Nearly every major Global Market and asset class saw positive returns in 2019. The big question, what can you expect for the money heading into the new year . Its time to break out the 2020 playbook guy adami, what do you have for us first of all, courtney in all the years weve been doing the show this is the first time you hoeft. On behalf of all of us i wish amazing to have you. Great to have you. Thank you, thank you. New kid on the block here. Its fantastic to have you. In terms of whats working next year listen ive been wrong for months in terms of market direction. But right about a few things i think hsh is absolutely toing well in the first half the upcome year. You look at big cap pharma pfizer marc, eli lilly unh off the map. Hospitals doing well you mentioned energy i dont know if energy finishes next year well but the first couple months it does well. Because i think you see continued weakness in the dollar commodity is an underappreciated asociety. Health care because of the underperformer this year this about 19 . But under performing tech. Pharma had an absolute bullseye on their back earlier this year for political reasons. That seems to have abate add bit. I think the fundamentals takeover valuationwise a lot of the stocks make sense. What do you have dan. I think that depends on how we start there is a lot of technicians say a pullback to 3,000 in the s p 500 would be recommending if you really think about what 2019 was like we finally had the breakout of the consolidation above 3,000. I think that would be an area a lot of investors would reload in but to me if you play a bit of catch up, the russell 2000, the iwm, the etf track going, broke out about 160, trading about 165. You could play catch up in the small caps ed underperforming not gotting back to all the alltime highs the nasdaq made new ones for it feels like two months or so. I think there are cashup trades that may work. That fends if you think we are taking off from current levels i think a pullback to 3 though would you healthy and you can focus on why the market went up over the last few months. Karen what do you think winners keep winning i think a bit of both for me winners are winning im holding them, the biggest positions, google, facebook, the banks have been on a very good run this year. But i think there is still room to run if the economy is fine. I think that some of the really, really you know, energy, guy cited. I like to look at a disaster thats really cheap. The space is somewhat of a disaster. You got one there. Retail, some of retail, disaster and really cheap. I mean, i dont own it but if you think about bed bath and beyond its up huge from the bottom. Yeah. I dont know its out of woods from the Amazon Effect and their own need to clean up their business i dont know but thats interesting to me, those kind of things and then to me the bigsz question mark is who ends up being president . Because i think so many more things will change off of that than any other thing the one other thing i do think has started to work and will continue to work is outside of the u. S. That that will do better relative to the u. S. Because the u. S. Is outperformed so long now. Its so interesting in retail because obviously some names have done well and some so poorly when you look at the s p 500, the biggest underperformers you have a lot of retail names gap is a big one, down 30 l brands down 30 . Macys i dont know if goes up the dividend is nice. The dividend and they are buying back debt. Ner. Thats interesting. What do you think, steve. You look at retail and energy seems like those are trades versus longterm investments when i look at the market what has outperformed, 10 years five years three years. Year to date tech stay there why make this complicated . Go to the semis, go to tech. Stay underneath any subsector. If the market comes in, theyll all come in too. But longer term, tech. You dont think the market can go up without tech continuing. There is no way when you are market cap weighted there is no way its such a big piece of the s p, you need to to be there thats the growth, thats where you have to stay longterm. What about broad are markets are we hitting 3,000 before 3500 on the s p. I agree with dan youd like to see a pullback if the First Quarter. People are were chasing its a buy lk dip and i would like to invest the market. The higher we go up in january if we continue up its the harder we fall at some point in 2020. And thats just kind of just physics, i guess if you think about it. I go back and look at 2018 and the weeks after the tax cut was put through in late december, 2007 we had the ramp in the s p 500. You couldnt find anyone selling a sock the s p up 8. 5 . We get into q quin they were fine but not as january. And we sold off double digits, 11, 10 . Took us nine months to get back to the prior high. In september of 2018 and what happened after that . We saw 20 peak to trough. Think about the estimates everyone was calling for recession. Didnt happen. Wherever the estimates are on earnings is going to gauge how far and houfs we fall if the companies with can step over estimates. Earnings growth was not amazing that the last several quarters and still an amazing run in the market. But bonds moved a lot. We had the 10year go from north the beginning of the Fourth Quarter 3. 75 maybe with down to 1. 45 at the lowest the. The multiple you use to price equities change even if the earning extreme didnt i dont know what happens if that moves the other way then you could see multiples come in. I think thats a concern, though, kourtney the volatility in the bond market is historic i mention this once in a while but if the volatility in the equity market was half that wed talk about it every day, 24 7. To karens point 10year yield 3. 75 this time last year. Back to 1. 45 1. 90 now our talking about historic moves and something that shouldnt move that concerns me but to steve ace point about trades your beat, the retail beat which you do a fantastic job the retail are trades. Macys is a trade. Nordstrom is trade whereas walmart i think valuationwise doesnt make sense. Steve mentioned tech microsoft at 27 times earnings now. Texas instruments which has zero epa growth at 26 times at a certain point the question has to be answered does it make sense on a valuation basis no. Were still the highest rate market in the world. We still have inflation nonexistent wages outpacing inflation. What happens if the fed cuts again. Im not saying they should but the market still continues higher if they do cut. And no one is thinking about they are cutting we havent talked about how the fed has jousted up the market the last several years. They extend the bat sheet by 400 billion since the summer. Also cutting Interest Rates three times since july 31st at the meetings when you think about this ten years after they went to zero Interest Rates, the fact that they basically went from qt normalizing rates in end of 2018 to now qe again and cutting rates thats nuts. Especially when you consider that consensus estimates coming into 2019 for s p earnings were about 174 you know where they ended up right now . Probably about 163. You think about the stock market up 28 on the year i think the s p started somewhere in the low teens and now were pushing 20 historically thats expensive. If we dont get any confirmation that earnings are expanding meaningfully i think s p earnings expected to grow 5 in 2020. But its a gad point. Last december, it was a 180 from where they are now and is that enough to compensate for lack of Earnings Growth . Where does that multiple expansion stop the market right now is telling you that it has room. Whats a big component of earnings its marngens. You think what you mentioned, wage inflation, some of the stuff going on here. This is going to hurt corporate profits in 2020. Especially if we dont have any Meaningful Movement on tariffs you think about in phase 1 deal. We havent talked about this yet. Its not that impactful. They rolled back some tariffs that were put in place a few months ago. But that was it was a major headwind without that you get a lot of closure and a lot more. Sooner or lart, steve a lot of the tariffs have been absorbed the last year and a half dan. Theyre going to be 45 Corporate Tax rate now 21 thats a gift that keeps giving. Except the tariffs counteracted. And now they go away. But see thats now we have a deal. There is no deal. Its a phase one. If its not signed yet. But trump says he will be signing at the white house and working on phase two tell me when the ink is dry. Coming up, tech stocks were some of the benefit performners 2019 as we discussed. But what lies ahead for the group . Well go through in more depth we have the 2020 playbook for the sector coming up and someone made a big bet abroad heading into 2020 we tell you who sees a world of opportunity next limu emu doug and now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Oh. Welcome back to fast money. Another live look outside our window, times square where getting ready for the crowds ready to storm this location right behind us in the next few hours. And theyll be there all night long. No, no. I did it. I did it. I likelienle. That song is top five years. No its a good one. Anyway, it was also a terrific year for tech investors. The sector leading the income in 2019 up a whopping 47 so whats on tap for tech in the new year josh lipton has the playbook tech is on a tear. The best performing sector this year here are there predictions for next year. First apple makes the 5g move. The global 5g rollout is under way. Promising superfast wireless speeds apple will unveil its own 5g iphone in september. It wont be just hardware. Expect the new 5g enabled experiences perhaps in augmented reality. You can bet that with a Major Network upgrade apple introducing new features second hardware spending softens. Ceos could spend less on Technology Next year vendor from dell to hp have highlighted macroeconomic challenges with, bad news for hardware makers but good for others like cloud giants including amaze and microsoft. Technology that could be cheaper for corporate customers. Third make or break or wearables. Apple dominates wearables with the watch and air pods process now its time for rivals to make a choice throw in the towel or stip it with up acquisitions or the google plans to buy fit bit or introduce competitive proirkts or microsoft with the surface ear buds coming in the spring. Thank you, josh well, dan youve been all over the tech trade this year what are you looking at for the new year. Its about mag oi microsoft, apple, google amazon in the new year. Making up half of the nasdaq 100. And they have outsized ganes i want to focus on apple because josh had predictions 5g, the ramp, thats important to remember it was up 86 on the year. Up 100 peppers from the january 3rd 2019 lows thp this is a year where earnings and sales did not grow for apple when you think about the multiple the stock is trading at, its pure multiple expansion based on what is to come in 2020 and i think the idea of playing for some 5g supercycle doesnt make a whole heck of a lot of sense right now. I want to make another point we talk about semis a lot and they outperformed. There was a headline huawei we know where they sit in the global trade war they are the number one market share provider of smartphones in china. They released an i feen 11 alternative in their home country that does not have any u. S. Chips when you think about this, if this trade war is to play out, we see nationalistic tendencies on brands and then you have the inability to put your u. S. Products in chinese brands, those are big headwinds that i dont think are accounted for right now. And im a little worried about apple up 86 on the year alltime highs let me push back a bit. Yeah. Going into the year it shouldnt have been where it was trading. The fact its up 86 on the year i dont look at that as a big a move as you do about you are you saying you dont think the 5g phone will be successful there or its already priced into the stock . Or both. I think if you think about what this trade war is about its about china tech and u. S. Tech i think china definitely in smartphones is moving in a different direction. They like the bigger phones. It was an aspirational product three or four years ago. Last year when the stock wagon killed down 35 in q4. They stock the iphone decline 35 in kaerld q4 im not certain you might not see a big decline in the q4 we ende all the worries to karens point all the worries were in the name of headwinds but when you talk about multiple expansion they should get the multiple expansion because they have services and streaming. The way will same way disney gets a multiple expansion i believe apple should get the multiple expansion nowic the kicker where the hardware actually starts to perform. And now you have another phone. Do you, though . Yeah, yeah, because. Whats that the wearable. Thats the question, do you. I no to me iphone units havent grown in the last three years. Right. If everything zpends on the installed base you need the installed base to grow the unit you need to grow is iphones. You cant create a system when you have a. You have the potential for a another supercycle with 5g and also over 46 billion in revenue coming from services with an installed base i hear with you the air pods but thats growing dramatically for apple. I think the deskrermgs is Services Growth is the story in 2020 youre not seeing 50 growth this is a mature business. You need the installed base to grow its growing in the teens right now. The trade gets better from here Going Forward i think that the market will move apple even higher apple and microsoft account for as we all know the stat, 15 of the s ps move so its reliant on the two names performing. Big moves in tech, big inmy really outperforming up 62 , the etf backup the more fast money coming up after the break. Here is what we have on top. Announcer on this new years eve we are going back. Way, way back. The warning signs one investor is seeing that remind him of y 2 k. Plus a rough year for pot stocks will the cannabis sector turn things around in 2020 . We have that and a lot more when fast money closes out the ca dede [narrator] at Southern New Hampshire university, were committed to making college more affordable. Thats why were keeping our tuition the same through the year 2021. [woman] i knew snhu was the place for me when i saw how affordable it was. [narrator] find your degree at snhu. Edu. If you listen to the political it sounds like we have a failed society. But nothing could be further from the truth. Americans are compassionate and hardworking. We arent failing. Our politicians are failing. Thats why im running for president. To end the corporate takeover of the government. And give more power to the american people. Thats how well win healthcare, fair wages, and clean air and water as a right. Im tom steyer and i approve this message. Welcome back to fast money. Come july from the Nasdaq Market site overlooks times square. We have 2020 vision locked in on the location set to drop in less than 7 hours from now the ball is come down. The ball is coming down hold on. Music selections you have nothing to do with it its not your fault but jonesy in inglewood cliffs, our guy. The music selection im looking at you, miserable job. Get zeppelin in the next block and youre listening it was a big year for the fed but the next guest rings the alarm about what to come Bianco Research president is making a scary comparison in what the fed did in the run up to y2k and he hayes history may repeat itself. He joins from us chicago you have to explain. I was at a heart and someone flicked the surge and all the lights went out. Freaked us out. Back in y2k when the calendar was changing 99 to 0. We thought the computers were reading at 19 oh oh and stop working and planes would fall from the sky people recommended at the time that everybody run to an atm before y2k, take out two weeks worth of money buy groceries and the fed was afraid there was going to be a giant bank run and the atms would not have enough money. They created special lending facilities to stuff the banks full of cash and reserves to make sure they could meet those needs. Now, that never happened but the banks did get stuffed with a lot of cash and reserves. And that i think was part of the fuel because the nasdaq bubble was in full bloom. Now to be clear, it wasnt the only reason we were have a bubble in the nasdaq but it certainly contributed and the problem with all of these systems is not that you stuffed the money in thats what we are doing now, trying to fix the repo problem, stuffing the banks full of money or reserves to try and get over 1231 for the repo market which we did its in the future, in in the First Quarter when you try to get out. And you pull that liquidity back, you have hiccups you had problems with the markets in april much 2000 when they tried to pull back. The fed is targeting the second quarter, april again, to try and maybe get out of this process that theyre doing now and if theyre not careful pulling back that liquidity can be problematic for the markets that will have come to rely on it which is what i think they have since october so, jim are you saying they have to be careful not to process put us into a recession . Or thats not exactly the same setup because of what we had before with also the tech bubble starting right we didnt have a recession until 20 months later. But what we did have was we denied the market liquidity. And we did have problems in markets after march of 2000. Especially in the highflying tech sector which was really moving along i think thats the problem the fed has to face. Its easy to bury a market in money to get over a problem. Which is what theyve done with repo over literally today its hard once youve got that done to say, okay now that ive put 400 billion of support into the marketplace, i need to take that back out. And i dont want the s p to notice that im taking it back out. Thats going to be the trick and quite frank will i im not sure how they can do that without being waves along the way. The short answer is they cant. I think you understand that. But let me ask you a question. What does the fed see everybody talks about the repo situation being normal in my world there is nothing normal about it. Started in september, now basically january 1st. What do they see the rest of us dont . Or what do they theyre not willing to tell us what theyre not willing to tell sus they overregulated the repo market. They were so afraid that market was the source of the next problem. They put rules on rules. Its basl three rules. Treasury rules and lots of other rules they Restricted Bank use of cash. The banks have come out, jamie dimon came out and said back off rules and we could start lending again and get past the problem and Elizabeth Warren and ellen blinder, former fed chair. Sheila bear frormd fdic said dont back off banks if you are not pulling back on regulations and overregulate the banks. I dont know how you get out of the problem if thats the problem. If the fed is a permanent supplier in this mechanic, thats a credit market you dont want them making credit decisions, even though they are collateralized loans, that will distort markets Going Forward. Theyre in a bad place thats why after three months they havent got an answer for us how theyre fixingle problem. Jim bianco thank you for being with us. Happy new year join us again in 2020. Happy new year to you. Coming you you may be gearing up for a big night out but restaurant stocks were staying in this year we break it down for the seccer. And later traders lay out new years rfrmgss how they fetter the portfolio in 2020. Stick with us. Fast money back right after this its tough to quit smoking cold turkey. So chantix can help you quit slow turkey. Along with support, chantix is proven to help you quit. With chantix you can keep smoking at first and ease into quitting. Chantix reduces the urge so when the day arrives, youll be more ready to kiss cigarettes goodbye. When you try to quit smoking, with or without chantix, you may have nicotine withdrawal symptoms. Stop chantix and get help right away if you have changes in behavior or thinking, aggression, hostility, depressed mood, suicidal thoughts or actions, seizures, new or worse heart or blood vessel problems, sleepwalking, or lifethreatening allergic and skin reactions. Decrease alcohol use. Use caution driving or operating machinery. Tell your doctor if youve had Mental Health problems. The most common side effect is nausea. Quit smoking slow turkey. Talk to your doctor about chantix. A Little Party Never Killed Nobody its been a pit of a luke warm year for the restaurant sfoks. Check out dime and bloomin brands owners of popular chains those stocks up double digits but trailing the broad are market same for darden barely in the green. Brinker. Owner of chili down more than 3 the next guest is no stranger to the food space ceo of apple metro operating several apple byes thanks for having me. We have been talking about the consumer and the strength there, really supportive of the broader economy when the other macroeconomic factors facilitiered or stable at best. Yes. What do you think about the state of the consumer into 2020 . Strong, flashing warning signs. Not warning signs, still strong, spending the problem in our space, restaurant industry, all segments what we call fast food, quick service, fast casual and were casual dining Table Service is its in a transformative stage doesnt know what what its going to be coming out of 2020 it has indicator we have delivery uber eats, grub hub, all the models to deliver. All sorts of to go items we are a Technology Business mcdonalds as you know bought two Tech Companies this past year spent some hundreds of millions of dollars doing it. Theyre in the food business what are they doing buying Tech Companies . Because its about making it easier for the consumer to buy so iphones, youll be able to order from the menu. We have an app thats called im here so you come when you order before you get there it will track you when you sit at a table and you push im here and well deliver the food its all about trying to compete for the consumers time. The good news versus i listened to your earlier block about technology and all the wonderful things they still have to eat so we dont have to worry about whether theyll eat. We have toware about how theyll eat. And we have to worry about attracting them to us. What about running the business as wages increase and you ask the staff to work with orders on the im here app as well as balancingall those drinks at the same time. You got to navigate it. We saw for example here in new york city three years ago they announced 15. The past year i sat here and it was the start of 15 minimum wage now people are realitiesing about 20. Here is the difference and why i think the economy keeps chewing right along, the technology piece, making us more productive, doing more with less, so when i started in this business we thought three table stations for a server was the way you give good service. Maybe if they were super, you gave them four tables. Today they have ten tables and why do they have ten tables . Because they have a tablet that they take your order, push send. Goes into the kitchen. They go for the next table take dsh and we have runners from the kitchen that just bring the food back to the table and were in a transformative stanl. We have to reinvent ourselves. The big challenge as i see it is getting people off the couch and getting them out to come in. Now, we can handle this through the third party to go. But we have the big boxes. What about the third party in to go . I get that i get the efficiencies how you head off headwinds with technology. Sure. About but it seems like a race to zero with the Food Delivery Companies i get the better for you but can they survive what does that look like. Thats a question i ask myself because they all started off a year ago about at high prices. I cant share with you what the prices are today in fairness but its slowly morphed down im not sure what the model says how its coming down and coming down youre absolutely correct. I can only believe they are trying to compile the billions of people and theyll be able to tell advertising because these are like cable tv. Specific channels. They stay home, order, eat a steak. They know anything about anything the russians are spying on our infrastructure for arms race were spying or theyre spying on everybody about whats the consumers habit how are they going to eat . Because here is the good news. And i tell our people this all the time we get in the habit of eating when we are born and you never break it you never break it. Zane, youre an amazing businessman. People should google your name and see what youve done the last 40 years. Its remarkable. Thank you. Your costs keep going up. How sensitive dollars and centswise is your cliental to a menu item changing, is it 5 cents, 50 cents . My sense its less than people think. Thats a great question ive never been asked that question its a nicol a nicol prices increase we get phone calls. I read about 20 oh 0,000 meals a week i read every complaint. Sorry about that i apologize. I was talking you about that off air. But the reality is its not that many its 30, 50, maybe maybe 200,000 meals a week but the one with he get if we raise prices by a nicol lots of pushback, very sense i have consumer i could go down and eat it for 6. 25 and you charge us 6. 35. Ten tables thats asking a serve are a lot. I should disclose i worked at two different apple byes in dayton, ohio dont mean to brag but i was not a good serber. You have a busy night tonight what are you offering the revelers in times square. Thank you for asking, as a matter of fact, kourtney for 500 500 we have a vip you sit at the window, look down and see the Million People as you guys do for free in fact, i was asked on air yesterday, i said, well for 400 oh what does that get us 400 oh it might get you into sometimes square certainly in our restaurant. But you might get into sometimes sometimes acquire. Its 50 oh for a vip, 400 for regular seating. We lock the door have prime rib, entertainment, all you can eat and drink. And here is the irony and as we talk about the market. Nobody is from new york. Nobody is from the United States they come from chile, argentina, mexico, all over western europe. English will be the second most common language youll hear in either of our restaurants tonight. I hope its a wild success. Thank you for joining us. Thank you so much. Youre on new years eve. I appreciate it. What do we think. Guy lets start with you. You look at restaurant stocks and strength of the consumer. Mcdonalds has been a monsters its a technology play now valuations are stretched one i was wrong on a long time but cmg, you look at the stock and say valuation doesnt make sense. But there again growth is tremendous and they turned into a tech company as well. All the names out there, the one with still upside is cmg. Up 94 for the year. Dan whab what do you think. I want karens opinion on mcdonalds down 10 from the alltime highs trading 24 times thats reasonable for the multiple if you expect growth. I know you owned it. I have i havent in a long time i got out way early. I love the franchise and what they are doing i think theyve been ahead of the game and i think that dsh ive seen the power of digital and i think that it will work for them i know its wsh as you said, down for the last couple of months not good but i think they are of an incredible frachlz 24 isnt crazy i think they can grow. I quit Outback Steakhouse thank you for being with us tonight. Are you looking to shed a few pounds or save money or live a happier healthier live i we look at the stocks poised to pop and one options trader bets this is the ultimate protection play. Look at the mystery chart. That strategy and more when fast money returns always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. 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 Commission free today. Dont get mad get e trade and start trading [spokesman] if youve tried colleg group cheering shed, snhu lets you transfer up to 90 credits toward you bachelors degree. [woman] it doesnt matter how old you are, you can do it, you can finish. [spokesman] finish your degree at snhu. Edu well back to fast money. Come to you live from the heart of new york citys times square. Youre looking right there at sometimes square the ball set to drop in a few more hours the people are there, everybody is ready and the major Global Markets closed out an incredible year. But one trade ner the Options Market made a multimillion dollar bet abroad. Mike khouw is out in San Francisco process with the options action. Give us the trade, mike. Sure we are looking at efa, the msci dwelled Market International fkt etf appear it sue two times as put puts as well as calls. Over 90,000 contracts totals as somebody adjusted a hem position they sold 15300 of 65. 50 puts. And sold 5730 of the february 7. 5 equals and used the proceeds to finance the purchase much 15,300 march 69 puts at the money puts. By putting on the trade he give away some of the upside in ifa and get a 5 in the fechlt a in but they notice two different expirations. What happens here is thets february options are actually going to decay more rapidly than march will and if the march apgs oh options have the same average implied volatility 30 days is what they have at expiration the trade will have will little to no carry cost to fut on the hedge. Basically this is not a tail hedge. Its looking for potential for a short nearterm downside. Mike, thank you so much efa. Is that trade. And for more options catch the live show friday at 5 30 p. M. Eastern time but coming up next, the pot trade fizzled this year. But is the sector heading high ner 2020 get it well get answers. First look at our cramer cam jim has something for the whole family breaking down the best generational investing advise. Be sure to catch it at the top of the hour. In the mnte,eaim more fmd right after this everything your trip needs for everyone you love. Expedia. For everyone you love. Or more on Car Insurance. S could save you fifteen percent Everybody Knows that. Well, did you know pinocchio was a bad motivational speaker . I look around this room and i see nothing but untapped potential. You have potential. You haveoh boy. Geico. Fifteen minutes could save you fifteen percent or more on Car Insurance. And with the sXfinity Stream app, screen is your big screen. Which is free with your service, you can take a spin through on demand shows, or stream live tv. Download your dvrd shows and movies on the fly. Even record from right where you are. Whether youre travelling around the country or around the house, keep what you watch with you. Download the Xfinity Stream app and watch all the shows you love. Welcome back to fast money. We are live from the Nasdaq Market site in a jampacked times square in new york city. The party is under way look at all those people already in their corals. New years eve. In the corals think about what you said. Security coral. Great job by jonesy this is veg boy or somebody. I dont know. Advantagea boys zb. And vega boys. Same. Same it started as one of the hottest trades of the year and up in smoke. Pot stocks investors put egg them out after a sizzling start. Whats ahead in 2020 here is the pot playbook there were High Expectations for cannabis stocks in 2019 as Recreational Marijuana became legal in canada. But pot stocks took a plunge in the second half. Here is what to watch in 2020. First Cannabis Company comeback a slower than expected rollout of Retail Stores in canada put pressure on Legal Cannabis companies. But the industry could get a boost with more more stores in the big provens of ontario and quebec slated to open in the first half of the year the holdup fueling the black market has been caused by confusion between the national and prove inks governments over supply and demand for recreational cannabis. Second consumable cannabis. There will be a push in 2020 for consumables to be standardized to customers know to what expect with each use similar to alcohol consumable are higher priced and harjen nan inhaleable products like cannabis flower and pro rolled that means drinks and edibles could be opportunity for higher revenue. Third, no federal legalization. The u. S. Federal government legalizing marijuana may be come sooner than you think after a bill passed committee in the house. But as the president ial election approaches, getting the full house and senate to vote yes could be a challenge meanwhile, more states are passing bud bills. This year, michigan and illinois became the 10th and 11th states to make recraigele use legal several others have grass roots efforts under way. Thank frank holland. Guy, quick thoughts here. I got a quick thought tim seymour is obviously on vacation gw pharma this the too many last near doubled back to 95. If you look for a trade the one that sets up risk reward is gwph. Sochl some of the names soared down some down a lot till ray off 75 year to date. 2019 coming to an end and new years rfrmgs pb falling into a couple category people want to get fit, save money and kick the social media stab habit. Our traders are making stock resolutions. Digital detox tell me about in. Get the face out of your phone. What better way than stop looking at twitter i dont look at it all the time. Its up 11 year to date but margins impacting. Revenues come in last time the stock was hit back in october for 25 . And what happened in it was a bad third quarter. Guy stay out of the name for now. What do you think, dan about snap up 195 year to date. There is scarcity value embedded in the move with snap i just think its a small market cap there. Its not really kind of moving the needle as far as Online Advertising either i would not be buying that one here. You did one earlier in the year. I liked it when it was a hat size guy adami hot size sombrero. Karen what stock are you staying fit in moving to fitness. Its not easiest. Its a note a great company. A little expensive, nike but if you look at peloton, peloton you cant its not math matically expensive you cant divide by negative to come up with a multiple. I dont know how to value it and i think about the staying power of nike. You cant hope for the big Fourth Quarter for christmas or a Weight Watchers. I like a steadier business nike has done a tremendous job growing around the wrl even though expensive. China is new there. Direct to consumer. Valuation is probably the knock on nike. They have done everything right. The kaepernick proved to be a low point for the stock. Im with karen valuation aside i think mke works well. Im excited to see what happens under the new ceo. Dan everybody wants to save money. What could be your trade. In 2019 Goldman Sachs a bank stock, they got focused on helping consumers, introducing markets, sproused the apple card and i think those are really kind of interesting initiatives. Obviously some big headwinds as one mb issues hopefully rvd. January 29th they have the first ever investor day that could be a catalyst for the stock moving highe guy, what do you think. Im oxygen on the wrong. On the food. Im on the wrong side of 55, now now im 56 years old. Why are you yelling. Because i cant. He lost his hearing. You want to eat better. You want to eat well but when you eat well you eat things that dont taste good what duv you need to season the suckers you pour on the salt, pepper look at mccormick. People playing against it a long time doesnt make sense. I think the stock goes higher. Guess what this might be a stock that somebody no pun intended gobbles up on 2020 throw pepper on this. Thats interesting. Of course it is. Karen you mentioned thinking about Weight Watchers a lot of people talk about those at the end of the year but not a trade making sense to you. Its not crazy. The oprah thing was transformative i feel stupid he wasnt on that. She had a huge stake its not for me, though. A lot of debt there still. Fair enough well up next we look back on the year that was here on fast money. And your fstir rate for 2020 well be back in two dont go anywhere. Or make me feel like im not really there. Talk to your doctor, and call 8442342424. We believe in education built for all people. , [woman] snhu was the best experience of my life. [man] without snhu, i wouldnt be the leader i am today. [woman] i graduated high school 19 years ago. I still finished. [man] in the military, you feel that sense of accomplishment. Thats what snhu is. You will march from this arena and say to the world. I did it. [woman] you did it. I love you. [graduate] i love you too. At the stroke of midnight. Welcome back to fast money. We are live at the Nasdaq Market site in times square just below us 1. 5 Million People all lining up to watch the ball drop in just over six hours from now. It was a record breaking year on wall street. And even more momentous on fast money. We decided to take a stroll down memory lane and revisit highlights from the past year. I allow ten seconds of needless chitchat. We usually get 59 minutes i mean thats not a bad job if you can get it because the stock traded. Thats him. Thats him. Such a tim move. Why is guys miscoup a look at tim. We people dont know who kid in play. Great here. If you ever have some guy twist your arm behind your back . There there is a glow in your eye ive never. Im not a geomerrittist. Im the chief beauty correspondent here. Thats a ridiculous thing to say. Look at you. I feel like i might look too good. But you worked fo a hour. This is not a fashion show. The shirt looks like a table cloth zloo. Im not on tinned we are brian. I guesses a hung hunk. This is the best of tim reel. Naked both sides on the s p. Lost the chicken. Base. Very parallel noodles a company. Bagels and rubies this goes on. This is off the chain as the expression goes. Man of few words carter worth. He raises the notch on the vocabulary. Is a word smith. Dan wrote sell before he walked in. He wrote it yesterday. Speaking tight to you dan id agree with you but wed both be wrong. Oh, my dinner table growing up this is why melissa runs the show because we need this information. Wasnt this a fun show it was fun. And youre off next week. You miss me. Eh just pretend. Of course i miss you. That was quite a fun year guy, what was your favorite moment there. Well a lot of favorite moments. I mean this might be my favorite you might notice mel hasnt been here a couple of weeks happy to report she had healthiy twins, a boy and girl. Watching right now congratulations melissa lee. Quickly we have an amazing crew. You get to see the five of us. But everybody behind the scenes including people at the nasdaq are amazing. This show doesnt go on without them thank them as well. Absolutely happy new year to everyone and thank you to the Hard Working Team at cnbc nasdaq, time for final trades we dow around the horn grasso up first. West rook wrk value outperforming. We see a switch from the growth companies, Tech Companies wak to cyclicals. Wrk. Buy that one. All right karen you are up. Two things i got to say, melissa we are so delighted for you. Its the best news possible. Congratulations. Im going with the girl that brought me alphabet coming into the decade sticking with what i got albet for next year and dona happy new year. Dan what do you got. To reiterate the goldman thing, the january he investor day could be an important moment if it comes in early in january you buy it play for the end. Mr. Adami. Wishing lindia happy birthday happy new year. Rates go lower tlt. Thank you for letting me be here for tomorrow. Back on thursday at 5 00 p. M happy new year my mission is simple, to make you money. Im here to level the Playing Field for all investors. There is always a bull market somewhere and i promise to help you find it. Mad money starts now hey, im cramer. Welcome to mad money and cramerica. People want to make friends, im just trying to save you money. My job is not just to entertain but to educate and but teach us so call me or tweet me at jim cramer every night i come out here for two big reasons. First is obviously, i like the attention. But the second and more important reason is that i want to help you buil