Soaring today. The feds fight over the future playing out realtime in jackson hole the big focus turning to the fed champ powell, to his speech tomorrow morning lets go to Steve Liesman live in jackson hole for us we got a dose of fed speak today at least. We did. We had the First Official to speak at the annual gathering in jackson hole beneath the tee time but they didnt tell the markets what they wanted to hear about the need for deep Interest Rate cuts in the months ahead. I didnt think the cut was appropriate necessarily, but i went along with it to get back to neutral i am on hold right now my forecast is just to hold. My sense was weve added accommodation. Right. And it wasnt it wasnt required in my view. I think were in a good place relative to the mandates that were asked to achieve now, dallas fed president Robert Kaplan said he wants to avoid cutting rates if he can, but he says he is open minded about rate cuts. He also is concerned that the big decline we had in bond yields is sending a fed a message it should not ignore the comments from the three fed president s highlight the divisions in the overall rate setting on the committee about where to set rates eight of ten voting members, you remember, supported a rate cut, but two of them dissented. Minutes of the meeting that were released yesterday show that theres more support for these dissenters from the nonvoters. All of this raises the stakes for fed chairman Jerome Powell, who will deliver a keynote speech tomorrow at the jackson hole summit. Here are some of the issues he has to deal with in deciding what to do with rates. First, he has to navigate between u. S. Growth at trend, but global economies are weak. Consumer strong, manufacturing slowing. Fomc members divided between a hold and between cutting Interest Rates so, guys, we have that speech tomorrow morning not a set of easy choices in this bucolic setting we have i am wondering whether or not he uses the term mid cycle adjustment again, melissa. Yes, because it didnt roil the markets last time around now that we know that the committee was so divided over the last decision, or at least the reasons behind the last decision, it almost seems like every single interview you do out there, steve, is even that much more important because you have really got to take the pulse of each individual Committee Member reporter i think thats right. I think were learning now that at that press conference what powell could say about the need for additional rate cuts was prescribed by where his committee was. I think we kind of knew that going in, but we certainly learned it more from the minutes and were learning it more from the interviews we have a bunch more interviews coming up, melissa if i dont mind i will tell you what we have coming up we have the message from cleveland and James Bullard from st. Louis. We also have the speech by fed chairman Jerome Powell well bring it to you at 10 00 a. M. Tomorrow, the headlines from that as well. We cant theres no cameras allowed in the meeting then later on in the day we have mark carney, the governor of the bank of england. We have a whole sort of u. S. And International Perspective about where Interest Rates are going. Steve, it is karen. Let me ask you, do you think we will come away from tomorrow, from powell and carney, with clarity . Reporter you know, thats a good question. I think the interest is no the reason i think the answer is no is because i dont think that the course of policy in the u. S. Is very obvious. I was thinking back on other times that the fed has changed course, cut rates or hiked rates, and you had unanimous on the board because the case was easy to make we are running at trend here step back and tell yourself something. The Federal Reserve cut Interest Rates at record low unemployment that fact alone should be enough to say, you know what . These times are different. It is a new set of rules, and what to do is not exactly clear. I think you are hearing that now, some of you guys are around a table and may say, oh, the message is confused, the message is muddy, the fed should be talking with one voice, or you could get this sort of different set of concepts and ideas and opinions out there, and it shows you how difficult things are to figure out and how uncertain the prospects are for the recession and for continued growth. In the meantime, steve, i hope you get more time to look at the wildlife. You showed us beautiful pictures on the Halftime Report of the buy s bison and wild horses. It was much appreciated, a nice respite from the markets in the day. We could run that again or i could go out fishing and show you more pictures of that. We dont need you in the pictures, just the wildlife. Not me . Oh, okay i misunderstood. Steve, good to see you. Thank you. Steve liesman in jackson hole. Thank you what are we expecting here and will the markets ultimately be disappointed . The markets will find something to be disappointed in because weve been waiting for it for the entire week i think the muddy will be the word of the day. I think he will be muddy he has a history of being muddy, and im looking for muddy tomorrow and im looking for a selloff after the event. Although he is giving a speech. Right. He is with a script in theory with no cameras around and no q a. Thats where powell really shines, when he is reading off paper of prepared remarks. Right and fed governors traditionally used this speech, or field chairmans used this speech to usher in new monetary policies steve mentioned the fed cut rates with record low unemployment, and the other side of the mandate is price stability. If you look at price expectation, theyve been plummeting if you are sitting there and youre a central banker you say, how do we not turn into japan with basically zero rates for 20 years, you have to worry about it for me, when i look at that speech what i want to see is how focused are they on the inflation aspect of their mandate versus the unemployment. Because unemployment, check, great job. Inflation, not so much. Yes, so is it a pretty interesting your point, b. K. , how do they avoid becoming japan. The answer is you dont avoid it if you think about what is going on, we heard from the ecb, what we know is going on all over the world is that these central bankers are tripping over each other to lower rates, and theyre doing it in a way that will make it a selffulfilling prophecy in a way. You talk about cutting rates at record low unemployment, if inflation is not going to budge we have a real problem here. You know, equity is the only game in town here because rates are going lower, ultimately that will be a huge problem because, listen, you know, we talked about retail sales last week, we talked about Consumer Spending 70 of our gdp is consumer it feels like the Global Economy is resting on our shoulders. Is resting on the u. S. Consumers shoulders if you look at the data and go back 20 years, you know the data falls off when the data changes and it drops pretty hard i guess my only point is the stock market is going to sniff out a recession. You talk about inverted yield core all you want. We have no idea when a recession is going to come but the market will be down a long time ahead of the recession or when we are able to call two consecutive down quarters in a row. It wont be 18 to 22 months as our friend was talking about. We are looking at that point. Thats where the recession actually hits, is 18 to 22 months later. Right. But the market can show but i know karen wants to jump in here, but how come the u. S. pmi didnt come up on any of this . It is a tenyear time span before it got back to below 50 what does it mean to Esther George anything anything i mean this is when you start to see the hawks, there were hawks in october now there are hawks again. It starts to feel like theyre robotic and on automatic pilot. I dont know. I guess you see a lot of mixed data, right . The president talks about it is the greatest economy ever, right . This is fantastic and we need to cut rates 100 basis points and we need maybe a payroll tax, maybe we dont i dont know to me i dont know how much the fed feels they need to fight the tariff war it shouldnt be in their mandate yet somehow it seems to be i dont know. I mean to me if you look at it, you say, why would the fed need to cut rates, right it is because other Central Banks have and so the Financial Markets are forcing them in this but if you look at the economy, to your point, you know, i dont hear a lot of people out there saying, boy, i would really buy i would invest in a new plant and hire 100,000 employees if rates were 25 basis or 100 basis points lower nobody is saying that. So if you are a fed governor, you say, all right, our economy seems to be okay but the rest of the world has kind of backed us into a corner. Thats why i think when we are talking about stock market, thats the confusion i think the stock market is ready to i would mention that. Lets go back to july 1st and august 31st. Those are important days we may look back and say those were the two most important days in a long time the s p made a new high basically above 3,000. We have this 25 basis point rate cut, first in 20 years the market sold off and got its footing because of the mid cycle adjustment thing and the next day the tariff tweet okay those two days, interesting, volatile we were down i think peek to trough almost 7 . We have not really recovered materially, right . We are still down 3 or Something Like that. I guess the point here is that i dont think Market Participants know what they want here, and i think when you talk about the pmis this morning, the u. S. Tenyear low and that, germany, disaster, some of the other data that will move around a little bit, i dont think the market knows it wants bad data to ensure lower rates because who knows what it means . Are we going to be at negative yielding sovereign debt and what does that mean do the instruments we have to combat weakening Economic Conditions still work anymore . Good questions. What does powell need to say tomorrow to calm the market nerves lets bring in mark cabana, bank of America Great to see you that question is interesting because it raises the question, does the fed or does Jerome Powell need to think about the markets and what will calm its nerves or does he say, you know what i dont care, i got to do what i got to do. I think he will be in the camp that he has to do what he has to do. I think he doesnt want to try to placate Financial Markets because Financial Markets always will want a little more. I think what we will hear from powell tomorrow actually raises the risks of disappointing the market to some extent. I think what hes going to say is that were data dependent we are waiting to see how incoming data evolves, and then we will act to sustain the recovery as necessary. But i dont think he is going to precommit to easing in september, and i think thats what the market really wants i think the market really wants to hear that the fed is being proactive. Theyre trying to get ahead of these issues, and i just dont think that given the data flow and the divided committee that they have right now that hes going to be willing to do that. So hes not going to even commit or seem to commit to a 25 basis cut in september, then does that mean that this is are we going to look back at the jackson hole meeting like we looked back with mario drahgi said we will use all means necessary, we will spend back and ben bernanke saying it is on the table now. This is the meeting Jerome Powell got the fed out of the box. I think he will try to preserve optionality frankly the fed is still divided and they dont know how the data is going to break. We know trade is creating uncertainty for the fed but it has yet to clearly materialize into clear down side signals the employment backdrop is very strong youre right inflation is still very weak, and thats a problem for them, but they dont know if they can materially influence it with a 25 basis point cut i think he will try to buy some optionality. Again, he has a divided committee. Theyre uncertain and i dont believe they want to underwrite the trade war. As long as they dont want to underwrite the trade war, i see real risks the fed slow walks the easing cycle that they just started at the last meeting. I think that that risks disappointing the rates market. Im glad you brought up the rates market we are talking two different markets here, stock market and then Interest Rates, the bond market we know the stock market is looking for lower rates with kind of some slow growth whats the bond market looking for and are they colliding right now . I think that a lot of what the equity market has baked this is what the bond market is expecting and the bond market is expecting another 100 basis cuts by the end of next year, a 25 basis rate cut in september and at least another one by end of the year i think what we heard from the fed speakers today out in jackson hole, as steve was commenting about a short while ago, is theyre not all fully on board yet. If theyre not on board, it is very hard for powell to deliver a clearly dovish signal and try to precommit the committee because he cant, because the committee is not yet ready for that. You are talking about then potential selloffs in both equity east and treasury market . Thats right. I see a risk, just like the Treasury Curve flattened more today. It kind of floated and was partially inverted for a portion of the day i see a risk that the curve flattening can continue because the front end of the rates market is not going to get the precommitment, or at least thats what i worry they wont get tomorrow then if thats true, then the back end of the curve says, uhoh, growth and inflation might be in trouble, and if you get a little bit of an equity market selloff that only furthers the move lower in the equity market, or lower in the bond market. Mark, great to see you. Thank you very much. Mark cabana, bank of america, merrill lynch. B. K. When i watched the market today, we had the pmi that steve grasso talked about, that was below 50 he likes to be called steven, not grasso thats beside the point. We had the below 50, which means contraction. That would say to me, you know what bond markets should rip higher it didnt. That to me is a huge canary in the coal mine because i think the biggest risk to the market is to get rising rates and a falling market so bond market sells off and the stock market sells off, nobody would expect that and that is probably whats going to happen. It is rising rates from the bonds being overbought already or theyre theyre getting disappointed, exactly. Okay. Or alternatively, this is a wild card, that the fed comes out and says, you know what were not cutting. Or, were going to target 3 or 4 inflation. Then i think you see the long end really rise. I mean we talk about positioning a lot here in this particular market time so when you look at the bond market, you look at the equity market, it is extreme positioning in both, right thats dangerous. And thats dangerous. Especially given the uncertainty. I think all of us around in the last two cycles when they topped out, Interest Rates were much higher in 2000 they went down to 1 , thats the fed funds, then went down to zero in the throes of the financial crisis in 08. Both instances the stock market was cut in half. What is different this time, and make no mistake it is different this time, and we dont have any clarity like we didnt have then again, i know im repeating myself but we werent able to call a recession until the markets were down 20 , 30 , 40 , that sort of thing so it is just a dangerous time i mean it really is right now. Recession, to your point, in recessions the fed usually has, in its history has 5 to 6 of ama. We dont have near that. So, yes, you could use the balance sheet, but then you throw in the towel and you become i dont know what so thats my nervousness with this overall market. If we go to a recession, we dont have have the ammo to get us out of it. All right coming up, we have got a check on a big mover stock triple play in fact, salesforce, vm ware, hp on the move in after hours. Move in after hours. Also, a new display of improve ecommerce deliveries to homes than anyone else in the country. Productsy p[u cf1 o willy willy wey pyy prtg n announcer only fidelity offers four zero Expense Ratio index funds directly to investors. And we have zero account fees for brokerage accounts. At fidelity those zeros really add up. Maybe ill win saved by zero mno kidding. Rd. But moving your internet and tv . Thats easy. Easy . easy . Easy. Because now xfinity lets you transfer your Service Online in just about a minute with a few simple steps. Really . Really. That was easy. Yup. Plus, with twohour appointment windows, its all on your schedule. Awesome. Now all you have to do is move. That thing. [ sigh ] introducing an easier way to move with xfinity. Its just another way were working to make your life simple, easy, awesome. Go to xfinity. Com moving to get started. Eac. Welcome back to fast money an earnings alert on salesforce. The stock is surging lets get to deidre bosa with the full story deidre. Reporter that call kicking off with marc benioff calling in from switzerland, commenting first on the business round table and calling with an incredibly aggressive stance we have a preview of coo keith blocks interview with jim cramer on mad money. Theres a huge wave of Digital Transformation a lot of the different technologies are coming together jim, i have the opportunity and mark has the opportunity to go around the world and talk to a lot of other ceos. You know, theres a huge imperative around Digital Transformation you know, Everybody Needs to get closer to the customer everybody is trying to improve that customer experience, and thats where salesforce really brings value to the table. Now, going around the world, thats key because salesforce is really focusing on its International Expansion as concerns build that the u. S. Cloud market is facing saturation now, another way salesforce is trying to bring value to the table, a slew of acquisitions. Mulesoft for 6. 5 billion and its nearly 16 billion purchase of tableau closing on august 1 yet shares are underperformed the Broader Market and peers this year. As i hop back on the analyst call, they will want to know how they fit in and grow revenue be sure to catch more of cramers exclusive interview with block on mad money. Melissa. Thank you, Deidre Deidre bosa. Karen, you were remarking on how remarkable the quarter was. They raised it on top of Revenue Growth, on top of Revenue Growth to me it is not the kind of stocky own because it appears to be expensive maybe it really isnt. And it has underperformed, too. Go ahead. I know it is really impressive growth, and if people are looking for growth and where companies that wont be caught in the crosshairs, this is interesting. One of the reasons i think for the underperformance when you think about it, deidre said they bost mulesoft last year and they announced the acquisition of tableau it is a company not different from oracle 10, 15 years ago, and now to keep the Revenue Growth and expected to grow above 20 , they need to keep making acquisitions. I guess most important thing i would say is their ability to raise Revenue Growth in the Current Quarter in front of the tableau thing is impressive because if you are versus up, you would say, what is going on here are investors starting to sniff out decelerating growth . And also what is counter intuitive, at least to me, was you have the hybrid cloud. You have onpremises, you have cloud. Now theyre getting pushback they need to be onpremises as well i think thats why you see the acquisitions coming. All right we have a news alert on vmware and hp josh lipton has the details on both of the stories in San Francisco. Josh. Reporter so, melissa, lets start with hp here and reporting results, but the big news here was ceo wiseler is stepping down served as ceo since 2015 is going to remain a director on the board. The company has appoint edden rekay lores to take over as president and ceo effective november 1 i had a chance to spre briefly with dion about this he said it was made because of what he called a Family Health matter he will be returning to australia. He said, listen, the personal value has been to put family above all else he is living the value with the decision, but stressed to me he believes he is leaving the company in a strong position switching gears to vmware, they had results as well, but their big news is with the deal news acquiring pivotal and carbon black in deals valued at a total of 4. 8 billion. Vmwares largest acquisition to date, building on its strength here, helping Companies Run software in their own data centers but obviously moving the company more into security in an interview with cnbc. Com, ceo saying the company will be offering under vmware next year and by year two they will have contributed more than a billion dollars in revenue incrementally which will mean vmware will have more than 3 billion in hybrid cloud and software back to you. Thank you josh lipton in San Francisco this is interesting. This went public last year for 19 a share, being bought this year 26 a share that was a surprise in the ramp of evaluation in one year. I think it is a surprise theyre making acquisitions like this, right . If you are a shareholder and all of a sudden you go from your venture to the ipo to this, you are a pretty happy person today. I would be a seller of this. What if you are vmware . When you think about the process, a lot of the companies go down duel track with ma and ipo as the possible exit here. Maybe it is saying something about valuation where we are right now, because being taken out of the Public Market well above your last private round, above your ipo price, says that possibly things are getting a little frosty when you have stodgy companies they are stodgy when you have a vmware it is a two dedecade old compa buying the companies what did josh say . They need the revenue. They need the growth. The after market is down 10, which is almost the entire amount of both acquisitions together so i dont know if the market is writing them off now to zero i dont know. Thats a way of looking at it. If you look at the technicals, getting back to that, because a lot of these games you dont traffic in a lot of times i cover a ton of funds and im not active in a lot of these funds, and the ones that i have been, i have been sellers for. But if you look around a technical basis, it has done a round trip for almost the entire year that 130 level was in total eye shot when you look at that january level. On technical level you start at zero again i think thats the way the marketplace is looking at it, not giving it real value anymore. For a wrapup of the big after hours movers including gap check out cnbc. Com im melissa lee. Here is what else is on the show long on a stock. The detailahd. S ea first, the [u christmas. Sure,yy pry w g returns. Y prtg n 7na7 welcome back to fast money apple planning to launch new ipad proceed and new products next week. Could this possible product give apple a boost . We thought there would be a dearth of product until the 5g rollout next year. The answer is simple and it is no. I mean, listen, all of these will be iterative processes. They are they will be really iterative products i think when you think about the iphone x thats been around two years, so talk in bloomberg report will be pro thing, an upgraded camera. I dont think it is the sort of thing most consumers will upgrade for. One last point that you were talking about earlier, china fell off the cliff in q4 in the Holiday Season last year for apple. I think the way things are shaking out, especially with the consumer tariff overhang, this might be a really difficult quarter for apple if the products are not exciting. It could be a repeat of last i mean last years Holiday Quarter was dismal. Not just for them it was dismal for sure. It was not specific to them, but they were hit pretty hard. I am long apple. I am a little bit nervous because it started to get towards the upper sort of ends of the valuation as the services story takes more hold, and we see a new pe ratio but im going to hang on for yes, but there are Different Things that have taken place you have streaming, you have the services that are now close to 40 billion worth of revenues. Im ready for a new iphone im ready for new products, and the consumer is still in great shape. It is not last december. I think it is going to be a better season for them. Youre ready for a new iphone, but does the new im ready for one. Is it because theyre upgrading the iphones or because you need a new one i do want the better camera you know you do . We switched to this no one wears a watch anymore unless you wear an apple watch i do want the better sorry. Thats more jewelry, right is that more jewelry how many times do you look to check the time never so you wind up using this thing for everything it is a camera now, it has already taken the place of a watch unless it is an apple watch. I do love the fact you can get a better camera. But it is a subscription product, right theyre going to have revenue off that people will renew their phones but what you are looking for is are services really going to take off or is 5g going to prompt everybody to refresh their phone . I think thats the bigger catalyst, at least for my money, than it is necessarily, you know, an upgraded phone, an upgraded camera on an ipad, whatever they are calling it. In the near term, the air pods are recurring revenue how many times do you have one right you have to replace them, a lot. Yes thats the stream of revenue. The big news about the valuation as far as you are concerned, you are starting to get nervous, the mid teen sort of thing, especially when you think services that should be valued on a higher multiple are not growing as fast as a year or two ago. Obviously it is a huge business annual wise at 50 billion or Something Like that. 2019 fiscal year they expect earnings to be down, sales flattish and expected to grow double digits again next year. The point is if the guidance we get for the Holiday Quarter is not that exciting, then this stock will get rerated a little bit. Im not telling you that it is going back to 130, where it was on january 2nd of this year. Here is another unknown, and that is the impact of china. Last year we were talking about a boycott because of the china u. S. Trade war, but this time we have the element of hong kong as well the u. S. Appears to be siding with hong kong in any way, that could maybe inspire people to boycott apple on the mainland, which would be a dent in sales. And we have seen it with some kind of other luxury goods, right . We have seen other luxury retailers. I know it is not apples to apples, but i didnt even know i did that. Thats it for me im done for the night my point is it is an expensive phone, so it actually is kind of a highest retail luxury deal. Apple is getting ahead of christmas, so we figured we should too, right . Yeah, sure here is a countdown clock. The countdown to christmas is on it is official 125 days away. And that means you better make a list, check it twice right now but dont panic, we are here to help todd gordon of trading analysis. Com with three Stocking Stuffers to bet on that could pay off by christmas take it away. I cant believe we are talking about christmas. Look, theres three stocks i really like in the end of the year i have about 20 of capital on hand im going to put it to work once this market does stabilize number one is lulu we are looking at daily charts we will be focusing on the 50day moving action this is lulu you can clearly see that we like to go down, kind of shake people out, run some stops. We have done it twice. Here we go on a third time we have done a nice Double Bottom here, about 175 in lulu, looking to recapture the 50 las veg50day again with stabilization in the market getting through the ranges i will look to add more lulu to my portfolio number two, starbucks. No surprise here why overthink this i mean just incredibly resilient stock. Were in a nice consolidation here we havent given back any price. We have retraced in time nonprice. So maybe we dont get a 50day test if we do, it is down around 90. Thats fine. Okay to accumulate here. If we do move up and out of that range, again, i would be a buyout a breaker how do i say this i would be buying a breakout through that consolidation fieldly twilio it was a highflying cloud play. It has fallen into consolidation here, sort of around 125 region what i will point your attention to here is relative to the s p we are starting to see a little bit of a turnup. So twilio is starting to come back, again getting through the 50 day we could continue higher, up around 150 in twilio. Quickly, todd, we were talking about apple. Karen was saying she was getting concerned with where it is right now. Yes. Are you should she be concerned . From a technical point of view, yes. In the models and the way i look at apple is very concerning. I love it is pushing up around 215 area, but from the model that i saw, which is specifically the wave, it doesnt really fit into a stock ready to go up and, you know, do 230, 250. I own apple as well and im writing a lot of calls against it im concerned about apple. I agree. Todd, thank you todd gordon. Merry christmas, todd. Same to you. Might as well start now, right . And grasso, dont forget about the garment. Grasso has a garment i think. It broke on vacation. Which stocks do you like . Lulu. I think its has the biggest potential for surprise i think people are underestimating the mens wear line i see a lot of men wearing those new pants over here right now. But seriously, everybody i have talked to is buying these pants. I think theres a big chance to out surprise. I guess of the three to me, starbucks. The last quarter was phenomenal. The acceleration of the business, the way digital is just i cant believe how much revenue it is adding and it has what i think is a gravitational pull or the vortex, whoever you want to call it, to 100. It went to it but it started the summer at 75, you know, so you are talking about all of the revenue theyre adding okay their revenue is decelerating from 10 last year so i just think theres really crazy things going on. Target was up 20 in a day yesterday. Did they earn 20 more than investors expected them to listen, theres weird stuff going on here, guys. I mean like trees dont grow to the sky. Where is starbucks going if it breaks out of the range . Is it going to 120 some could argue target never should have been 20 lower where it started the day. But, mel, isnt it fair to say we are all making trades and investing in things based on the information we know, and when the information that comes out is mildly surprising but it is not 20 better. Right, yeah. A stock shouldnt go up 20 . Good point. It is just that simple. Starbucks is up 100 in a year. I will start with lulu. I believe theyre expanding their base of clientele so i would be a buyer there twilio, i dont like that stock. Even though it looks like it is rolling over i spoke to cfo of duncan brands. Maybe dan doesnt like s box. Love dunkin. Dunkin is only up 30 and the coffee is much better. Is it less bitter. I brew at home. Coming up, boeing rallying on new hopes for the grounded max jet. Could it be a sign clear skies ahead for the company . Plus, bitcoin calling back above plus, bitcoin calling back above 10,000 but youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts,u and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. [spokesman] if youve tried colleg group cheering shed, snhu lets you transfer up to 90 credits toward you bachelors degree. [woman] it doesnt matter howtyld you are,y you can do it, you can finish. [spokesman] finish your degree at snhu. Edu oney mone welcome back to fast money check out shares of boeing, flying higher today after the company told suppliers they will ramp up production of the bestselling 737 jet starting next year. Our own phil lebeau is in chicago with the details of course, this all depends on whether or not it is cleared for flying. Reporter correct, melissa. It also depends on the time frame. We have known theyre going to ramp up production next year provided the max is recertified. What has changed is this they currently are building them at 42 per month. We knew they wanted to get to 57 next year, but now we know from talking with people in the industry, suppliers, people who are familiar with the plant at boeing that the idea is to get to 52 per month by february, and then potentially to 57 per month by june. However, it all depends on whether this timeline for getting the max back in service holds. What timeline am i talking about . It is this one recertification, a flight happening, an application filed with the faa and other regulators in the september time frame, likely by end of september. Shortly after that boeing experts the faa and other regulators to approve the max fix and say, yep, youre ready to go, and then the max returning to service in the Fourth Quarter if that doesnt happen, dont expect them to be building 52 per month by february or 57 per month by june. It will all be pushed back thats why when you look at shares of boeing, it is a bit of a relief rally everybody knew at some point they would be pushing up production again now that they have a little bit of a time frame thats attached to it, people are breathing perhaps a sigh of relief also take a look at spirit aero systems. Spirit has always been building the fuse lawmakers out of its plant in wichita at 52 per month. They didnt bring it down to 42. Now that theyre planning to go up to 57 per month sometime early next year, thats why shares of spirit air systems, you really cant see it in the full chart here, but, believe me, it moved higher along with boeing today we will see this, guys, play out as we finally get a little bit of certainty if we get a little bit of certainty regarding the max getting back into service. Would you say at least, phil, this time frame, this timeline gives investors a lot more clarity than they had before because at least from here we could say, well, if it doesnt happen in the Fourth Quarter, happens in first quarter, we can say maybe rapid production will return by Third Quarter neck ye next year as opposed to is ekd quarter . Sure. But for the most part people in the industry expected this i think you are seeing today the public acknowledgement look, boeing is not commenting on this this wasnt released by boeing but they didnt push us away from the story i have talked with other suppliers in the industry who said, yeah, thats basically what weve been told as well people have known this is coming what you are seeing here today is somebody saying, ahha, now i can attach february and june here if it is pushed back to may and september, they can live with that as well but we have known that eventually you are going to see the max production get back up to 57 per month. Thats been the plan all along. All right phil, thank you. Phil lebeau in chicago for us. So based on these headlines, this story, was that 4plus percent increase in the shares of boeing worth it today yes, i thought it bottomed down about 340 maybe a month, two months ago when i felt that the bad news stopped having the same effect it would have had earlier in the story that was a little premature. So i think i mean it is still expensive, but relative to boeings own history and price it is not expensive for where we are. Im a Firm Believer in if you cant tell a story in 15 seconds then you probably dont understand the story yourself. Not that phil didnt understand it, but there was a lot of timeline. A watch, by the way, 20 seconds. That goes without saying, i definitely dont understand it you know, for me a stock that has been hit with everything and is still up 9 for the year, that tells you a lot about it. It is a great stock, but i still think theres a lot of headwind. Here is the thing if people tell you they think all of the bad news has been sent its way, i would say youre crazy. This company they stopped reacting. Well, lets just see when courts and Government Agencies find them negligent in the deaths of 350 people and the liabilities associated listen, you know, chipotle sold bad lettuce in burritos a few years ago and the stock was cut in half, im just saying, and no one died but theres no outrage here about what happened here in their efforts as far as the registration with the i think it is crazy. I think the story should be a much, much bigger story. I just wouldnt be buying this stock here it is one of the worst stories i can remember in 20 years in the business of a publicly traded stock and theyve not been their feet have not been held to the fire. I think you make dan makes an excellent point there i just feel as a trader i dont have an edge on this stock, right. I dont know what is going to happen here. So we have already made the move on the fact they might be ramping up why buy it now under 15 seconds. Sorry. He gets it. Yep. Coming up, crypto concerns. The one art chthat has the bitcoin a little bothered here plus, the reportingy prtg n g yy welcome back to fast money we are nearing the finish line in a monster week of retail earnings foot locker reporting results before the bell tomorrow the Options Market predicting a big move in store for the retailer dan is at the plasma. This has a 15 implied move in either direction just tomorrow worrying about 5. 50 this stock is up about 14 the activity today was interesting. I think it is important. A lot of people make assumptions about what they see in the Options Market what was clear to me the most active strike was september 45 call, this on a day that the average the total volume was five times average daily volume. The september 45calls, but a lot of them look closing after you had the big rally in the stock it could have been somebody positioned for the rally, looking to take some profit after a 13 move in just a week or so but lets go to the charts this one will be really interesting. Obviously it is up in sympathy with the retailers with dead counts off the lows. This is a one year excuse me, the start of january 2018. It is interesting when you look at the 45 level here. Big resistance over the balance of this year since this kind of massive gap here, but it is really interesting to highlight this level here because that was prior support. When you see these breaks in trend like we see right here, it takes an awful lot in time to reverse that we had that gap earlier in the year the stock consolidated around here another miss and a guide down and you probably have a gap lower. That being said, the sentiment is so bad in this name, any small positives on the fundamental side in this stock should get back up to 45 and possibly looking to fill in that gap a little bit karen, this is a name it is a name i have been in and out of. For a long time. Tears, joy, both. I am hoping that, like dan had said, any kind of, it wasnt so terrible kind of earnings like we have seen from nordstroms, which wasnt that great. The stock really reacted well. B. J. , today was very good. But the reaction was very big to the upside im hoping that the bar is really low what i like about the valuation here, i think we have a chart, i have been looking. To me, cash flow, that is the ultimate arbiter of value. If you look at the price to cash flow here, it is just about as low as it has been maybe ever. Why it was up today is Dicks Sporting Goods so Dicks Sporting Goods, really they called out footwear and apparel. Nike, their biggest their biggest distributor is foot locker right. So i am long. I am nervous but i am long. You actually presented a trade. I did indeed. By the way, karen is going to be on options action on friday maybe we will get an update on that very trade. There could be tears, there could be excitement. I dont know you have to tune in. We will be on the edge of our seats. For the full show, options action, we mention, tomorrow action, we mention, tomorrow 5 30 p. Mure still not sure if u want to make the trade . Exactly. Sounds like a case of analysis paralysis. Is there a cure . Td ameritrades trade desk. They can help gut check your strategies and answer all your toughest questions. Easter sounds perfect. See, your stress level was here and i got you down to here, ive done my job. Call for a strategy gut check with td ameritrade. Giveto see everyt network, corner of your growing business. From using feedback to innovate. To introducing products faster. To managing website inventory. And network bandwidth. Hey i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Sponsored by y cn, welcome back to fast money we have a bitcoin alert. The cryptocurrency crawling back he says he is feeling bearish. He has one chart to explain why. Before we get to the chart, the context of this is that it was heading towards the worst week since november. Yes. Some crazy stuff like that. We have been in a correction since 13,000 we had a huge run up to 13,000 and now we have pulled back, and part of the reason why is the fundamentals havent supported the reason why we went up. So the one thing that i look at for bitcoin is active daily addresses. This is activate daily addresses, 30day moving average. What you can see has happened, that orange line is a trend line you can see since the end of june, end of july you have seen a dropoff in active daily addresses. You might want to think of it as maus, daus for a social net ork r work that is what is happening here i think the price got ahead of itself that being said, there will be a chance here and we saw it in december and january of this year for you to buy bitcoin, and it is going to be a generation alibi generational bye at that poinuyt im cautious. What are the signs you will look for number one, the price going down and addresses going up. Thats what we saw in december and january. We saw the price continue to crash down and the activity on the network was really increasing thats the biggest thing i will look for the second thing is the sentiment in terms of, all right, does everybody think bitcoin is dead again . When people start saying that, that will get are there any other reasons why the addresses can go down . Yes. Any other reasons why it could be different this time the reason why it could be different this time is there are a lot of institutions trading derivatives. Theyre not necessarily getting a spot address like a bank account. Account. That cldou be what you can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Here, y y prtg n. Ycp up next, final trade. Yb[ub[ugf final trade is sponsored by time for the final trade steve grasso. I would be a seller of salesforce on the pop and a buyer of microsoft i think the market gave you a gift im still long at microsoft. Brian kelly. I think you could have a real disappointment with rates tomorrow tbt is your way to play disappointment. Chairwoman . Im hoping that the bar is exceedingly low for foot locker. Not only do they stumble over it but jump high over it. Could go either way though im optimistic long, foot locker. Dan nathan . Retail was destroyed in the stock market, obviously walmart, target, home depot, a lot of inod stories, but a balance stk, including foot locker sell the xrt. Is it the worst chart in the world . Possibly. Well see you back heem tomorrow for more fast money mad money with jim cramer starts right now my mission is simple to make you money. Im here to level the Playing Field for all investors. Theres always a bull market somewhere and i promise to help you find it. Mad money starts now hey, im cramer. Welcome to mad money. Welcome to cramerica other people want to make friends. Im just trying to make you some money. My job not just to entertain, but educate and teach you. 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