What this means for the retail trader, and Roger Mcnamee will be here. Lets get this the party started. We begin with a simple and perhaps not an easy question the dow at an historic high. What is the first thing a Retail Investor should do right now . Thats why it is interesting. Dow 20,000. Retail investors will put on the evening news, see lester holt lead with dow 20,000. It gets people talking about the stock market. They can say it is not a big deal but it is a big deal because people are engaged once again. People can look at the stocks. Names like home depot which made an all time high today. We talked about mastercard and visa forever. Both of them at all time highs. And at t which everybody has heard of. Is it a big deal . Yes. Are there name you can still buy, absolutely. Should we be worried that buying at the tops . What is exciting, it is happening at a time when i think were getting global synchronized growth. I talked about the pmis that have been extraordinary. A country like germany, i know this is about our stock market but if the rest of the world is happening at the same time, it will go higher. The banks have led us. You had a pullback, at least a sideways move in banks. They can go higher. And then you get back to, value has been worth buying. I think you stay in the places that still offer value. We talked about the autos, the airlines. I think those places can still be bought. I would add a big part of value over growth. What has been leading . If you look at a dow stock. Look at apple. Thats still 9 from its high. They buy back a lot of zpok it is a product driven story. If the dow will continue to eek higher, the dow could get back. We had financials lead, industrials lead, weve been waiting for this moment for 20,000 for about a month now. This is what it was like. These were going around the floor. We set these out. We didnt want to pay for overnight shipping. We got them today. Dumb luck. There is something for everyone. Tim said about financials, youve had industrials, everything lead. Now the market as a whole will go higher. These are very important mile stones. You look at the 5,000, the 10,000, the 20,000. They do pull everyone in. Not just retail. Institutionals as well. I think theyre in but theyre waiting. When you get Something Like the happen, theyve been sitting on their hands. They own what they own. Theyre staying long. When they cant wait and wait. Everyone has been talking about the pullback after inauguration. It hasnt happened. The volume was not crazy today. But look at the next couple days. And this all happened as the vix closes at the highest level since july of 2014. Incredible. We high blitd this rally was, one of the Things Holding us back is the dollar. How about the dollar is at a two and a half month low . We have the catalyst of earnings. It starts at the very beginning of earnings sweengs jpmorgan and bank of america. Theyre going to understand, thats a big momentous number. Theres something to focus on. Were focused on the 20,000 but also the s p 500, the broad diversity of this. The nasdaq itself which has been strong. I think what people have to understand, what is still reasonable at these levels . Financials and theyve crushed it so far on earnings. And technology. And weve seen them crush it so far on earnings. You look at dividend yields. Youre not chasing. I dont think it matters even if do you chase. You have to be careful, right . These overvalued this is not about a value play. This is more about a rotation play. This is more about guys that want to get this, they feel like theyve missed something. Been allocated more into bonds. March, we were at 16,9900. This is reaffirmation. A lot of people who watch our show are advisers and high network people. Thats the message today. It doesnt mean you have to chase anything. Ever. But it is an exciting day. Thats true. Up it is a reflective moment. You reach this milestone. You say, lets say Goldman Sachs. It hag has contributed more than 350 points of the dows move since election day. Is that a stock you stay long . Is there still value in Goldman Sachs . These are the questions. Ill answer quickly to say, weve said this for a while. Ive not been bold financials at all but what i have said, people are looking at financials differently. Theyre not looking at it in price to earnings. Theyre looking at a price to tangible book. And at its heyday, it was 2. 5 times. Now it is 1. 35. It is the i dont think theyll get back there. I think the leverage ratios are so different. The return on capital will be very different. You mentioned something on valuation. I think well have a really great snap chat. We see the reaction to the earnings, investors in late october did not like the idea of where those guys were trading. We sound a little excited here. Dow 20,000. We should be. Nasdaq record. Should we be worried about buying at the top . You meant highs. Calling it top has been a losing endeavour. I said top because you can be at a high and not be at a high. And i said top because thats the only reason you would be afraid to buy. Such an historic night. Im not trying to call it top at all. Im saying that could be a fear, that this is a top if the market stays here, when you say chase. It is different, chasing versus participating. If it does hold at these levels, it wont give a lot of chance for guys waiting for the pull back. And you will see it. It will be shortlived. And earnings are very important but how much is the clarity that weve been getting since donald trump has been elected as to whether or not he would actually execute his agenda and seeing the pace at which he has signed executive orders, tapping things that he said he was going to tackle. I think the other tail wind is right in front of us right now. The catalyst of knowing numbers. Whether it is Goldman Sachs or jpmorgan, weve heard from the transports. When you start getting more and more information, which we are getting. Boy, it is impressive. Then when you look at the vix trading at 18month lows, you can still be in and it then if you are wrong, if were wrong right now and we see a pullback as early as the next few days, you have protection at incredibly low levels. The insurance policy of our portfolio is as low as its went the last year and a half. Exactly. Youre happy to lose that story if youve been able to stay in the market. And youre rolling up cheaper each and every time. The dow hitting 20,000, whats left to buy . Joining us now, one of wall streets boldest. At fund strat global advisers. Good to see you. How are you feeling about the markets . Well, i think these round numbers are important for long term thinking, right . If you bought a bond 30 years ago, you paid hundred, you have a hundred. You bought the dow 30 years ago, you paid 2,000, you got 20,000. I think thats why these round numbers matter. So it is really positive. Do you think it is a march higher . What do you think markets will be like in the medium term and slightly longer . I think in a general sense, were still bullish. I think it is mid cycle. It is very tough on argue were going to be higher over the next four months. S in a risk were down year to date. What are the risks . Buybacks wont be the steady buyers. The yield curve is sending a very mixed signal. The long term is flat. The bond market is confused about how it is developing. I think theres policy risk out there. And i think the bond proxies are still expensive. Youre paying 19 time for staples and 17 for utilities. So the resources, technology. It is an acronym, crap group. Crap. Only five groups growing earnings double difference. It is computers. Industrial tech. Resources which is energy and materials, american based banks, and telecome. Phone carriers. You want to buy crap. You want to buy crap. I do think it matters. Thats the feeling. Deregulation. So lets talk about earnings season. What sector is set up for the best surprises here . On a bar that might be kind of low. I think the bar is low, weve done a lot of work with it. This is a really good time. Mid cycle for people to say, what has not, what have i taken off my list to buy is this the drillers, the tanker stocks, metals and glass but also i. T. Consulting. You dont have, casino stocks. You dont to have buy junky things. Stuff that people have forgotten about. What is your biggest concern about consensus thinking right now and where you fall. Yeah. One, i think everyone has a base case. Unless everyone says single digit. What is your alternative case . Everyone is jumping to the upside case. I think theres a bias to lean more bullish. Thats a concern. And i think there is stale very big consensus in health care. People forget, health care can get cheaper. In july, no one wanted to buy it. So financials show that good groups can get cheap. Tom, thank you. Tom lee. If that is so, health care could sell off ten times multiple, thats arguably bad news. That will be bad news for biotech. Can it get on a ten multiple . Some of them are south of ten right now. Names that are dominating, amgen is above 10 but still very cheap. I dont know if names can get down to 10. Youre seeing a name like bristolmyers as being band i had about as takeover stock. Im not sure if it happens. At least the headline risk might be over health care. The one biotech, we talk about amgen all the time. But sooner or later, there will be acquisitions. Right around levels where it is, a dollar or so higher. Youre getting a dividend yield. This is a name and thats one of the names that gets thrown around. Were you buying today . Not that specific name. Today i was buying in chips. That that is the place to be. Today i bought qualcomm. Im interested to hear what they say on the call. I believe chip stocks is the place to be. Lets remember, on health care. When the Affordable Care act was passed, everyone thought would it kill all these hmos and it wound up creating such an upsize surge for them and i think obamacare has actually hurt a lot of them. That i think goes higher. I want chips attached to apple. Sky works. Still ahead, will the dow 20,000 bring a flood of investors back into the market . Tim hockey is here to weigh in. Plus, if the one dow stock guy adami says you can buy right here right now. Hell give us his fast pitch. Well flare the ceos on their quarters. We are back on this historic day on wall street. Dow 20,000 has gotten everybody excited. Theyre having a brand old time. Thats 20 k, yeah whats going on . You are looking at a picture of the nasdaq guy right before the show to get on the desk on time. I should go run in there and join them. Theyre doing the macarena they are sinking followings the earnings reports for qualcomm. They wrap up the earnings calls. Julia is covering at t in l. A. John is calling from qualcomm in headquarters. Well hear from john later in the show but lets hear from julia. Randall stevenson striking quite a positive note on the call just now, talking about how the Trump Administration will been fipt at t. He said the company is so confident it will be able to close its acquisition of time warner and he was talking about how it will help by cutting costs and expanding adjustments and driving revenue. I have to say, i was impressed. I was meeting with the ceo. It was obvious. And the president had a very specific agenda in terms of what he thought was critical. And that was tax reform and regulatory reform. And we spoke at length about each of those. And i would tell that you the man, the president is focused on these. So i left with a degree of optimism. And with President Trump appointing a new fcc chair this week, stephenson explained how it would help at t. This would be very helpful to clear the underbrush of regulation, bring predictability to the environment. So were optimistic in terms of what a pyramid pie would bring to the industry. Well, it is expected to roll back Net Neutrality regulations, he also noted more streamlined regulation could help jump start capitalism industry. He said he believes it makes sense for at t to buy time warner as mobile video ajoin. Is it even more clear . I think whats really important, we saw verizon the other day. We talked about while the Service Revenue is declining. Down 5 ners 2016. What is important here, look at the moves they are making. At t trying to go vertical on the offering. When this deal closes, and it will close, it will look like a different sxoim that puts a lot of pressure for verizon to do something. I think the potential upside, theyre so confident, why dont they just buy time warner . Time warner closed just under 96. So you have about 12 there with upside. If you want to go in the telecom space, maybe go tmobile or sprint which are year to date, when you see a telephone. We talk about potential combination, in todays session, the an all time high. What do you look to now that at t and time warner sound like it will go ahead . You wonder what some of the other guys will have to buy with sprint and tmobile getting into the content game. To me the question what is the valuation . Theyre supposed to trade at. At t is, which was a yield play, is now possibly going to be spending more money and reinvesting. And the Entertainment Group was a lost leader in this. So i think it is more about what is the multiple you want to pay for what was a teleco stock. All about, the at t, the verizon. Then the deal for netflix which everybody is saying ridiculous, might not be ridiculous anymore. You want to get into the content game. Content and distribution, nobody does it better than netflix. Roger mcnamee tells us here thinks the big winners and losers could be. Youre watching cnbc, first in business worldwide. Its done yes, mr. Frodo. Its over now. It is. The dow finally crossed 20 k. Will it bring the Retail Investor back to the market . Plus, with dow at 20 k, guy is pitching the hot stock for your portfolio. The name when fast money returns. But since im over 62 years old, a friend thought i should first look into a reverse mortgage line of credit first. Can you explain the difference between the two . Sure, well, when you take out a home equity line of credit youre required to make minimum loan payments every month. For a while, that payment may be interest only. But after a set period of time, youll have to start paying back the principal as well, which means your Monthly Payment may be substantially higher. 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On this historic day of the markets, to celebrate this historic day, we are bringing back the fast money theme song. It was a record day interesting dow closing above 20,000 for the first time ever. Meanwhile heating up with big time name like microsoft and intel. We have apple, amazon next week. What can we expect from these mega cap names . Roger mcnamee will be here to tell us who he believes will be the big winners and losers. Plus, guy adami says it could continue to soar. Can he convince the other traders to buy in . He will deliver his fast pitch. So will the dow 20,000 marker act as a magnet for Retail Investors . What do you think . What was the reaction on the floor . I think so. People have a wait and see approach with this type of event. They want to shoot off against it. You have a lot of algorithmic trading. And then once you have reached it, crossed over it, it is a huge event for both the Retail Investor, a lot more trading activity once you cross over it. I know that a lot of the retail trades have been leading up into it. They got excited with the market running 10 . Lets go to the man who has been on the floor of the New York Stock Exchange all day. So melissa, the party has wound down at the New York Stock Exchange overall. Still, it has been a bigger part of the narrative. And among publicly traded Electronic Retail brokers, trading activity has been on the rise over the past couple of months. Heres what were talking about. His team is looking at a metric called daily average revenue trades or darts for short. A measure of average daily retail Trading Volume if you look at schwab, etrade, as a group. The amount of trading has gone up by 21 between november through month to day part of this month. If you look at the number of average daily trades in november compared to the average first ten months of last year, the number are still up 12 . The bullishness may be reflected in how well the stocks have performed overall. That stock is up 25 . Schwab up 30 . E trade 29 . This is all echoing the strong gains in other parts. Now, he does caution, however, that retail trading activity most recently, thats to say the last few weeks, has been tailing off substantially. So with the stocks in record territory, a big question for everyone is whether retail traders and traders continue to be part of this bullish story. Back over to you. Thanks so much for that report. From the New York Stock Exchange. Will the Retail Investor come back in the market now that the dow is over 20,000 . Who better to ask, the Worlds Largest online broker, Td Ameritrade. Good to have you what does this mean for the Retail Investor . Weve been celebrating all day. It is a pretty big day. But it is mostly a reminder of a milestone that we all liked to record in our lives. I think about all the way back to 1896 when we first had the dow. There are other americanures and theres been lots of conversations on cnbc whether this still matters. It does matter. It is a big marker in our country and around the world. We think of our history back to 1975. That was at 600 when we started. So we think the Retail Investor was a big part of that rise, from 600 then to 20,000 today. It comes with the back drop, the nasdaq and the s p 500 also hitting highs. In terms of whether it is trading activity or new accounts open. What do you see after a milestone like today . It remains to be seen what will happen tomorrow. We had a big trading day not just driving this record. It was just a couple quarters ago when i was getting questions from media with whether the Retail Investor was gone from the market. I said i dont think this is an actual big trend. It is a cyclical part of business. We clearly saw what i would say is the tale of two quarters in one when we announced earnings last week. Before the election and after the election. It was clearly after the election the Retail Investors got reengaged. It was the traditional more long term. They were making secular rotations out of what they held. Snaeg gains and picking what they think will be the winners in the new trump economy. When you look back at when trading was very, very popular amongst retail individuals, 1999, some people make the case that people got burned by the bubble. Some people might make the case peel got burned in the financial crisis. They are not coming back. Or it has taken them a long time to come back. Do you agree . Or is the Retail Investor just a different breed . I think it is a different breed. Certainly there are the market effects that did have a toll. Were growing at about 60 billion net new assets in any given year. So what were seeing is reengagement. Plus a lot more instruments that the Retail Investor can trade in. It used to be just those equities. That same time frame. Ten years ago it was only 10 of our trades that were in futures, 4 x, options. Now it is 45 . You may have just hit my question. The impact on your business, people feel more empowered to go after options . A new instrument available for Retail Investors to trade with. And they do just that. Rather than having to do the research on an individual company or an individual hypothesis about ge, for example. They get to choose, no, im going to play in a whole sector. Last question before we go. Dom mentioned that they noticed a tail off in terms of the level of trading activity. That coincides with the market being at flat line now. That we picked that up, do you anticipate that to come back . I think the rally around the 20,000 mark. It will educate people and grab attention. Once that happens, you might see more of a spur. As we all know, this is one day, one particular number. More based on fundamentals and what decisions get made at senior levels that will drive the markets. Thank you. Check out massive runs. The commercials have probably done more for Td Ameritrade. Thats fun. Fast money should get on one of those. The valuation people will knock him down on valuation but i think it is a wide open area. And Td Ameritrade is the best in the bunch. Interest rates rising is a tremendous tail wind for Companies Like this. This is something they have to sit on. This is a big story for them. Still ahead, qualcomm, the company has been under scrutiny the in a legal battle with apple. Plus, the dow sitting above 20 k. And guy adami says it will go higher. Guy is warming up for his fast pitch. So i trade with e trade, where true traders trade on a trademarked trade platform that has all the. Get off the computer traitor i wont. cannon sound mobility is very important to me. Thats why i use e trade mobile. Its on all my mobile devices, so it suits my mobile lifestyle and it keeps my investments fully mobile. Even when im on the move. Sign up at etrade. 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Commercial airline growth might not have been what everybody wanted that you it is better than everybody expected. And you talk about an underappreciated defense sector. If you look at the stock, it has been all 2014 and 15 going sideways, in my opinion, building a base. Youre in a new administration. Were in a brave new world and i think boeing wins with everything thats happening right now. Although it didnt make the all time high in what were in my opinion excellent earnings, i think boeing goes higher from here. Anybody have a question for mr. Guy adami . Do i. Well, ultimately, the company may or may not have had some pressure on it politically. But also, this stock has run and run and run. And it requires eps growth that im not sure this coil can do in the short run. Maybe the long run. Valuation has been a bugaboo for a long time. You know this as well. It has grown into at this time last three or four years. 14 and 15 moving sideways. In my opinion, growing into it. And i do think the commercial Airline Business will grow in 2017. The numbers were not nearly as bad as people expected. Although i think it is trading 20 times forward earnings, i think you could go sideways and the stocks still rise. I believe you answered with it tims. You have to figure, you have trump trades and trump trims. Ive owned this stock a long time. When you look at what hes going to do at least in theory, margins, it will be hard. Perception is reality. I think boeing will be hard pressed to show how much cheaper, how much more efficient they are. I think by proxy that will hurt more. You see Lockheed Martin is under pressure. I think the entire space will be under the microscope. I do think that boeing, president elect trump at the same time got boeing off his radar screen very early on. My sense is he is not moving back there. He will move to other sectors and i think boeing is in the rear view mirror for him. Who is buying and who is selling . Pete . Go with a big buy. He hit everyone, check every box. I know it trades at a bit of a premium right now. I showed an 18 on a forward multiple. So this thing is going higher. I have to stay consistent. I sold mine reasonly. I was up 300 . I collected the yield. A year after year. I love the stock but i do believe margins will be crimped. 8. 5 free cash flow. But i had to sell the stock. I think it is sad that pete has to pick it. Thats a good combination. Am i right or am i right . You need market. Youre going to need a much higher market for this to keep working. One buy, three sells. Thank you. Thank you, Team Qualcomm after earnings. Well bring you the comments that are moving the stock. Plus, tech earnings kicking into high gear with reports from apple, microsoft. Roger mcnamee will be here to weigh in. Bp engineers use underwater robots, so they can keep watch over operations below the sea, even from thousands of feet above. Because safety is never being satisfied. And always working to be better. Tbut what if it didntm. Have to be . Because safety is never being satisfied. At blue apron, were building a better food system. Where we value quality and flavor over quantity and shelflife. Where chefs and farmers Work Together to make farms healthier, grow Higher Quality ingredients, and deliver them inseason, ripe and ready to cook. Because food is better when you start from scratch. Blue apron. Tadirectv now. Stream all your entertainment anywhere anytime can we lose the all. Theres no cbs and we dont have a ton of sports. Anywhere, any. Lets lose the anywhere, anytime too. You cant download onthego, theres no dvr, yada yada yada. Stream some stuff somewhere sometimes you totally nailed that buddy. Simple. Dont let directv now limit your entertainment. Only xfinity gives you more to stream to any screen. Check out shares of at t. Right now higher by just a third of a percent. The ceo of tmobile taking on twitter with a bit of a tweet storm. Saying at t earnings are out and it is a mixed bag of bad. Revenues down, post paid down. He added another tweet. At t wants to confuse you so they hide behind at t algebra. He does this often. He was in the twitter sphere even before trump. The country has been very aggressive and it has been working. Im not going to begin to talk about at ts numbers like that because i dont think it is true. Lets look at another report. Back at headquarters with the latest on qualcomm. On this call, apple has come up quite a bit. Unusual to hear qualcomm talking about another company by name. In this case, it has to do with apples challenge. It turns out it is also pointing out apple as being behind its troubles in korea as well as the united states, with regulators hook at its business call. Thats what theyre asking about. Look at what steve had to say about these issues. Im not sure if we have that. Qualcomm is using Industry Standard practice. The patents is very valuable and has made apple billions of dollars. Qualcomm has been pointing me and investors toward tim cook. Saying that india will open up the market for the iphone. And qualcomm saying guess who came up with the underpinnings of this Lte Technology . Qualcomm. It is saying that the manufacturers, odms who are paying on behalf of apple, be the licensing fees and will continue to do so while this case is confident. Theyve been in this rodeo before and many legal cases that they will come out okay. As i mentioned earlier, there are some issues with demand, particularly in china at the lower end. The markets have been pretty good. Thats how it looks from qualcomm. All right. Thank you very much. Down by 2. 75 . Qualcomm got a huge hair cut on this news of the apple lawsuit and earlier than that on news of the ftc lawsuit. You talk about the license and other patents. They were designed 20 years ago. The phones these chips are going into, it is not really the same as the late 1990s. I think apple will make some head way in this. Heres the most important thing for me. Here is a point where qualcomm has been dramatically they bid 47 million for them. They want to diversify in the internet of things and get into autos and all the other stuff. This is likely to dog them all this year. Now down more than 3 in the afterhours session. You didnt follow your own three day rule. I bought it into the print figure. Im looking for the gap to be filled. 53. 77 was the low. Thats the low to keep your eye on. If it breaks that level, you enter the trade. I believe kit fill the gap to the upside. I mentioned that i would like to be in the chips and have a tiein with apple. We went through that already. Thats another name that i like. Intel, which does have a lot of attachments. How about Texas Instruments . How about the numbers we got from them . The automotive, the industrial, it doesnt all have to be apple. But i think there are specific names within the chip space that make a lot more sense than some of the other names and theyre all working. For the most part, either hitting the 52week highs or exploding through them. Just one Major Company reporting earnings. Those stocks which have been on a tear so far, picking up more games today. Roger mcnamee joins us live. He runs vent you are capital firm. Also great to see you will. The nasdaq and s p 500 also went up today. Where do you find value . I love when it the market sets new highs. All the other alternatives are less attractive than that. For myself, im increasingly defensively postured. I think the risk reward is very, very difficult. The change in administrations isnt a normal change. This is bringing really radical change. Weve spent the last 70 years with an economic philosophy of globalism which is inapparently an optimistic philosophy. Youre having to trust other doims grow trade and the economy. Trump favors nationalism which is inapparently more pessimistic. When it follows globalism, it has to lead the a shrinkage in demand and less gdp around the world. So the Tech Industry is so exposed to that. It needs china. Both for supply of materials and for demand for its finished products. Does that mean, specifically how that might impact say Hardware Companies . Chip companies . The ones that have stuff moving across borders . I would love to say thats the one im worried about. Im worried that were just radically altering it. Were seeing the same thing going on in health care. The same thing going on in energy. Where were going. Instead of trying on develop new technologies in all these different categories, we appear to be retreating to the old way of doing things. To me, i dont see thats good for investing, for the country, for the world. I love the market setting new highs. It gives a chance to say, do i want to keep going . The market looks great. Lets go even shorter terms and talk about earnings that come out tomorrow. There is a game we play and that is called would you rather. Would you rather microsoft oral if bet . If im only going to own it a day, i would rather have microsoft. Once you get further out, youll want to own alphabet. But i think both these stocks are potential victims of this shift in nationalism. I do believe that antitrust policy would be one of the fools other countries use to punish us, if we do policies they dont like. And i think alpha bed, facebook, and microsoft, and qualcomm which we were talking about. Totally in the cross hairs. Tpp was about intellectual. If we lose it. One of the companies will go away. Aside from the new high, one of the most interesting things was sis sysco. Does snap chat even get to ipo . I think snap chat has already shown you once theyre not interested in selling the coil. They had an amazing offer when they had no revenue from facebook and they walked away. I wish there were more snap chats out there. It is one of a kind. I expect it to go public. I dont know how the market will receive it or how they will price it. I really tip my hat to an amazing situation. Thanks for joining us. Im going to pose the same question. Would you rather microsoft stop there. Microsoft. Because of the fact that theyre dos that transition, that shift toward the cloud. More and more. I think google is just fine. Alphabet is just fine. But i think microsoft has more run. Well be here at this desk tomorrow talking about these earnings reports. Which will be the big headline . I think it will be microsoft. We blew through, i think we made an all time high today. I think we blew through the 1999 highs. Hes been talking about the transition theyve been making, doing it better than everyone else. All right. Cnbcs special coverage of dow 20,000 continues tonight at 7 00 p. M. Well have an allstar lineup. Meantime, much more fast money after this. On this day in which dow hit 20,000, nasdaq and s p 500 hitting record highs. I think it will be even higher. Marvell, im in it. Qualcomm. Let me reiterate. You have to look at that 53. 77 level and reassess your risk while youre lookinging at it tomorrow. If it hold thats level, you can buy more. If it breaks that level, reassess. Only you can judge. What is that level youre watching . All right. Session lows. This is highest one. Gm. Sold some a couple weeks ago. It rallied big today. Stay there. The beginning of the show, we were talking about risk to the rally. I think policy risks, the implementation of that, especially as it relates to bank stocks. I think you sell it. Xlf. Wow giddyap. A lot of energy tonight. A big day tomorrow. A big day tomorrow. Do you know what will go high tomorrow . Despite what these they have said, giddyap, giddyap. Lee. Thanks for watching. See you back here tomorrow at 5 for more fast money. Mad money 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 is not just to entertain you but to educate and teach. So call me at 1800743cnbc or tweet me jimcramer. Is this move real, or is it irrational exuberance . Is it justified or