Hell tell you how hes playing it. To the story that captivated main street and everybody desk on wall Street Communications director Anthony Scaramucci, aca the mooch, was out after ten days on the job. Short, eventful stint that saw memorable debut press conference followed by a bombshell. New yorker profanitylaced interview. The resignation as Reince Priebus as chief of staff. A divorce in the tabloids. And ended today with President Trump removing him as Communications Director. First, we go down to kayla toush she in d. C. Whos got all the details. Reporter Anthony Scaramuccis resignation less than two weeks after announced as white house Communications Director makes him the shorter serving staffer in that role ever but in that short period of time, he fired a press associate for alleged leaks, provoked the resignation of Reince Priebus, the chief of staff as you mentioned, and engaged in an on the record back and forth with a reporter that got published. That led to his removal today which happened on the very first day of new jeff of staff general john kelly heres how Sarah Huckabee sanders, the White House Press secretary, described this turn of events. I think anthony wants general kelly to be able to cop rate fully with a clean slate, fully, build his own team while at the same time the president thought his comments were inappropriate. Reporter the phrase, clean slate, has now appeared in multiple white house resignations sanders was asked whether there were any more slatss th s slate, has now appeared in multiple white house resignations sanders was asked whether there were any more slatss thlates sle to be cleaned. She said no. She said all white house staff will be reporting up to general kelly, different than the fractured chart under priebus before she also said the white house despite reports is as she called it, far from chaotic despite the fact there have been multiple personnel turnovers in the First Six Months of the administration on those comments, specifically to the new yorkers, those very vulgar comments that scaramucci made last week, she said the president , personally, found them inappropriate for someone in scaramuccis position for someone who was holding a Communications Position within the administration now, as for scaramuccscaramucci where hell turn up at this point. Asked whether hell take another role in the administration, because he had been previously serving as the chief Strategy Officer within the xm bank, sanders said he does not have a role at this time. I reached out to skybridge which was the fund of funds that scaramucci founded and is in the process of selling so he could join the administration to ask about whether he would rejoin that company now that hes no longer an employee of the white house. Skybridge, for its part, declined to comment. The question now, melissa, what else is on general kellys todo list, what will early days as his role of chief of staff look like we will soon find out. How will the agenda be altered with someone new at the helm of all of President Trumps personnel . Back to you. All good questions. Kayla, thank you, joining us from the white house so as we mentioned despite this noise in d. C. , the dow closed at a record high today. This is what weve seen all year as wall street seems to shrug off the d. C. Drama, now general kelly in place as chief of staff. Could this be a start of a new era of calm at the white house karen . I think it could be its interesting to me, though, with all the lack of chaos, i guess they called it, that happened last week, the market was flat, absolutely flat. We talked a long time about this rally having sort of two parts the trump agenda part being near zero at this point, business animal spirits released being most of it i think that still exists. Im very glad to see this discipline in the white house. I think its needed, sorely needed and so maybe we could get a little bit of life in the part of the rally that is the trump agenda. Yeah, when were hearing the description and drabs come out on this story, various news organizations reporting various headlines, it was almost good thing, i took it, that we heard that it was general kellys idea that scaramucci leave. Sure. I guess thats the best way. You know you want him to come in and have a strong hand, right . And to prove that he wants to get the house in order, no yeah, i just feel like these things could have been out of sequence Anthony Scaramucci gets this job, then kelly moves into it. Priebus the president knew that priebus and scaramucci had conflicting ideas. So to put scaramucci there ahead of knowing priebus was going to be leaving, i do think he knew he was going to be leaving, i think its out of place. I think it makes the white house look weak. Interesting i understand what steves saying i think Anthony Scaramucci went in knowing Reince Priebus would be out the whole thing doesnt add up to steves point about timeline. I agree general kelly in there is great if you learned anything over the last six months to a year about President Trump, he doesnt answer to anybody but himself. As much as you love general kelly to come in and are restore order, the president is going to keep doing what hes doing which is not the focus of the show whats interesting, the vix still closed lower on the day which is remarkable, you know, the market is till intact. There are warning signs, though. Yeah, look, were getting we still have important earnings to come through. Its been a very good earnings season but were starting to see some of those bellwether sectors fade certainly nasdaq is the weakest transports, or certainly i think in trouble i think you get to a place where bold bear confidence, if you measured it last week, at extreme highs, complacency runs extreme highs. The fact where the Central Banks are making a lot more noise. The move in the euro, to me, is not about whats going on in washington its absolutely about whats going on with european economics and whats going on with their central bank you have to watch the Central Banks here and i think if the euro starts to get too strong, that also may be disruptive. I think were at a place here where thats really the risks in the market lie. The euro being strong, were at levels not seen since 2015, right . Thats a good thing for u. S. Stocks, i would manaimagine, ta their cue from a weaker u. S. Dollar. Global growth is good, so many of our companies are clearly Global Companies its also we saw in the banks today, saw the little bit of inflation in europe. I think that would be good for the banks. If the im sorry. Go ahead. If the dollar is so weak, it really implies the u. S. Economy has is it the dollars weak or the euros strong . My view all along is the Central Bank Divergence trade, had the euro going through parity a few months ago, they really werent that far apart. Meanwhile the dollar price and the feds move, rate hikes are probably priced in in the dolla 18 months ago. If you look at where we are right now, the u. S. Economy needs the next upshift this is what were all trying to, you know, dissect out of whats going on in washington. But i think if you look at the dollar, remember that the dollar was not a headwind when it was trading at 101, 102, 103 for those company so i dont know how its going to be a huge benefit, frankly, with the trading at 93 either. Getting back to the perception, steve, that the white house is weak, do you think the trump agenda is more off track . I think the agenda they havent got anything really done no new regulation. I think its been enough up until now. They do need i dont know they didnt necessarily need health care. Unless you wanted to make that a bigger punch with tax policy with tax cuts. Uhhuh. I think at this point, youre going to have to markets holdie for me on whats going on in d. C. , lets turn to a man who knows d. C. Better than pretty much anyone. Axios cofounder jim vandehei joins us on the fast line. Jim, its always great to speak with you. Great to be here. Whats your interpretation of what happened today . Listen, i think its certainly a good thing if youre looking at it through the market they have to restore discipline. Improvisational style of the trump show doesnt work. We say it on health care and the fact that they bring in general kelly, thats a pretty decisive decision. Sort of a law and order type of person running this staff. Oust somebody that President Trump wanted in there shows that he has more command and control than what was anticipated. So long term if youre thinking about tax reform, they probably have a better chance of making republicans feel comfortable on capitol hill and getting the different parts of the white house to Work Together on tax reform with general kelly running the white house because it was so such a hot mess werent on track tax reform is still a difficult one to do, but i think theyre in a better position than they would have been a week ago long term right. The question is going to be, can anybody control donald trump . The answer throughout his wife, throughout his career, throughout the First Six Months is emphatically, no. Hes going to have to defy logic, defy gravity to fundamentally change the trajectory of this white house. Do you think the perception is with that general kelly as chief of staff thoot that tax reform as a better chance or is it a reality that with general kelly in as chief of staff, tax reform has a better chance id worry more about reality, with reality is it the reality or is it just the perception hes going to be in there with a strong hand . Listen, he has an exponentially stronger hand than Reince Priebus had because it was a weak one, they werent functioning, werent able to bring treasury, congress in the white house, to work with capitol hill to get anything done any other, i believe, gives you a better chance of getting legislation done and that is the biggest problem for donald trump and the Republican Party the economy looks great. The stuff that he points at looks good hes got nothing done. If they dont exit this year without something substantive they have to tax reform or tax cuts whatever reform it takes, that by far and away offers him the best chance and would have the biggest effect on the markets. So at the end of the year, and its still a huge if, a huge if, at the end of the year, if you say midway through the year they restored order by bringing general kelly in to run the white house, and they got tax reform, youd be looking at a much different President Trump someone whos probably pretty darn popular and a pretty powerful position. Again, a big jim, were going to have to let you go the connection is a little iffy. We appreciate you phoning in always great to hear your analysis, jim vandehei, axios cofounder i mean, gary cohen came out today, said trump is committed to getting tax reform done by the end of the year, with general kelly in maybe thats more likely. Not his 100 were worried about. Were worried about the division in the Republican Party. This doesnt help, though. I wish i shared jims optimism. Other than clearing the slate, what does it do well, to the extent that some of the theatrics going on have made some of the republicans really uncomfortable you think thats why some think the repeal and replace didnt go far enough some want to answer to their constituents i dont think it has anything to do with theatrics. Priebus certainly had a fair amount of support within the rnc, obviously, right . So if you think about how people are very concerned about how he was being treated, whether that was right or wrong, to say that having speaking with one voice, staying within the family, showing law and order, i mean, this is exactly what the mo white house your original statement i think is accurate. He was popular amongst the republicans for obvious reasons. And he still could not corral even in early stages, couldnt corral anything. He didnt try to do anything. Bannon tried to do something. They resented that thats the point so reince didnt do it and he had the relationship. This has to be a positive, though the inend of the day, what havee had so far its not a negative, is it . I dont think its a negative this is just the state of affairs weve seen they havent gotten anything other than no new regulation. What did you do today as we watched the market hit record highs . I referenced the warning signs. The warning signs to me, tim alluded to this withthe weakening dollar, strengthening euro, under pressure and theres no denying in my opinion the dax which led Global Markets for a long time is rolling over. The line in the sand of the tax is 12,000ish trading 12,100 now the transports which had a great bounce off the 160 level, iyt, almost round turned the whole thing. 165. Those are the two things you have to quauch. I think a lot of this was overdone, though i think it gets to a place where i dont think were breaking 93. I think were range bound. If anything, the dollar is oversold here. If anything, ive been nibbling at transports. Ill continue to do that fedex do me, best of breed that company is not even close to broken. Thats the one you buy on weakness i was buying airlines last week. Doesnt feel so good but i leek tho like those trades. I like owning stocks that have great multiples that told me great things about their business i stay in those trades. What did you do today, karen . I didnt do a lot i think if you went home long, same as if you bought everything you had sti sticking with the banks. One thing i did do, i was long some avis. Well get to that later. Grasso . I sold my hertz today well talk about that later. Exactly quite a tease. Coming up, in fact, hertz getting wrecked today after barclay said the stock is about to endure the perfect storm. Well explain. Plus tesla delivering its model 3 to its first customers over the weekend just how unique is that car . It may surprise you. A special fast money report. A top technician says watch out, tech is setting up for a double dip he will explain. Much morft ne sll ead. E asmoyti for your heart. Your joints. Or your digestion. So why wouldnt you take something for the most important part of you. Your brain. With an ingredient originally found in jellyfish, prevagen is now the number one selling brain Health Supplement in drug stores nationwide. Prevagen. The name to remember. Track your pack. Set a curfew, or two. Make dinnertime device free. [ music stops ] [ music plays again ] a smarter way to wifi is awesome. Introducing xfinity xfi. Amazing speed, coverage and control. Change the way you wifi. Xfinity. The future of awesome. Welcome back to fast money. Snap sinking today on the heels of its lockup expiration Julia Boorstin in los angeles with more. Jul julia . Reporter hey, melissa, with the 400 million shares available, snap shares hit an alltime low this morning, down 5 , later bouncing back and closing down 1 . The stock is still off about 50 from its high back in march just shortly after its ipo. It was early investors who could sell today including light speed Venture Partners neither of them would comment on whether or how much they sold. But the flood gates will open even more on august 14th, four days of snaps earnings. Employees will be able to sell 782 million shares then at the end of august another 20 million shares will become available to sell according to jp morgan. So what happens now really hinges on what snaps insiders think about the companys future an analyst notes that, quote, roughly 60 of shares are held by snaps directors and officers including 50 held by snaps cofounders. For comparison, Mark Zuckerberg owned around 28 of facebook the time of its ipo, with more than 50 of voting power. And he said he wouldnt sell any shares for 12 months to dampen lockup concerns. Jack dorsey, twitters chairman at the time of its ipo, owned just under 5 at the time. Not including options. Twitter shares dropped 18 on the day of a lockup its lockup expiration on may 2014, while facebook shares jumped 13 the day of its lockup expiration in november of 201 n 2 investors are going to turn their attention to earnings coming up a week from thursday the pressure is definitely on for snap to show user and engagement growth in the face of rival, facebooks, better than expected numbers which it reported just last week. Melissa . All right, julia, just one clarification. 50 held by snaps cofounders so 50 of the initial amount of stock that unlocks today or 50 of all the stock or 50 of what . Reporter so of the amount that would be of all of the stock. And its worth im sorry, that would be of the amount of stock that is unlocking at the next lockup expiration so the thing is, no insiders can sell today only early investors the reason is because we have snaps earnings on the 10th. So on the 14th is when any employees or directors or executives of the company can sell and they have to have that period that they have to wait until after earnings so thats why those shares will become available to sell on the 14th. Got it. All right, julia u thank you Julia Boorstin i think thats a very important distinction to make. That means 390 million shares i mean, if you take out the founder shares are eligible for lockup youd assume the founders would probably hold on theyre stickier holders of the stock than say your average run of the mill employee. Yeah, youd hope. Youd hope. The market internets that as a message they would sell even though there are reasons they could. Interesting, i just inquired about how snap is trading, what happens with the lockup, do they feed them into the market . I dont know how much is there i was surprised to learn that price of borrow did go down a little bit from 67 annualized to 59 but that is a gigantic number. Its expensive, sure. Except for people are expecting this onslaught to be coming in the next few weeks also earnings, lets face it, august 10th is a big day this is a company with snap apps and snap ads theyre not going o show up in Second Quarter numbers the Second Quarter numbers are going to show Free Cash Flow burn, and for a stock that trades ten times revenue, thats not good. Yeah. I agree with everything everybody said and weve been pretty consistent on the trajectory of this stock, made a 5 52week low, alltime low. Its short life is a publicly traded company there are four, five times of the short life youve seen significant percentage bounces to the upside. I mean, 20 to 24, 18 to 22 a couple other moves as well whats the point well, didnt trade horribly today given everything that was said traded about 50 million shares i think theres a chance you could see the stock go from 13. 5 to 17, 17. 5, which percentage wise is a big move i understand most people arent cute enough to trade around it but if youre looking for an opportunity, you might have gotten it today. You would hold it today knowing theres another i think the point the last three days the stock has sure. Could very well be all right. Now for a little buzzkill here, check out shares of hertz tanking more than 20 after barclays described a perfect storm for the stock. Also weighing on shares, the company rescinded an offer to buy back debt. Todays selloff aside, we should note the stock is up 50 from its june low barclays has a 9 target on hertz. It was up 110 from its june low. And those june lows for both avis and hertz were because of the waymo deal and apple deal so i think those you know, bringing back from the dead these two companies was huge for the upswing. Barclays note, though, talks about carving a binary episode for me, isnt all stock binary episode, good news, higher stock price . Not necessarily. Big moves i read that as big moves one way or another when youre really levered so hertz was the beta play. I was long both. I still stayed long my avis. I know karen sold hers i believe this is a bigger story, i believe theyre more fundamentally or financially Better Capital wise than hertz im staying long i thought the debt thing was actually more interesting and that they had this plan to buy back some debt and rescinded the plan very unclear why there may be some benign interpretations. Theres also the interpretation we dont want any cash out the door, the banks dont want to allow them to refinance that, to me, or they have bad earnings coming out. Right. Those second and third scenarios are more likely and i think that if hertz announce bad earnings, it hurts avis regardless. Thats what you saw today, avis was down 5 , it was collateral damage. The original thing weighing on the two stocks were fleet prices and used car prices seems to have subsided. The fleet numbers rationalization is certainly a story to mitigate the risk in this i mean, for how long right. Because, again, things got so bad in these secular trends, i dont think get any better. Yeah. You sold out entirely . Yep. Avis . Okay. Co co coming up, oil cracking the key 50 a barrel level having its best month in more than a year theres even a better commodities buy right now. He will break that down. Im melissa lee. Youre watching fast money on cnbc first in business worldwide. In the meantime, heres what else is coming up on fast. Tempted to buy apple ahead of tomorrows Earnings Report . Well, a top technician says theres something wrong in the charts hell be here to explain. Plus, reviews are in for the tesla 3 and theyre amazing, but guy adami has devised the ultite tt. Maes hell tell you what that is when fast money returns approaching medicare eligibility . Dont put off checking out your Medicare Options until 65. Now is a good time to get the ball rolling. Medicare only covers about eighty percent of part b medical costs. The rest is up to you. Thats where aarp Medicare Supplement insurance plans insured by Unitedhealthcare Insurance Company come in. Like all standardized Medicare Supplement insurance plans, they could help save you in outofpocket medical costs. Taking informed steps really makes a difference later. Thats what it means to go long™. Call now and request this free decision guide and explore the range of aarp Medicare Supplement plans. All plans like these let you choose any doctor or hospital that accepts medicare patients. These are the only Medicare Supplement insurance plans endorsed by aarp. Call now and request your free decision guide. And start gathering the information you need to help you go long™. What is this no idea i dont know downtown, they dress very flowery. So many other ways. Elizabeth queen. Eah. No. At cognizant, were helping todays leading manufacturers make things that think and do automatically. Imagine that, a world of new Digital Products and services all working together for you. Can i borrow the car when its back . Get ready, because were helping leading companies see it and see it throughwith digital. Welcome back to fast money. The dow, s p and nasdaq sew seig their biggest monthly gains since february with the dow closing at another report high. Tezsla shares tumbling after the model 3s debut. Phil lebeau took the new model for a spin hell tell us what killed the hype for investors. Plus, oil c, copper and gol at a comeback. Dennis garvin says its rally and hell be here to explain why. Apple, 30 this year, what can we expect as the tech giant reports earnings tomorrow after the bell lets get to josh lipton in San Francisco with all the details. Reporter thats right, melissa, for q3, street going to look for eps, 1. 57 on revenue, 44. 9 billion. Other key metrics investors are going to zero there on here, iphone units, average selling price and sales mix as well as gross margins. Analysts say unless theres a real shocker in that report, investors are going to pay much closer attention to q4 guidance. What that possibly tells us about all those reports indicating that the new flagship phone will be delayed. Not much concern right now about that as you point out, apples already surged nearly 30 this year analysts dont think a shift in product by just a couple months is a serious worry but what if it does turn out to be longer . Also, there will be a lot of thaengs attention on Services Expected to jump 18 year over yore to 7. 1 billion apple has been launching a lot of original programming including carpool karaoke, debuts august 8th. Finally, Greater China revenue, suffered five straight quarters of declines. Tim cook said in the last Conference Call the business was there improving. Were going to find out tomorrow if that trend continues. Melissa, back to you. Thanks so much, lojosh lipto. Ahead of past iphone launches weve known the quarters just prior are a little bit tricky. Challenging. People are holding off. They want that new phone theyre not going to buy the 7 if the 8s around the corner. Is a low iphone number good or bad exactly i dont know interesting dynamic tomorrow after the bell. I think if you have an expectation theyre going to outperform in the third quarter, fiscal, i think youre actually misreading where we are. I think the expectation that the install base goes to something north of 775 Million Units as we get into the iphone 8, thats really what you should be playing for and as ive said, i dont really need to own apple until the Fourth Quarter i dont think theres much to do here i think the stock trades that way. Gene munster was on a couple weeks ago, overall very bullish on the stock but also said he wouldnt be surprised, we had the conversation, to see the stock trade back down to the mid 130s im probably paraphrasing. I agree with him then, i agree with him now theres a good chance we revisit the old high of may 2015 of 134 or so. I think its going to be a little less bad than that. If you look at the chart on it, its bouncing around around the 100 day. I think, lets say 145ish which is really tight here so, you ask, im long, and im staying long whos buying theyre buying they have a Massive Company buyback. I think theyre going to be there on any weakness, theyll be there i think you hold it or add on weakness. All right as tech continues to struggle following its huge runup this year, our next guest says Apple Earnings could cause a double dip. Lets go off the charts with rich ross of evercorps isi look, its about to get a little weird in technology and i think it starts with apple lets go to the chart. We might as well start at the tom her top here clearly stocks up 28 year to date thats a fantastic run we havent done much since april. Up 2 . Tech more broadly has continued to rally now you can see here, not only do we have a double top here, we have the potential for a lower high at an alltime high into this key resistance. I think were staring down a test of the low end of the well defined trading range. 140, 142 on the low ends that coincides roughly be the 150 Day Moving Average if you zoom out, maybe we get a little closer to guys levels here now look the structure of the chart is fantastic we can see this big base of support thats formed over all these years. Now thats fantastic here. Once again, what we dont like to see is a double top, lower high here. That could set the stage for a pullback to that breakpoint. Corresponds almost exactly with the 50week moving average that comes in in those 130s. Thats if things go horribly awry lets zoom out and look bigger picture. This is one of the things that keeps you a little concerned about technology so we had this fantastic rally off of this moving average here, but importantly, on the breakout to a new high, not only do we fail there, we get a big bearish thats a classic bearish reversal into key resistance that once again sets up for a double top. Go from the tech etf to amazon now post the earnings, its sort of a bungle in the jungle. Well, thats all right by me the stocks down 9 . I think we have another 4 , 5 downside at a minimum here once again, where that low end support, the horizontal chart support, coincides with the 100 Day Moving Average so amazon for me goes lower alo along with tech more broadly now lets pull back again. Semiconductors semis have silenced the critics like myself in here. I think we get a double dip in the chips. Timmy, thats like putting your whole mouth in the bowl here just like apple, saw the lower high here. Lower high in the semiconductors on that bounce so it was great that we did get that bounce off the neckline of this very welldefined head and shoulders in here as we often see. But the failure here is very worrisome here some really troubling signs in technology visavis a rally which has been exhausted. Some of those leaders, amazon coming off the highs, google coming off the highs and xlk semis and apple putting in lower highs into key resistance. That to me tells me once again its going to get weird and go a little lower in the short to intermediate term for technology. I think rich ross has got to come over to explain himself. My man. How can he not . Karen has a question to kick us off here. I have a more general question about charting. Does it not matter what the earnings are it does not matter. The thinking behind Technical Analysis is that price is the final arbiter and all of you great smart people here that do all of this fundamental information. Exactly that filters its way into price, itself in theory, the patterns will repeat, they will not repeat exactly but will rhyme in the past in theory the stock should be telling us something clearly prices and charts are surprised and get big gaps up. Analysts are surprised from time to time. To me, i really dont care what the numbers are. The market will tell me. Its not the news, itself, but the reaction to news which tells me aefeverything i need to know. The weakness and individual components of the xlk which leads you to believe theres a weak chart in xlk, amazon, apple, as well as semis, are th these weaknesses that indicate to you theres going to be a permanent reversal of the trends or temporary reversal of the trends its a great question its too premature i think weve seen classic signs of trend exhaustion into well defined prior existence. Keep in mind, were at alltime highs, transitioning into the worst twomonth stretch for stocks not just in the u. S. But europe seasonality, technical headwinds we discussed and have great earnings just behind us. So weve seen some sort of exhaustive moves not like facebook and netflix have been weak, its just theyve become exhausted at a time of year you dont want to become exhausted when cross comers are starting to take hold as you discussed earlier on the show. How much time do you spend looking at the passive angle to investing when apple is in 140someodd index funds when you see selloffs are shallower and less in duration than they once used to be, where you cant really look at technicals the same way that you once did this is hugging its 100th day, not hugging its 50 day these things would be hugging their 200 days. I agree you i think the increase in passive investing hasnt decreased the efficacy if anything its easier to buy a group, buy a sector by pushing a button theyre doing that, less work, less fundamental research. Focusing on charts levels of support. Theres a reason we get these strong bounces,st a reason why we look at charts more broadly to your point, its a great point, a lot of charts have the sameness it works great when things are going higher but can also work against you when things are going lower and things have the same look of sameness but in not such a great way. Sort of back up richs answer to karen, you can make a pretty good argument the amazon quarter was pretty solid, al fphabet quarter was pretty solid neither stock has bounced since. What rich is saying, sometimes earnings dont matter and price is the ultimate judge. I do think theres a real good chance we see the 134. 5 level we saw may did you think jeff was a person growing up . I had no opinion. Anyway whos jeff rotel . Rich, thank you rich ross, evercore isi. Still ahead, commodities king Dennis Garvin says theres a bull market out there that no one is stalking act rig inin ii, could make you a lot of money. Plus, tesla 3, our very own phil lebeau took one out or for spin, didnt you, phil it was impressive ill tell you what it was like to be behind the wheel of a model 3 and rave reviews, a lt of them today, couldnt stop the shares of tesla from moving a little bit lower well explain why when fast money returns like the pizzaordering fee and the dogsitting fee. And the rummage through your closet fee. Are those my heels . Yeah yeah, were the same size. In shoes. With tmobile taxes and fees are already included, so you get four lines of unlimited for just 40 bucks each. For a limited time save 300 dollars on the amazing iphone 7. Welcome back to fast money. The first of teslas model 3s getting delivered over the weekend. Most buyers will have to wait a year before getting behind the wheel of elon musks latest creation lucky for us, our own phil lebeau is ahead of the pack, able to take one out for a spin. Ma did you think i liked it, melissa, not an expensive test drive but a bit of a test drive around the tesla plant in fremont, california it was impressive to say the least. Great acceleration especially as you would expect from all the tesla electric cars with zero torque there you also have these models getting strong reviews, not just from me, but a number of other automotive journalists so you would think, fantastic, this is what you want when you roll out a car. But the questions are starting to mount about whether or not tesla can increase production as quickly as the company has targeted in fact, tony from bernstein out with a note today saying ceo elon musk sounds increasingly squeamish about the production ramp. This is what hes talking about, this is musk on friday night talking about the production increase how do we build a huge number of cars . The i mean, frankly, were going to be in production hell welcome. Welcome. Welcome to production hell thats going to be where we are for at least six months, maybe longer production hell is what makes some people wonder if tesla can hit its target of building at least 500,000 vehicles next year melissa, i should point out, well be hearing more from elon musk no doubt talking about where things stand on the production side when they report earnings on wednesday afternoon. We should also point out that elon musk has talked about this for months that this rampup in production was going to be extremely challenging. So, its hard to tell whether or not people are reading a little bit too much into this comments from friday night. I feel better about him saying its going to be hell as opposed to no problem, smooth sailing ahead. Phil, thank you. Phil lebeau in chicago. You bet. That looked like a pretty nice car to phils point, right . I mean which one the model 3 the model 3 does look like a nice car. You know what it looks like to me, though what . Looks like a husband dmazda. Looks just like the mazda. Mirror images of each other. Whats wrong with the mazda thats the point. Nothing wrong with the mazda you know what i did . I went out to times square, asked people if they know the difference between the new model 3 and the aforementioned mazda that tim seymour likes take a look. Which one is the mazda and which one is the tesla huh, its hard to tell. I believe the blue is the mazda. That one, the mazda i think the red one is the mazda. I believe this is the mazda the red is the mazda and the blue is the tesla . Yes. Youre correct. You know what you win . What do i win . A new car . That would have been great, wouldnt it . Which one would you buy . The red one. That one. Ill go with blue i love blue. When youre out cruising looking for ladies, which car are you driving . Im driving a mazda would you buy a tesla if i had the money, why not i kind of like it its small seems very girly seems chic yeah. Chic. I like that. Say hi to elon musk. Hes watching. Hi. So out of all of those you spoke to in times square, how many got it right. Hundreds of people we spoke through. All day long we parsed through some of the tape to get this footage, best of the bunch i think three people got it right. I was out there with nancy, our floor director, i had to ask several different times, which is the tesla this might be a compliment to mazda. Theyre both how much is a mazda not as much as a tesla. Youre not going to get an electric vehicle with that so, you know, youre getting a car thats basically an entry whats the point . It doesnt look any different . That its not as cool as people say . The styling of the tesla youre paying for the technology. Youre paying for the technology, right . I mean, look, i dont think youre supposed to get worked up about this, all due respect to guy out there. Factfinding mission. Very interesting. Whats most important is these guys have 500,000plus preorders and the demand looks like its there. Thats what we were questioning. Yeah. Why do we even care about this as an auto company . It gets back to, if we really care about the delivery of this car, really care about this model 3, this stock should be trading at half the valuation that it is thats my view. I agree never worried about this before and all of a sudden were starting to focus on stuff that we havent focused on before weve never focused on deliveries. Productions deliveries weve always focused on production weve always focused on production because they moved the shell game we talk about it as a computer or Technology Company versus a car company. If youre going to evaluate it as a car company, it should be much less than it is now. Isnt there a parallel to other companies where we focus on the immediate metrics like a google, for instance, but believe in a longterm story that goes beyond search . Twhaactually, no. Amazon is another one, right . You focus on the immediate metrics in which the stock has moved. We saw that with the most recent earnings but we believe or many people believe who are investors in the story that it is a bigger story in the long run. Isnt that like tesla . I think its a lot like tesla. How do you trade the stocks in earnings this coming wednesday thats the question everybody wants to know. Obviously have no idea what theyre going to report. I do think theres a chance you could revisit the 285 level that we saw 2014, 2015, those were the old previous highs this stock is down 17 give or take off the alltime high a couple months ago. I think if it gets down there, buy it with both hands. Still ahead, commodity is gone copper, oil, gold surging in the last week. Dennis gartman says one is autbo to explode well tell you what has him so bullish. Much more fast money right after this when this bell rings. It starts a chain reaction. 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[ laughing ] so all you pay for is data. See how much you can save. Choose by the gig or unlimited. Call or go to xfinitymobile. Com introducing Xfinity Mobile. A new kind of network designed to save you money. Welcome back to fast money. Call it a commodities comeback, after a pretty volatile year for the group. Crude oil, copper, oil, all seeing gains this month. Crude and copper up 7 gold is up 3 . Our next guest says the rally is just Getting Started joining us now, commodities king, himself, Dennis Gartman of the world renowned gartman letter dennis, good to see you. Always good to be seen. What convinces you this is an actual bull market or rally in commodities . I think this is actually the second year or so of a bull market in commodities and nobody is paying attention to this fact 23 y if you take a look at whats gone on in the Commodity Markets, grains started making new lows crude oil has begun to move higher the term structures have begun to tighten you can go to copper it stopped making new lows its beginning to break down trends nobodys paying attention. All we talk about now is deflation, but it appears to me if you look at the broad indices of the crp index, for example, it made its low 2 1 2 years ago, has not even come close to making a new low since somethings going on in the Commodity Markets that no one is paying attention to. And we need to begin paying attention. I like the gold market i like the Copper Market i even like the grain market somethings happening there. It is not deflation any longer it is an inflation and its quietly going on. Would we be talking about this potential bull market in commodities ifthe dollar werent this weak . I think you would the dollar has only been weak against the euro for the past month and a half or two months this was starting quite some period of time ago, even as the dollar was getting stronger, even as the dollar was rising against the yen, even as the dollar was rising against the euro this began two years ago and the fact that the dollar has gotten a little bit weaker and, indeed, it has gone from 105 versve versus the yeeuro to 115. Dennis gartman of the world renowned gartman letter. This must be music to your ears, steve, been waiting on xles. The barometer formal oil is the 50 price mark so you really have to Pay Attention to that. Im not sure we can get substantively higher because massive amount of production comes on the market above 50 so if we dont break above 51. 5, lets call it, we made a series of lower highs dating back from february but i do believe the xle could still move higher. Are you a buyer of this notion of the commodities bull market yes, i am and i think as dennis this has been going on for 18 months. In fact, weve been in an inflation trade cycle. Coppers breakout to me is the most interesting because i think copper is the most balanced in terms of fundamentals and also where you had to see some supply coming offline from the chinese to break off from 2. 75 a pound copper up 13 of 17 days and going higher and i think theres a lot of look at the industrial metals, nickel at recent highs, palladium. Copper to me is the most interest that is dr. Copper the real economy we havent gotten into fiscal trades thats really important. Freemort freepart fr freeport is a name im long. A couple other miners. A lot of exposure to the gagags. I think thats going higher. Integrateds have been tough to own for most of this year, quite frankly. Exxonmobil reported last week, made a 52week low 78. 25, give or take. Did it on two times normal value. So if were all on accord that Energy Prices are going higher here and you think that might have been sort of the capitulation bottom for the short term, at least, i think risk reward in exxon sets up the best it has in quite some time. Gold miners up this year but some traders are betting the run is done. Mike joining us to break it all down. Earlier today unlike other areas of commodities you guys were talking about, we saw unusual put activity earlier today, we were seeing two times the number of puts, trading in the gold miners etf and where they were putting that focus and attention was on the september 20. 5 puts over 14,000 of those traded for 16 cents hedges to the downside after they had a little bit of a run to tims point, the bullish bets were being made in bhp and rio tinto. Thanks for that, mike for more options action, check out the full show friday 5 30 p. M. Eastern time on cnbc. Coming up next, weve got the final trade. Stay tuned im here at the Td Ameritrade trader offices. Steve, other than making me move stuff, what are you working on . Let me show you. Okay. Our thinkorswim Trading Platform aggregates all the options data you need in one place and lets you visualize that information for any options series. Okay, cool. Hang on a second. You can even see the anticipated range of a stock expecting earnings. Impressive. Whats up, tim. See options data like never before. With thinkorswim only at Td Ameritrade. We cut the price of trades to give investors even more value. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. And at 4. 95, you can trade with a clear advantage. And the wolf huffed like you do sometimes, grandpa . Well, when you have copd, it can be hard to breathe. It can be hard to get air out, which can make it hard to get air in. So i talked to my doctor. She said. Symbicort could help you breathe better, starting within 5 minutes. Symbicort doesnt replace a rescue inhaler for sudden symptoms. Symbicort helps provide significant improvement of your lung function. Symbicort is for copd, including chronic bronchitis and emphysema. It should not be taken more than twice a day. Symbicort contains formoterol. 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Mad money is next. Time for the final trade lets go around the horn tim seymour . You want to play the great aussie dollar, youre getting commodities exposure fxa. The etf could play that. Chairwoman. Event stock, rent a center. Engaged capital activist who has members on the board and says the company is not exploring alternatives which they agreed to do. I think well see a deal eventually. Steve grasso. If this rotation continues, you want to see exit out of f. A. N. G. And into energy stocks, financials, go with the xle, energy etf, xle. Rich ross gave you a jethros tim knew obviously that was the reference. Anyway, do you have a trade, guy . I do. I think snap is destined for nail year. I think in the short wetemple we term well see a significant bounce. Ielsa lee. Ching 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 is not just to entertain but to educate and teach you so call me at 1800743cnbc or tweet me jimcramer. Its really hard to stay positive about this market in the face of conventional wisdom