Shopping list ahead of their earnings a lot of earnings next week in that sector. But we begin with that wild week on wall street it all started with a monday market meltdown followed by a turnaround tuesday then more wild swings throughout the week, and in the end stocks closed out the week in the red so are the wild swings here to stay, wild swings, wild things if they are, what, guy, is an investor like me to do first of all, tyler, i hope youre here to say you will be here in the next hour, number one. Wild swings. First, buy the trogs, one of the only things. You remember that . Mitch williams coming out of the bullpen. Excellent point now we are completely off the story. Long story. I believe the volatility is here to say. Im shocked the week wasnt worse but i will say this again. You werent here wednesday, but wednesday was the turnaround day i think everybody was hoping for on tuesday we got it on wednesday if nothing else, i will reiterate this the lows put in on wednesday in a number of stocks in the s p 500 specifically gives you something to trade on the long side against with that said, next week is one of the potentially most dangerous weeks for stocks in quite sometime. Why why yes. Well, were going to talk about all of the headwinds and the macro things going on around the world. I want to save that, but i will just say this. It is not a currency war, and brian will back me up on this. What is going on is a currency crisis war implies that somehow it can be controlled by the participants crisis means it is out of control. Thats where we are. If you want proof positive, the gold market is telling you everything you need to know. Listen, thats the thing we talked about on monday, is it a currency war or currency crisis . No matter what asset class you are investing in thats what you have to answer were quickly morphing into the crisis stage we can avoid, china can avoid it, but things have to go awfully right and we have a lot of things going awfully wrong. You ask the question, are we still in for this volatility absolutely i think we are into the volatility until the election, because i think what the market is pricing this is the fact we will have a trade war until the election the equity market is pricing that in. I think the bond market priced it in months ago. Im feeling out of place because none of you guys have a jacket on, so im taking my jacket off. Yes a lot of guys here. Look at it. Get it out of here. Beautiful so, listen, so Peter Navarro in the last hour says china deliberately devalued its currency 10 to offset the upcoming10 tariffs and if the do more, we will retaliate we will not let it go unanswered what is our answer when we are talking about the volatility, part is theres not great messaging out of washington the president says one thing in the morning, larry kudlow says Something Else in the afternoon and a tweet says Something Else and it is not helping. We are not going to devalue the dollar in a material way, we dont have the mechanisms to do that when you think about the Chinese Central Bank it is controlled by their president for life so, you know, we are playing a different game theres a lot of people who think that we can really control the narrative of this sort of thing. I think tuesday showed us what was the day of the fixing was it wednesday more we saw that it was actually tuesday night when we saw the fixing, that had us down 600 points. I think it was such a shot across the bow i think it might have been manipulation it wasnt a devalue, you know what i mean . So i think at the end of the day, until we get the rhetoric in a more sane place i think this is going to go on for a bit. So sane is a good word for me to draw upon because if you think about where markets have been, we have been all over the map. We are less than 100 s p points off alltime highs if you think about where repositioning has gone on in terms of volatility and more importantly bear expectations, you hear me talk about the aaii bull bear and theyre important to understand where the sentiment is ip think at this point sentiment is poor. Im not telling you there shouldnt be concerned out there but we have gotten to a point where people are aware of global risk and of the trade front. It is clear that the administration sees the market at alltime highs and it is often when they come out and shoot the gun. But do you really believe sentiment is that poor we just said how far we are from the alltime highs i think back to last september listen, there was a lot of prepare dags about the feds rate hiking policy and obviously about trade war and the market was making new highs on september 21st or Something Like that we went down 20 over the next 2 1 2 months you know, you can say that sentiment was just really complacent back then the thing that makes me nervous, we are up 16 on the s p right now, and i think were pretty complacent i think sentiment is too positive. We are up 16 as the chart showed yeartodate, but if you look at where we were a year ago, are we up 3 , 4 . Not much. We have gone nowhere and it is because every two weeks you have to reprice in a different scenario we have talked about this currency again if you are thinking about what the president is doing dan talked about multiple different messagings coming out. The most important thing right now is the u. S. Dollar if the u. S. Dollar goes higher it is a global wrecking ball so the administration has to keep the u. S. Dollar lower the way i look at it is, you know, you talk about this a lot, dan carter comes on and talks about it, but the other side of that is markets have done absolutely nothing the point is with all of the volatility and that it is a terrible riskadjusted trade, but you can make an argument were back to october 2017 in terms of small cap, at january twrait in terms of the overall market where you have seen Earnings Growth. We havent been in earnings contraction. Rates are actually lower you can make an argument that global Central Banks are the back stop none of us want to see theoretically because we know it is a race to the bottom of nowhere, but for markets it is a back stop. For markets reaching out the risk curve tells me it is not unbelievable to think that equities could go higher at some point. Can i say one thing quickly sure. You mentioned this. But mr. That various ownarro naa brilliant man, but the chinese have been currency manipulators except theyre been propping their currency higher fon the last 18 months. Isnt that the manipulation yes, except that other people will say theyre manipulating it lower. So, yes, theyve been trying to play nice in the sand box for the last two years. Right. Now theyre saying, you know what maybe we dont need to play as nice thats problematic. Lets be clear. I dont want to segue into our next segment but we are getting there. We are. If you think that china is going to mess around with their currency when they spent the last ten years trying to engineer themselves into a global reserve currency and settlement ofcommodities and, you know, sdr greater weighting and msdi weighting, theyre not going to theyre not going to. They may not want to but thats the key point we know that china needs u. S. Dollars. We know they had three banks that have gone under and now have been nationalized we know they need dollars to run their economy. Theyre short of dollars thats why the currency war can quickly slip into a crisis, and thats where you start to get the knockon effects. Lets move on to some really scary stuff, shall we . Now were really there. Why not wrapping up a wild week for the markets here in the u. S. And there could be major Global Threats on the horizon three International Hot spots on our radar you need to watch this weekend, folks first is hong kong antigovernment protests escalating today demonstrators over there packed hong kongs international airport. Many of them were dressed all in black wearing masks. Second, italy. The government there on the brink of collapse. Im a little cynical here. What else is new it happened a few times, ladies and gentlemen. The italian Prime Minister now facing a confidence vote as fresh elections there loom third, of course, is iran. The tensions there continue to rise along the Oil Strategic strait of hormuz so lets talk about how investors should navigate this starting with hong kong, which yesterday steve iseman said, and he being the one that foretold the market a decade ago, said that hong kong worries him to death. It should the peoples army is the largest militarized force in the world god forbid something happens there and it is a bilateral situation here in the nastates, and we cant do anything with china. I think it strengthens the u. S. Dollar more which the president doesnt want and weakens the u. S. Stock market more god forbid something happens there and it appears something may. That to me is worst of the three. I think the key to hong kong is what you saw where carrie lam came out and said the protests are hurting the economy and we have to take bold action when you hear a government executive say that, that means Something Big is coming. Thats government talk for we are going to do something. Is it going to be a forceful squashing of the protesters or something that they do with the currency maybe the hong kong dollar moves and breaks a peg over the next week or so. If you think about the geopolitical side of this, and obviously as it relates to the big forces out there, the u. S. And china, china is accusing if you read the china daily and the resources, they are accusing the u. S. Of foment and it is all coordinated since the trade war ratcheted up if you want to believe it, it is only driving a bigger wedge. By the way, it is something not uncommon for the administration, not just this administration but others think about the role we played in russia where we went into their backyard im not saying we are doing this in hong kong im telling you that if you want to get the ire of some of the biggest Geopolitical Forces in the world, you go into their backyard where they think it is their sphere of influence and play politics. Thats something the chinese are accusing the u. S. Of doing and it is not going to help the trade situation. I know i need to worry about hong kong, i know i need to worry about iran do i need to worry about italy no, i think 2012, 2013 told us you do not need to worry about southern europe. Look at european banks, theyve been telling you europe has been in a constant state of financial crisis since our crisis ten years ago. Look at all of the negative yielding sovereign dent. Bthats the point the banks are being destroyed and i agree with that. With negative yields you cant support a Banking System when the banks are being crushed. I think were goiig giggling be italy changes governments more than we change socks. To be clear, i dont wear socks. Lets pivot and talk about brexit, which is the pound getting pounded on growing fears that the uk could leave the eu without a deal so what is next for sterling carter worth is here, the chart master the pounded pound. It sure is pounded, and i dont think the pounding is quite finished, but lets draw some lines here is a chart, the last three years. No judgment, annotations by me or anybody, but i think you could say this in 2013 you have a virtually perfect double top you also, of course, have a virtual perfect trend line and a break in trend no way around that, it happened. Lets get rid of the minor and look at intermediate or major setups same chart what we know, of course, is having worked itself into the apex of this formation, we have now finally broken that Reference Point has always come and gone. The next Reference Point is the lows of 2016 closed today at one is about 203, that is about 118 i think it is a foregone conclusion that we get at a minimum to that level. Now, the really big level, of course, is the alltime epic low. So here is the minor formation we just looked at. Do we get to that low . I would think so but this is the plaza when the world got together, weakened the dollar the pound was, of course per pound, per dollar. Can we head there . Why not. Pounded like a nice ve veal milanese. How do i trade it boom here is what i say. I think people dont think about the uk as a pivotal economy for the world. However, if you think about what we were all talking about in the summer of 2011 is ultimate the beggar thy neighbor approach to how european policy is playing out is something that leads to more protectionism rather than less if you look at footsey stocks who i think have benefitted from a weaker pound sterling, i think theyre cheap at this level. I realize it is not an exciting place to be investing when you have heavy banks and the british economy contracting. But the stocks pulled back almost 10 . Dont you think the biggest takeaway is not what you have seen here across europe, the rightleaning that we are see evening played out it is one of the reasons we are contemplating this globalized synchronized slow down now you see the race to the bottom as far as yields are concerned. I guess my point to bring it back to the s p 500, thats where we started, what does it mean for your money . I think theres a lot of complacency. You could put up a board with all of the scary things like hong co hong kong and iran, and theyre proxy things that are going on i cant tell you from a geopolitical standpoint there were so many hot spots. Fair point. You think around the world, what do i do with my money im in britain, im in europe, im in hong kong, in asia, what do i do with my money. What do i do i bold gold, u. S. Treasuries and bitcoin. We saw all rise this week. And u. S. Equities. And possibly u. S. Equities, theres a possibility, yes. You know what scared me the most the little eyebrows carter drew over the top of the chart. The double top eyebrows yes. An emoji. To tims point, the quality in u. S. Equities, thats what you will see for a while until we see correlations correct, go to one when we have some sort of global sort of selloff across multiple outlets. It says we are just getting started. We are almost finished on fast money here is what is coming up next it is mall madness we are gearing up for a big round of retail earnings how you can bag some discounts ahead of those reports but first where is my steak it is a fullblown food feast on wall street, investors chowing down on food stocks. Have they had their fill were digging in, live from the Nasdaq Market site in new yorks times square more fast money right after this [beep] you should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. But youre not mad, because you have e trade which isnt complicated. Their tools make trading quicker and simpler. So you can take on the markets with confidence. Dont get mad. Get e trade and start trading today. Dprevagen is the number onemild memopharmacistrecommendedng . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Welcome back to fast money wall streets fast food feast continued today. Mcdonalds, hershey, tyson, chipotle, all fresh off alltime highs in todays session, these names adding tasty gains baked in for the year. What is driving the investor appetite for the food stocks guy, start. Im not sure what it is maybe theyre running their business better. Maybe people are going down the food chain, no pun intended. Tim has been on this for a while. The one we have been talking about here for a while is shake shack. Everybody says 110 forward earnings, you look at the quarter and their comps are up significantly year over year theyre doing everything right and theres still growth as dan nathan will tell you, any stock that is over that is going to yes, it is i tell you what we spent the first part of the show talking about the hot spots, everything thats negative the one positive thing we have seen is average Hourly Earnings are going up americans are making a little more money the u. S. Economy is still strong so you want to stick with ones that are somewhat u. S. Centric, which brings you to, like, a Chipotle Mexican Grill it has had a good run. If you are looking for a place to hide out, the relative strength is pretty impressive. The reason this is happening, tyler, to me is a combination of the fact that digitalization, the online is leading to higher ticket prices, they are getting a more loyal fan base or more Loyal Customer you have a dynamic where they talked about who the consumer is and the consumer is doing better when mcdonalds is growing 6 , that might as well be amazon. Amazing. When the company is changing and rehashing its image, in fact to me it is one of the top global iconic brands, that ex plays why im willing to pay more especially in a zero rate environment. Look at dominos. For a couple of years it was a massive outperformer and people were talking about the improvements they were making on the venue. And technology. And now Earnings Growth is decelerating, not doing what the others are doing i think it is down 20 from recent highs some of it is a stock trading 25, 26 times, all of a sudden growing in mid to low teens. You say, we got the leverage, we kind of moved it forward i dont love the tech theme. I think it is transitory as the fed might say. Theyre giving me a wrap which you can geatt chipotle. Quick. Up next, our final trades 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. They use stamps. Com all the services of the post office only cheaper get a 4week trial plus postage and a digital scale go to stamps. Com tv and never go to the post office again. Fresh news just in and you probably see it at the bottom of the screen north korea has fired two unidentified projectiles of all of the hot spots we talked about we did not mention north korea but it remains one to keep an eye on. Dont think it is not related to the trade war currency wars we are interfering with hong kong, north korea is distracting us from what else is going on. I dont think it is a coincidence. You see it that way 100 , and it happens on a friday when the markets close. Gives you something to think about over the weekend Conspiracy Theory . Yes, because theyre usually right. Having said that, think about the distraction that north korea has been for market players. North korea has been almost irrelevant every time we have thought about it as a geopolitical risk. I dont want to be overly naive to the tensions in that part of the world, but this is not something im trading on in fact, this is the second headline like this this week that has been it is another front in this war we are having with china that will go on for decades. Thats the point here. It is a multifront war at this point. Would kim be doing this if he did not have the tacit permission of beijing . No. No way. Thats the point. Thats exactly the point. It is not a catalyst that youre going to monday morning make a trade on, but you need to be aware we are in this kind of economic currency war, these type of things happen. Folks, lets go to the final trade, shall we . Why not. Who is going first . Tim. So i want to go back to mcdonalds i think Steve Easterbrook has done a phenomenal job of not only growing comps but changing the image of the company i stay in the trade desbiet the valuation. The valuation does not matter. Dk. I want to talk about different currency tonight gld, buy that one here. All right sir . Stick around for oa thats a show that comes up right after. Im going to be here for that. We were talking about cisco, it is probably one of the most important earnings of this cycle right now. We will tell you how to play it. Sir as fast as you threw that jacket off, that had to be a cnbc first. It was spontaneous, man. Rolled the sleeves up. Friendship bracelets on. Stick around for options action. Final strayed amgen, we talked about it last night while you were having the blue plapt speci plate special at dennys, we were talking about amgen. And where is my final trade amanda diaz, for future consideration. Come on out. Come on. This is the last moment there she is. One of the best. She has been one of the hardest workers around cnbc. She has been toasted and roasted all week we loved having you with us. We wish you good luck. She is going on the pursuit of happiness tour to north carolina. Going to miss her. You will be missed. Thats it for fast money, but ptcat go anywhere beuse oions action is next who knows what i will take off what are we doing . Putting my jacket on. Leaving me with a broken heart listen people what im tellin you keep away from runaround sue rodney you know what my favorite part really is is when i greet students when they come in. Because i know what great things we have in store in the classroom. Marisa when they come into my classroom, theyre able to really get in touch with who they are. Rosanne my favorite part of teaching has always been this opportunity to make a difference. Ever every student has the right to quality education. No matter what neighborhood you live in. Rosanne we are cta. Ever we are cta. Marisa we are cta. Narrator because we know quality Public Schools make a better california for all of us. Good afternoon hey there, everybody it is friday at 5 30 p. M. Here at the nasdaq, and that can only mean one thing and you know what it is. It is time for options action and here is what is coming up on the big show next week is a big one for retail earnings, speaking with the elder statesman that is walmart. While the stock has been up 15 so far this year, carter worth now has some words of caution. And global trade worries took their toll this week with seemingly no place to hide from the ripple effects but dan nathan has a name he thinks has a clear plan of