underperforms? >> i would like to believe we've seen a peak in treasury yields it would be a brave soul to make that call. this whole run-up in treasury yields hasn't been about inflation or inflation expectations they've been actually remarkably stable we just got -- before the cpi number the new york fed consumer survey and the three-year median inflation expectation went from 3.18 to 2.76% in august. the fed is focused on 12-month lagging inflation, actually the driver for long-term interest rates. i'm heartened about that the fed continues to take the carryaway and penalize investors for taking on duration risk so that's why y

joining us now is jeff mills and ann berry. good to see you both jeff, i'll start off with you. we seem to be on the same schedule with burning it on both ends of the candle what do you expect for september? the ecb meeting and fed meeting and the 2-year treasury that breached 3.5 >> we talked about the 2-year last night on "fast money. that is important because what it means multiples are not goin to be supportive for the market. i think we need to see a proper bear market in earnings growth we haven't seen a relating at least to the magnitude we are going to see what that means is the 2-year treasury continues to press higher the 2-year treasury never bought the fed pivot. if you look at the interest rates and pe, it is quite high higher interest rates. lower pe we see a gap pe expanded the past couple months as the 2-year treasury pressed higher higher level since 2007. i think as that gap compresses and pes come down and you see the deceleration in earnings growth that is the issue now and the end of the year. >> we have not heard too much of it what many investors expected

that was the chief executive of general mills, jeff hammering, saying that on the company's earningsall, saying that prices in the u.s. rose in august compared to the year before. their fastest rate since march of 1979. noting that over that time that ended august 28, general mills posted a profit of 822 million, up from 607 million a year earlier. some companies doing better than others. joe in ash, north carolina, good morning. caller: i would like everyone to listen on the inflation. not democrat, not republican. the electric bill went up. why? because they stop going ahead and shutting the coal burners down. in 1960 they went ahead and banned sulfur coal, sending it to china. you can't frack. you can't drill. you can get police on property but you can't put the pipe in the ground. this is not a democrat republican problem. now they have money with all of these people coming from the south of the border. we need to take care of our american people. the retirees. the people who are on disability. the children. take the money from the immigrants that are illegal. give it to the amer

mill fire. it's burned more than 4,200 acres and is 40% contained. about 1,000 people remain under evacuation orders. as jeff nguyen reports, firefighters are also battling extreme temperatures. >> reporter: packed beaches, strained power grids, and a rush to get people and pets out of triple-digit temperatures, big parts of the west are in the grip of a brutal heat wave. >> we us to able to at least gauge where goine. no's kinof a wild card. >> reporter: fueled by extreme heat and drought, the cedar creek fire in oregon is just one of the 85 wildfires burning in the u.s., more than 12,000 fire personnel are on the front lines. in northern california, the mill fire has expanded to more than 4,000 acres and destroyed 100 structures. >> the fire over there, fire over there. >> reporter: california is in the fifth day of record-breaking heat. power grids are stressed, and cities like glendale are preparing for rolling blackouts. that's where laundromat owner ross weston is bracing for the worst. >> we don't make money if we don't have the power. >> reporter: in death valley, one of the hottest spots on the plan

caulk the horrible news spill miles, throw a mill. costly said, our you and i will keep in this form warmer. you have to buy new this who upstream over to jeff warren, my son in law, just visit boston. ah, ah, did another america college as i didn't know? the score with football shackles was suddenly general, where women are looking at. first with the situation, natalie was with me, the number we'll visit with a school from will for the annual assume or was by the way to play with me. sportsnet mino nibble at the leisure d additional syr her estoppel also put me to a dish. what they should call you measure them would be a short history or team novel. i get a mummers yet. can me study that has a live cut her daughter can us yet see at the no, none in the dark blue showed he never are in motion that i did for night. the police over to us yet, or given all which in this is sierra data from that. thank you. we have them come to the game, which he, peter, who i am here to her went blige. him quite humor, which he had given them were sent him. would be the key uncle. but them were yeah. could i get a more than way? motion? what did nikolai but sur

re caulk the horrible news spill miles through a mill, closely said the were you and i will copy this form form. the other one is who up still over to jeff warren, my son in the her just busy pastors. ah, ah, did another america college is i didn't know the score. we're football. beatrice shackleton suddenly general, where women are looking at 1st with the situation, matthew was with me, the number will visit with a school from will for the annual assume or was by the way to play with me. sportsnet mino nibble at the leisure jelly. schnell syr, her estoppel, also put me to a dish so they should call you measure them, would be as a chevy his or tim, the hobble, i get up mummers yet, can be steady. that has a live cut. her daughter can us to that yet. see at the no, none in our douglas showed he never are in motion that i did for nike to pull his over to us yet, or kim law, which is a sierra that upon that i guess we have them come to the game, which he, peter, who i am here for her while blige, i'm quite human when she had him them were sent him would be the tip, nicky. uncle at them were yeah. kind of like at the more than way. motion. w

mills, hayes ktvu, fox two news ukrainians are fighting back as they are reportedly retaking territory once occupied by russian forces. all of this happening as the u. s is sending more weapons. i'm jeff keith. i've got the details coming up smoke from the mosquito fire moving into the bay area. how smoky will our skies be this weekend? you might already know that prop 27 taxes and regulates online sports betting to fund real solutions to the homelessness crisis. so how will that new revenue be spent? new housing units in all 58 counties, including: permanent supportive housing, tiny homes communities, project roomkey supportive hotel units... and intensive mental health and addiction treatment. in short, 27 means getting people off the streets and into housing. yes on 27. offensive against russian forces in the country's eastern regions , taking control of a sizable village and pushing towards an important transportation junction, united states top diplomat and the head of nato acknowledged those advances and are now cautioning the war is likely to drag on for months. foxes jeff paul reports from kiev. battlefield momentum appears to be shifting as the back and forth battle for ukrai

. >> jeff, we've had this argument about the intelligence of really orchestrating a recession. we know how bad inflation can be so in your view as a one-year run of the millto prevent five or ten years of hyperinflation? is that definitely one is much worse than the other would you urge the fed to nip this in the bud unequivocally and not worry about -- >> let's go talk about what's going to nip this in the bud and kill it off. rate hikes cure the symptom, which is inflation, but they don't cure the illness which is under investment we need to cure the illness and the phillies -- or the disease is the under investment. that's what we need to fix at this point right now -- >> now you sound like truss. less regulation and lower taxes. that's how you increase supply. >> but let's even just look, in the u.s., you don't have any regulations or anything like that it's the investors who do not believe in the sustainability in this story that are not putting the money to work in this. you could go buy -- you can buy the pioneers and the eogs and all of them freely right now they don't because they don't believe in the sustainability and part of it is they're too