be more big moves next week. >> oil staging another big rally today. yesterday traders said it was mostly short covering. could this be the beginning of a real rebound for the commodity? we've got rbc commodity guru helena croft joining us live. >> we have bob pisani tracking the action here at the new york stock exchange. kate rogers at the nasdaq and jackie d at the nymex. >> finally more typical august day. there is a little fireworks in the energy space. s&p 500, a narrower range, about 15 points. that would be more than normal on a typical day. compared to what we've seen, other than a slight swoon in the middle of the day, it's been fairly straight and narrow here. i want to show you what markets are doing here. we'll call the trading range narrow. volume on the heavy side. not as heavy the prior four, five days. heavy for a day in august. breadth 3-2 advancing to declining. that's been holding other than a droop in the middle of the day. volatility is flat. look at names like mid state petroleum. this is not a typo. up 134%. it's doubled in the last day. this was halted in the middle of the day, it moved so aggressively it had a halt because it moved more than 5% in a short period of time. other names. drilling companies huge today. driller parking up 10%. that is heavy volume. c drill up 10%. some of this is short covering. many in the energy sector material heavily shorted. what does it mean heavily shorted? it means 25%, 30% of the flow to short when you start talking about heavily shorted. a lot of the names are in that area. finally want to bring you up-to-date on market on close orders. right now the imbalance looks fairly insignificant. slightly to the sell side. these are orders placed to buy or sell stocks at the close. really not statistically significant. we had rather amazing moves in market on close orders this week. right now though, it doesn't appear to be impactful. we'll keep an eye on that. we'll let you know. >> a lot can happen in the last hour of trading this week. thank you very much. >> the nasdaq is flat right now after opening the day in the red and dancing back and forth between positive and negative territory. rebounding gains for the nasdaq. nasdaq is still higher for the year. russell 2000 higher by more than 0.5% today and does remain in correction territory. apple is slightly lower for the day, but higher for the week. that is after news ian rogers left. video gaming company activision blizzard one of the biggest gainers up by more than 6% after news leaked that the "call of duty" publisher will join the s&p 500 after market close today. to the down side, the biggest loser, autodesk. down near 6.5% after reporting revenues that missed the street's estimates and cutting its forecast for the full year. back to you. >> oil spiking today. that is the real story. 20% off the lows for monday. >> the low on monday, $37.75 and today finish at $45.22. today the headlines spurring this rally were based on the fact saudi arabia has sent ground troops into northern yemen. that's why traders were covering their shorts and there were new entrants into this market. other bullish factors rbob expiring monday. we saw inventory draw on wednesday. it was a little surprise to the market. when we get the inventory numbers this week, if we get another draw that is not seasonably expected, storms brewing in the south not projected to hit the gulf yet but something to keep an eye on. bottom line here, traders telling me, geopolitical political instability will trump instrumentals every time. since we closed over $45, we are in this upside trend. the next point of resistance is $47.30. they think it's possible we will get there. it's a remarkable move. >> it is. there is no other word for it. thank you so much. now we have steve parker from jpmorgan private bank. this is the correction i don't think you saw coming. maybe not with the speed and depth we witnessed. what do you think about markets now? >> that is what makes corrections, when people don't expect them. it was a flash correction. summed up by one portfolio manager who cut his vacation short said to me. that was i've been waiting for a real 10% pullback, i think i missed it. it was that quick. one thing i will say, we've got to pay attention to where that selling was coming from. when you look at the top ten countries with sovereign wealth funds they total $6 trillion, all with the exception of maybe say china come from oil-producing countries. when oil started going down, that was the catalyst where we started seeing money repatriated by the sovereign wealth funds. it was great when they were buying the market. when they need to get out, and how do i know this? i used to handle those chunky orders we saw on the closes are indicative of sovereign wealth funds liquidating those positions. they are leaving big foot prints. they are giving investors a wonderful opportunity to buy stocks on the cheap. >> steve, give us an insight how you spent the week and what themes you're looking for. what's the cutting edge where you think you'll make money for clients moving forward? >> i think the biggest challenge in a market like this is trying to separate the fundamentals from the noise. >> as the fed vice chairman said today at lunchtime? >> when you think about fundament fundamentals, the story is still in place. with valuations having reached normal to slightly expensive levels on equities, you want to focus on parts of the market that can deliver growth. markets like europe and japan. within the u.s. it means sectors like banks, consumer discreti discretionary and health care. >> still. >> still. we've gotten to a point where investors want growth. >> people are trying to figure out what happen with regard to etfs. some of the big gaps on the open we saw, rule of 48 and how that might have affected things. what are the longer term repercussions or implications of what we witnessed? >> it will take study by the government agencies that regulate exchanges. that is not a good thing. the fact of the matter is what we witnessed, i believe, was the ineffectiveness of etfs when there is a crisis. you saw as was alluded to, may have been sovereign funds. what we saw was an unwinding of volatility or value at risk. var which is getting thrown in there with etfs. stocks went on sale. if you didn't have an order on the floor in new york, you weren't guaranteed that price. >> why? what was the difference in terms of price action here in those first five minutes of trade monday morning versus other exchanges or platforms? >> if you had an order on the floor of the new york stock exchange inside the quote, you are guaranteed an execution. you don't have that guarantee in any other exchange. he you get into the business of bribing for orders which stock exchanges do, orders are sold to other exchanges. >> we saw big gaps. how did jpmorgan, home depot fall as much as they did? they fell substantially on some parts of the market before the price we saw quoted took that into account. >> exactly. if you are trading premarket, the people who are damaged there were the sellers trying to figure out the net asset value of their etfs. there was no real understanding of where they were assuming that the price quote they saw in new york was the price they are going to get. that's not the case. >> you're becoming more strident for the nyse. was it short covering this week or are the institutional guys like yourselves coming in and buying longer term? what is your perception of that? >> i think it was both. when you look at parts of the market like what we are seeing in oil and energy and material stocks, i think there is definitely an element of short covering there. when we look at what's going on in markets, there are fundamental buyers who got a second chance to swing at opportunities. >> did you see them coming through? >> when we talk to our clients, normally you see this type of move in markets and clients are calling up saying, get me out. what do we do? now they are calling saying, where is the opportunity? what should we be buying? >> your remarks reminded me of the trader who shaved his correction beard this week after we hit that mark. jesse felder had been growing it only since last autumn. wow. 11 months into it. what do you think? >> i've got to tell you, traders are a different breed. one thing i can't do, unfortunately, is grow a beard so there you go. >> he looks like zz top. >> we'll have to come up with creative ways for jack to time the mark till the next move lower. gentlemen, we'll leave it there. what a week. 40 minutes to go into the close. dow down that amount, 48 points. s&p 500 down about 3 1/2. the vix jumped about 1 1/2 points today. nasdaq hanging on to positive territory by three points. >> the federal reserve vice chairman stanley fischer speaking with steve liesman ahead of this is big speech at the fed's annual retreat in jackson hole, wyoming scheduled for tomorrow. steve will have the highlights from his market-moving exclusive interview next. former shell oil president on his march prediction that oil will be $80 a barrel by this summer. crude trading in the $40 range. that's still where it is when he made those reports. hofmeister will give us his forecast. ♪ ♪ it took serena williams years to master the two handed backhand. but only one shot to master the chase mobile app. technology designed for you. so you can easily master the way you bank. you totalled your brand new car. nobody's hurt,but there will still be pain. it comes when your insurance company says they'll only pay three-quarters of what it takes to replace it. what are you supposed to do, drive three-quarters of a car? 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>> if the fed is seeing market turmoil, they will not tighten. fed had the market's back the last six years. don't expect them to take any action if there is market volatility. the biggest issue facing the markets now is not the fed. it's the emerging market tantrum going on. we've got to keep our eyes on that. >> we saw the biggest outflows from foreign shares since 2008. obviously, that kind of capital outflow could have an impact. what about you? are you also looking for a september hike? frankly some of the volatility settled down now. as things stand today, they don't necessarily look as significant as they did in the depths of the sell-off monday, do they? >> i agree that there is more likely there will be qe-4 than a rate hike in september. there is going to be more market dislocation. i think we had a nice oversold rally. i don't think we fixed things as your prior guest mentioned. we have big issues with emerging markets. china is a huge problem. china is unwinding and they are stuck between a rock and hard place. they admitted to a 3% decline. that is deflationary. they need accommodative monetary policy in order to stave off these massive deflationary pressures. >> do you think they can, to the point in question, do you feel they can hike rates when inflation is declining on a year over year profile? it's a technical question. i ask it because barclays points out that's one of the reasons he is suggesting they have difficulty in hiking in september when the momentum was building before. >> if inflation mandate is primary they won't hike. if employment is primary they will hike. they want to get information to have tools in the inflation-fighting tool chest. markets don't like the uncertainty right now. a fed tightening would soothe the markets. >> but that's not what fischer is saying. with central bankers you have to listen to what they are saying. they have to understand the drivers of the market volatility. if they do tighten because we have a calm market, employment gains, auto sales, housing starts very strong. economic metrics are still very strong. he also said you can't tighten after the fact. it's better to be in front of the economic tidal wave activity than get in front of it. >> is it stocks, cyclical names or defensive ones with more of a yield that could be a problem there? >> think domestic. so the consumer is going to benefit from the oil dividend from a strong balance sheet, lower cost to capital. think discretionary. >> that's not happened yet, has it? >> it will kick in. >> that call has been made so often. health care costs are rising, rents are rising and saving rates are rising. >> i would be betting on rising employment, consumer purchasing power and consumer discretionary names. i would look at home builders here. it's all domestic. you don't have to worry about macro economic forces impacting the u.s. home building sector. >> okay. i was going to ask david before we go, which places you think investors should be in this market? >> i worry about consumer discretionary. the economy has been better, but participation rates are at record lose here. i still love gold. i think gold acted very well on thursday, friday and monday generally in this massive collapse we had. all the commodities are down, too. gold acted well. i love gold miners. a lot of those are down 80% to 90% represent extraordinary opportunities. >> any comments, simon? >> don't rope me. if they want to create -- they should advise people to buy gold. we showed it down 12%. i know nothing. >> i encourage people to look to our interview with the gold council. david saperstein, congratulations. appreciate you both this hour. things aren't looking too clever in the market. we are down 84 points. we were hugging the flatline slightly below for a couple of hours now. it's down 82. we'll keep tabs. now 36 minutes to close. >> nasdaq is negative. we could be heading for another whip saw week on wall street. we'll tell you why next. >> later, oil on a tear again today. a top commodity strategist will offer her take on this week's surge. if it will evaporate as quickly as it came. why should over twd years of citi history matter to you? well, because it tells us something powerful about progress: that whether times are good or bad, people and their ideas will continue to move the world forward. as long as they have someone to believe in them. citi financed the transatlantic cable that connected continents. and the panama canal, that made our world a smaller place. we backed the marshall plan that helped europe regain its strength. and pioneered the atm, for cash, anytime. for over two centuries we've supported dreams like these, and the people and companies behind them. so why should that matter to you? because, today, we are still helping progress makers turn their ideas into reality. and the next great idea could be yours. fasten your seat belts. the extreme volatility may not be over if history is any indication. >> good afternoon. that's right. if you look at what's going to happen this week, we are about to be flat, somewhere between negative 1% positive 1%. we had a big swing almost 7%. this will be the 17th time in history since 1950 that the s&p had a performance like that. if you crunch the numbers and look what happened the 16 previous times, the following week you always saw a big return. there was not a single week that didn't have a move 1%. there was volatility in every case. you could see a really big positive return or really big negative return. in no case did you see a small return. if you look at the numbers, we are going to see volatility. we'll see almost a 6% move from the high to the low like we did this week. 50% chance next week. for sure, we'll probably see at least a 3% move between the low and high. be ready for another big move in volatility next week. >> time for a cnbc news update with sue herera. >> the white house says it is confident it has the support in congress to sustain a veto of any resolution to reject the iran nuclear agreement. spokesman josh earnest saying momentum is building on their side you referring to 30 senators who publically announced support of the deal. they need a total of 34 votes. marco rubio telling a foreign policy forum in south carolina that china's leaders are bent on aggression. he accused them of carrying out a plan of economic misconduct and cyber aggression while also making moves to assert flimsy territorial gains in east kaegs. rubio's presidential rival jeb bush holding a town hall in norfolk, virginia. he said mental health challenges rather than stricter gun buying restrictions should be the focus of preventing mass shootings. >> 15,000 fans were on hand in saratoga springs to get a glimpse of american pharoah's final workout before the travers state tomorrow. the colt is a 1-5 favorite to win that race and you can see it on nbc beginning at 4:00 p.m. eastern time. best of luck to him. such a beautiful animal. back to you guys. >> the dow is down about 63 points on the session. just about 60 points. this is not only often the most volatile where we see a bunch of volume, but the one closing out an historic week. s&p negative by five points. nasdaq trying to claw its way to positive territory. >> the question is are people wanting to put in the last few trades before the weekend or are have they left for montauk? >> montauk is a small community. >> you know what i mean. >> up next a veteran trader tells us what to watch as the final and most important half hour of the week rolls through. >> leading oil expert explains this week's comeback in crude. i'm here at the td ameritrade trader offices. ahh... 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 that 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... what's up, tim? for all the confidence you need. td ameritrade. you got this. 27 minutes to trade. a relatively quiet end to what has been one hell of a week for most people. let's have a look at those averages during the course of the week. you'll see the way we were able to climb back from the heavy losses we had. tuesday's session was such a disappointment. we began to pull forward or pull higher on wednesday. then of course yesterday's session, the big question is it short covering or is it something more sustainable? >> let's get out to alan on the floor here. we are seeing more sell pressure here, aren't we? >> we are. coming into the bell, we were pairing off. now supply is on the sell side. >> are people nervous about next week? >> we had a great wednesday, thursday. you want to see it build. it didn't build. i think guys were saying let me take some off the table. >> stocks have been moving in lock step till now. what do you make of that? i think it will stay off till the fed makes one decision or another. >> do you think between now and then we could be looking at more of the same? >> a lot of volatility. not light volume but volatility, yes. >> we'll let you go. thank you so much. one of the reasons we were able to do so well yesterday on the rally for the stock market was oil. the surge that came forward. then again today up more than 6%. will the rally fade just as fast as it builds? >> we think it will be a difficult six or seven weeks. we could have new concerns about cushion. we don't see the balances improving towards the back half of the year. >> it seems as oil prices are dropping, it's swinging around more. the fact we have plummeted in trading sessions and now up 20% just from the lows on monday. as we try to figure out where it goes next, should we brace ourself for wild surprise swings? >> some is the macro story. you can have a supply and demand story. chinese demand has been strong. some of the fundamentals are good. when you get these macro stories, these concerns about is china going to have this hard landing, that can pull prices lower than fundamental support levels. >> it seems when you see something swing around like this, it's not trading on fundamentals, it's trading which side the hedge funds decided to crowd. >> that is true in terms of positioning. we also argue we do still have on a fundamental basis this massive supply overhang. if you look what happened the earlier part of this year when you have this recovery rally, that was driven on expectation of u.s. production rolling. demand is going to crash. demand has been the one great thing for the oil market this year, good demand numbers. >> where do you think we'll be on oil the end of the year? >> we think by the end of the year we should be on wti for an average of q-4 around 54. we think the recovery is coming once we get past maintenance season. we do think there will be heavy maintenance, renewed pressure. n you have to clear out the supplies. if you want a long-term price recovery, lower is better and staying lower. >> people were citing arab's activity in yemen today as one possible reason why oil prices were popping. is it a move looking for reasons behind it? >> saudi, they are the biggest player. anything of instability in the middle east, i think that's a headline story. when does saudi decide physically to pull barrels? when is the pain too much for them? >> which was the question i'm going to ask you. >> when is the pain too much? >> how long can the saudis keep this up? >> they have 660 billion reserves but had 734 at the end of december. they are borrowing again. >> they have princes that need to be paid. >> also they have a very expensive war in yemen. >> will the rubber hit the road with saudi or with the rest of opec? >> we think there are five countries that could fall off the cliff. we put venezuela, nigeria and iraq. i'm not sure they influence the saudis. when they say they've had enough, the pain is too much. >> thank you. >> we've got more than 20 minutes to go till the close. a market now down about 102 points. the s&p 10, nasdaq 11. ordinarily this wouldn't get too much attention. the swings we've seen in the last hour are going to grab notice. >> up next, dom chu sizes up the best and the worst performances since the markets hit bottom earlier in the week. >> then shell oil's former president john hofmeister will give us his latest forecast on crude. he thinks prices could double. stay with us. nt's ever been theg of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. ...is as easy as it gets. wouldn't it be great if hiring plumbers, carpenters and even piano tuners... were just as simple? 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we know freeport-mcmoran shares, they are up massively over the course of the past few days here on the heels of their cost-cutting plans, capital expenditure plans and of course carl icahn taking a stake here. this stock lost 60% of its value over the course of the year-to-date in one-year period. some of these earn large down turns. another one brought up in one of our screens is consol energy. we know how much trouble those coal stocks have been having so far. when you see these big moves down side, that may couple sometimes with these moves higher. very much so on the up side. the question becomes whether they are just bounces in a longer-term secular down trend. that remains to be seen. >> a busy week for you, but a great one. dom chu with that analysis. 14 minutes to trade before the close? we are off our lows. still down 82 points on the dow. >> it has been a wild and crazy week. david darst puts it all in perspective after the short break. ♪ ♪ it took serena williams years to master the two handed backhand. but only one shot to master the chase mobile app. technology designed for you. so you can easily master the way you bank. no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. 11 minutes to trade. down 90 points on the dow after a wild week that meant we are well above 16,000. joining us is independent investment consultant david darst. >> nice to see you. the jobs numbers coming in next week. >> you had new jobless claims below 24,000 four weeks in a row. ism numbers are positive, housing is good. and you have this continuing growth in the labor market. empire state came in weak. it's a choppy, inconclusive market. >> there are viewers who will be relieved to see you on the screen. they know that means this week's trade is almost over. have you ripped up playbooks this week? are you putting on different investments because of just acknowledging the events of the past week? >> profits are up only 1.5%. that is not a formula for the market to move. >> a view said you haven't mentioned earnings. we haven't nailed it in terms of earnings expectations. >> i think it's a great point in "moby dick" as they crossed the equator in the exact middle of the book, herman melville nailed a gold bloom to the mast. the guy who spots the white whale gets that gold debloom. that will be profits. it's going to be a washed out year like this. >> it outperformed standard and poor's by 1,000 basis points going that route this year. >> what about sectors in the u.s.? >> that is not about chasing earnings. that's about chasing qe from the bank of japan and ecb. come on, david. don't give us that. >> simon, you're a good man. earnings estimates are bottoming. that is the key. earnings estimates are bottoming. europe has cheap valuations. they have quantitative easing and europe is a net importer of oil. these lower oil prices help europe. you want to stay with europe. >> good news is there is more darst after this break. as art cashin indicated, there is still 300 million to sell on the close. >> one quick break. we'll come right back. >> john hofmeister will weigh in on these massive swings in crude. the reserve bank of india's governor will be with us. raghuram rajan. in the us, three in ten college students drop out. but how can you spot who's at risk? 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>> i said at the top of the hour, it felt likes we were going to close on change. >> the important thing, no ruling made on this. 300 million is not statistically significant buy or sell imbalance. 1300 point move in the dow jones industrial average this year. we are going to end up close to 1%, maybe 130 points, 140 points up on the dow from where we closed last friday. it's been extremes in price and extremes in volatility and extremes just all across the board. every metric you would possibly want. we've gone through literally two years of trading. we went through an entire year of trading in the first half hour monday. >> i lost about 10% of my hair. >> next week's ism manufacturing and the jobs number. i don't know that it's a bottom. these people are much more experienced here. >> you wrote the text book. come on. don't give us that. >> i don't know that it's the bottom. you want to go slow here and see the volatility calm back down to reentering the market. you want to see corporate executives more constructive, more sanguine, more positive about earnings and the revenue outlook. >> that would be nice. did you see steve liesman's stanley fischer interview today? talking at jackson hole tomorrow. do you think he might have saved some ammunition for that speech? >> i'm sure he will. you and i discussed this when he was going to be interviewed. my feeling all year has been he's the one pushing to keep a rate hike alive. that's what he did with the interview with steve. he kept it out there. it's too early. we haven't made a decision yet. we'll make the decision when we get there. that spooked the market just a little bit. that's what he wanted to do. >> it was the lady or the tiger. we will not no. is it dead or alive? we will not know till we open that box. >> is it possible if they do it september 20th, they raise one quarter point and come out and say this is it for the year, the one and done camp and assure everybody that the market would view this as a positive sign? is this possible? >> that's a possibility. these markets are destabilized. again, the imf, the world bank, the people's bank of china all asked them not to raise. >> why don't they turn around and go, it's okay, guys, no rate hike for now. maybe in december. everybody calm down. the market could stabilize and we would be in a better economic situation? fischer wants to keep the market uncertain? >> that's the only way to gauge what the fear factor is. >> you want to buy europe. you want to buy japan. start nibbling at energy stocks. you get these good dividend yields. >> it's been a pleasure. thank you. "closing bell" continues now on cnbc with kelly evans. >> we almost turned positive. welcome to "closing bell." i'm kelly evans. what has been a wild week on wall street. dow only giving up 14 points into the close. with about 15 minutes to go it was briefly down 100 points. s&p and nasdaq did turn positive at the end of the session. s&p higher by almost a point. nasdaq higher by almost 15. we'll see how that leaves things. we have full team coverage. dominic chu looking at some of the biggest dow movers. kate rogers at the nasdaq and jackie deangelis following this stunning turnaround in oil. let's take a look back at this week's market action. >> there is the opening bell. >> dow is down 1,000 points. >> there was real genuine panic selling. >> these are enormous moves. >> making my eyes pop out of my head when i was watching the quotes here. >> as of this moment, it is the strongest rally of the year. >> we are in sort of a very strange unchartered territory. >> a volatile final hour of trading turning this rally into a decline. >> trading was chaotic. the dow cratering into the close. >> heading back up. >> markets rebounding today. it's been a wild week of volatility. >> those people waiting and hoping to take advantage of a meltdown found the clock was running out. >> we have another roller coaster session on wall street. >> have we bottomed here? >> you have to go back to black monday 1987 to get this type of volatility in the market. >> when you see this level of volatility you get nervous. >> if you think the stock market has seen wild swings this week, check out what is happening to oil. >> what are the longer-term repercussions of what we witnessed? bob pisani, remarkable dow almost turned positive. the s&p did. >> yeah. we did not have the margin calls. we did not have the market on close sell imbalances. in certain ways it was a quiet august day. nothing about this week is that normal. take a look at the dow jones industrial average. i mean the range we moved in was about 130, 140 points. that is a normal day. before noon we did briefly go positive. our trading range, very narrow. volume was on the heavy side but this was the lightest volume day of the week we have seen. the breadth 3-2 advancing to declining stocks. maybe got a little better than that right at the close here. volatility was flat today. i mean in a narrow range but elevated in the high 20s. sectors today. energy, another standout as we got oil moving again today. that got people going in some of these small cap energies. utilities had a rough week overall. industrials to the up side. financials interest-rate sensitive. we talked about energy stocks. a lot of small cap energy stocks have had huge 20, 25% moves in the last couple of days. some is short covering. people rushed to buy these terribly beaten up names here. in terms of the week, it's very simple. kelly highlighted it very well here. extremes in price and volume and volatility here. there are some of the sectors i mentioned. extremes in prices, volume and volatility overall. dow moved in a 1300-point range. we hit bottom. moved at a 1300 point range. oil was the other big story up about 12%. as far as the vix goes, we went to 53 on monday and tuesday then drifted lower. dow went out 16,459 last friday. we went down 1,000 points monday then rallied back. stayed fairly straight across i the last final day here closing at 16,642. the dow down only 11 points. you will not see these extremes very often. i've been covering the stock market for 18 years. i don't recall any day, any week quite like this one. back to you. >> nor does jack vogel. thank you, bob. told cnbc earlier this has been the biggest exercise in sheer speculation he's seen in more than 60 years in the business. >> it was interesting when i heard david darst referred to it as the cat that you don't know is alive or dead until you open the box, we don't know if the market will be bullish or bearish till we see what happens in the coming days. let's bring you back to what it was. bob pisani hit on that volatility in the last couple of minutes. huge down day friday. monday we saw an intraday low. down 200 points on tuesday. up 600 wednesday. up almost 400 on thursday. only down about 14 points today. if you take a look at the chart intraday, we tack all those movements along with this particular 11, 12-point drop. you have about 2300 points of movement on a broader scale. if you count all the major intraday moves up or down throughout the course of the week going back to friday, we traveled over 10,000 points or 10,000 steps in the dow during that time. if you take a look at big dow components we wanted to take a look at here, first of all, apple. we've seen those shares rise since the closing lows on tuesday. apple is positive year-to-date. take a look at other big ones here. exxonmobil up about 8% just since the closing low we saw on the dow tuesday. another move higher. on technology side, intel, those shares getting a bid up over by 8%. the single best performing stock in the dow since those tuesday closing lows, another oil company chevron up 11%. three of these stocks have one thing in common. exxon, chevron and intel are all still negative year-to-date. that is important to keep in mind. on the sector side, we did see laggards and winners here. losers, utilities, financials. staples, telecom and health care, the relative losers over the past week, then you have the gainers. this is why some of the bulls maybe have an inkling here. energy we know about the woes there. consumer discretionary. consumer spending always a big part, always a big focus for investors. >> thank you, dom. joining today's panel to digest all of this, evan newmark and courtney reagan. and "fast money" trader guy adami. people waiting for an opportunity to get in. did they just miss it? >> probably. one of your previous guests quoted herman melville. i will quote bernard baruq. he said the main business of the stock market is to make fools of as many men as possible. this past week was a good indication of that. now it's not just making fools of men but making fools of machines. i think a lot of trading we saw earlier in the week, a volatility is algorithm driven. it's good for people like me who are investors. >> i cover retail. i focus on the consumer. i'm not sure if i'm a retail investor at home how i ultimately feel this week. do i feel better or worse? monday was scary. things ended up okay. but why? what were those moves for? i think it scares sentiment and makes people nervous and uneasy. it's hard for folks to put their finger why they do what they do when it comes to spending, but i think there is a psychological issue. >> there are the etfs which displeased a lot of people. inability to access trading platforms. maybe opportunities for long-term investors. when you look back on the moves we've seen, how do you think people should position and where do you see opportunity? >> i want to talk about what courtney said. i think we are quick to say, to give the all-clear sign. i'm not certain the all-clear sign is there. clearly, i think everybody is breathing a collective sigh of relief today that the week didn't end as it looked like it would end monday and tuesday. i guess that is a good thing. i don't thing anything has been necessarily solved. i think the structural damage to the market has been done. next week comes to be a critical week. it happens at a week typically where everybody goes on vacation. if you think volatility was interesting this week, wait till next week. you mention crude. i am not an expert in the oil volatility index. that was up on the date. to me all consumer confidence is an overlay of the stock market. if the stock market is doing well, there will be heightened consumer confidence. this week troubled a lot of people. the stock market led on evening news. if people feel apprehensive about things, they become reticent to spend. that is at the heart of what courtney was saying. >> a quick word? >> i'm not saying there is an all-clear. i'm very much in cash. i used the opportunity friday, monday and tuesday. i bought into the close. not a lot. i'm not changing my investment strategy. if you have too much money in the stock market and can't sleep at night, that is a bigger problem than day-to-day worrying about the stock market. don't worry so much is my motto. >> that is a hard thing to tell people when the headlines are dow drops 1,000 points. never mind. we're up 600. that is a scary thing. >> the answer is nobody knows why it happened. some people have trouble accepting that. i was comfortable with that the last 20 years. >> i am not comfortable. >> you want to give us an explanation? >> i can explain it. >> people were taking off this trade we were talking about. on options action at 5:30 they'll probably talk about it. options dealers got comfortable selling volatility at rates 12%, 13%, 14%. when you're short volatility, you have to sell the lower the things go, the more you have to sell, the higher things go, the more you have to buy. the moves we saw this week to a large extent were options traders dealing with we call bad greek or negative volatility. that is an explanation. in terms of looking forward next week, buckle your seat belts. i don't think it's over by any stretch of the imagination. >> guy, thank you for now. guy adami. stick around and catch more of guy on "fast money" at 5:00. >> we've got a key economic indicator next week that could be a game changer for the market. not the jobs report. that and more on this special edition of "the closing bell." >> a wild week for oil. will the volatility continue? we'll take to you the center of the action. find out what or who shell's former president says is behind the move. >> china sparking this week's roller coaster ride in the market. there is another emerging economy. the man leading the charge at india's central bank is coming up. let's take a look at the sectors on the s&p 500 which managed to turn positive. materials in the lead. technology doing all right. energy the strongest one up 2%. there is no rhyme or reason to how we are listing them there. utilities were down about 0.3%. jackie deangelis has more what happened this week. >> no surprise the s&p energy sector was up 2% when you had a 20% rise in crude oil prices by the end of the week. what happened here? in the early part of the week, monday when we dipped down to 3775, fundamentals and concerns about china and overall equity markets drove us lower. those feelings started to subside a little calm came over the marketplace. traders started to become more optimistic that central banks would support economies and everything is going to be okay. you have headlines out of the middle east, saudi arabia sending ground troops into yemen. any threat of geopolitical instability does send crude oil prices higher. that's when we saw short covering and new buyers entering into the market. when some of these target levels are hit, algorithms take over. the bottom line here for next week is watch the geopolitical instability. that has always been the black swan, the wild card that could send prices higher. the fact we settled over $45 today indicates we could move higher from here. the fundamentals will come back into play at some point. we still have a supply problem. what also is interesting about volatility is the range we saw today. a session low of $41.08 to session high of $45.90. this could be volatility. >> one executive saying it could go higher this year. john hofmeister, former president of shell oil, founder and ceo of citizens for affordable energy. welcome back. you have to admit you didn't see this one coming. >> i don't think anybody did. there are two levels of activity here. one is the traders. i'm not a trader. i admire traders. they live in a psychological world. i think we'll see more volatility over the next month or two. then we watch the second level which are the producers. the producers know what's going on. one earlier today said the real down turn in the u.s. is not being felt yet but it soon will. i think in the november/december period, we are going to see a different dynamic set in as we have much more difficulty keeping up the supply. >> do you think we put the lows in? >> i think we'll see it some time september/october and appreciation after that. >> it's evan newmark. can we talk about saudi arabia? i think the point about the yemen invasion or whatever went on today is more having to do with the fact saudi arabia is crucial to the overall supply dynamic for oil in the world. does your forecast going forward depend on saudi arabia or other external factors? >> i think it's a lot of the u.s. let's go back to saudi. i think the saudis have been determined to teach iran and russia that they have other contentious forces to deal with in an economic sense. the decision the saudis will make some time, perhaps by november when opec meets is whether they want to continue to inflict the pain, the economic pain on iran and russia even while they've inflicted it on themselves or whether they want to start to back off. my own sense tells me they are spending an awful lot of money and they don't have to. they could be taking in a lot of money. by backing off on the production, not making a big deal out of it, but backi off slowly will see equalibrium come that much faster if saudi starts to back off some of their high levels of production. >> this will have a big impact on consumers in this country. if oil does move higher there might not be that much relief at the gas pump coming. refiners kept that price high. the flip side is oil moves lower and people get a christmas surprise. do you think in terms of the price we are paying at the pump, that that is not going much lower here? >> i've been saying six months consumers should enjoy it while it lasts because it's not going to last. i think the next couple of months will be pretty good for consumers. then we start the long trek back up. >> thanks for joining us. >> thank you. >> tech sector sat in the front car of this week's market roller coaster. a look at the week that was in the tech-heavy nasdaq. global markets may be in turmoil. investors shouldn't panic that. it's word from the governor of the reserve bank of india. he will join us next live from the economic conference in jackson hole. nt's ever been theg of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. welcome back. it's been a crazy week. you can see the dow traveling more than 10,000 cumulative points. we did close higher for the s&p and nasdaq. the dow was down about 11 points today. it was up triple digits at about the closing 15 minutes. i don't know what to make about that 10,000 number. i look at the s&p. >> india has been among the strong performing emerging markets. for more we'll head out to jackson hole where steve liesman has a very special guest. >> thanks. i'm here with the governor of the bank of india. thanks for joining us. >> thank you for having me. >> you have growth, inflation, a central bank discount rate that is not at zero. do you feel alone there? >> it's a nice set of problems to have in this world, to have a little of the traditional problems of some inflation. but a fair amount of growth. >> you have 6% inflation and you're trying to get it down. >> i have to look to history. i look how these economies were 10, 15 years ago and learn from that. >> let's talk about recent news. neighbors with china, a huge trading partner with china. how is the chinese devaluation affected you? >> we are trading big trading partners with china. typically, they export to us, we export relatively little to them. if there is a greater chinese slowdown than anticipated, it won't affect us as much as other countries around the world. everybody would like stronger chinese growth. to some extent, we are amongst the least affected. >> do you feel they are doing the right thing to get their economy going? >> i think the longer-term transition they are looking at to move towards the more consumption-oriented economy is the right thing. they have to do it. the transition part can be a little fraught with uncertainty. that's what we are seeing. >> not only are you alone inside there, also back in india you have criticism. you are running with a 7.25% discount rate. people say, hey, it's time to cut, begin where everybody else is around the world how do you defend that kind of interest rate when there are other people around the world with zero? >> we also have inflation, which other people don't have. we have to look at the difference and make the judgment. we've cut interest rates three times this year. we are still in accommodative mode. we look at data as it comes in and take a further view. we've not said we're finished. we said we are looking at the data and we'll take a view as data allows us. >> mr. governor, you told a meeting of central bankers including alan greenspan there were faultlines hidden within the financial system globally. you were proved right by the financial crisis. how do you see things today? >> i think the central problem today is slow growth. if we could find the magic bullet to make growth stronger, i think would you see a lot of the difficulties around the world vanish. whether it's difficulties the emerging markets have or not being able to export to strongly industrial growth or difficulties some industrial countries have with high debt. we all need stronger growth and need to see where the secret sauce lies to see the prefinancial growth. >> a lot of that high debt outside this country is in dollar terms. from your point of view, how significant a risk to the global financial system is in appreciating u.s. dollar? >> it does cause to fragilities. on the other hand, if it is accompanied by very strong u.s. growth, it does help other countries who can then export to the united states and pick up their own economies on that basis. there are positives and negatives. absolutely, the fact that a lot of debt is denominated in dollars, especially certain amounts of corporate debt around the emerging world does create fragilities. >> you are not arguing to the united states federal reserve officials not to raise rates. you don't have a strong opinion in that regard? >> i think my position over time has been, don't do it when the world is in turmoil. it's a long anticipated event. it has to happen some time. pick your time. i think if the volatility we've seen calms down, it could happen sooner rather than later. i don't think people will have a problem with that. it has to happen at some point. >> you're the only central banker in the world that has to pay attention to monsoons. monsoons cause inflation in india. >> monsoons call a lot of rural well-being if they are good. rural consumption because 40%, 45% of our people are farmers. it's such a strong tail wind to growth. we are hoping for a good monsoon so we can have consumption growth in rural areas to support industrial growth. >> governor, thank you for joining us. >> thank you. >> governor rajan from jackson hole. back to you. >> thank you, steve. widely-followed figure back here. time for a cnbc news update with sue herera. >> fascinating conversation. thank you. democratic presidential hopeful hillary clinton receiving a hero's welcome before the democratic party faithful in minnesota. she appeared at a summer gathering of the democratic national committee. she laced into republicans on issues ranging from the economy to women's health. >> republican presidential candidate scott walker speaking to cadets at the citadel in charleston, south carolina, he told them the u.s. cannot afford to lose in the middle east. he laid out his foreign policy agenda saying if elected president, he would aggressively confront terrorism. >> north korean leader kim jong-un paving the way for military detention and improved highs. >> the unseasonably warm weather in france caused this year's harvest of crops in the beaujolais region to start early. quality better than average. this year's crop will hit the shelves in november. can't wait for that one. we deserve beaujolais after this week, right? >> good for the throat, i hear. >> i'm going to take that advice. still to come on this special edition of "closing bell" -- >> this monday's move shocking investors. >> the dow is down 1,000 points. >> will the big market swings continue next week? the key economic data point you need to watch. it's not the jobs report. our special coverage of this wild market week continues. here at td ameritrade, they love innovating. and apparently, they also love stickers. what's up with these things, victor? we decided to give ourselves stickers for each feature we release. we read about 10,000 suggestions a week to create features that as traders we'd want to use, like social signals, a tool that uses social media to help with research. 10,000 suggestions. who reads all those? he does. for all the confidence you need. td ameritrade. you got this. there was real genuine panic selling. >> dow down 1,000 points. >> as of this moment, it is the strongest rally of the year. >> a volatile final hour of trading turning this rally into a decline. >> we are not heading back up. >> with the markets rebounding today. it has been a wild week of volatility. >> do we have another roller coaster session on wall street? >> move 80 points in 4 1/2 minutes. >> you see this level of volatility you get nervous. >> what are the longer term repercussions or implications of what we just witnessed? >> after all that, here is how we finished today. dow gave up 11 points, s&p added one, nasdaq added 15. tech knocks all over the place this week. kate rogers stand buying with a closer look at the nasdaq's movements. >> the nasdaq closed out the week despite all that volatility higher by 2.5%. today higher by 0.3%. rebounding gained this week for the nasdaq are the best in six weeks. nasdaq is still higher for the year. it's the only major index with that title. russell 2000 up 0.25% for the week. down near 11% from its all-time high. nasdaq composite and nasdaq 100 remain out of correction territory, around 8% from their highs july 20th. the biggest impact on the nasdaq 00 this week include big tech names, apple, facebook, amazon, intel and netflix. the biggest drag on the index for the week include cisco, autodesk, citrix, american airlines and intuit. >> despite big weekly gains, the nasdaq and nasdaq 100 are tracking for their worse months since may 2012. >> that is a point. bob pisani joins us now post nine with our panel. how unique an event did we just live through? >> in my memory, this week will stand out for the rest of my life. it's probably true it's not the most traumatic week ever. october 2008, october 2011 when the s&p downgraded the u.s. debt. i believe that was a friday night and we had a terrible week the following time. march 2000 when the dot-com thing blew up. the severity of the moves here. when you drop 1,000 points on the dow from 9:30 to 9:35 and rise 600 points between 9:35 and 9:45 you live whole year's worth of volatility in 15 minutes. the rapidity of the change has moved. >> to what extent do you put that on the machines and algorithms moving it as opposed to human beings putting in buy and sell orders? >> on monday the bids went away. people wrote in furious about jpmorgan. opens at 57 and in two minutes at 50. how could this happen? it happens because there was no bids. waves of sell orders. >> from who? from the algorithmic trading? >> there was massive selling coming in. look what happened overnight in china. >> real people? >> look, for whatever reason. yes. those were real orders, for sure. i'm not saying people were not involved in market-making activities and flash trading. there were no bids anywhere. you can argue why are there no bids? at times of high volatilities, market makers do not want to get run over. they are trying to figure out where it's at. you can get these bids very quickly will just move to the down side. let's talk about what is going to happen the next two weeks. you do not get v-shaped bottoms very often like this this week. >> this particular rally every time we had a correction-like event, they have pivoted sharply moved higher so swiftly, people almost missed out on a chance. >> they did. all of a sudden, we live whole lifetimes in minutes now that's the way modern life is. this is a metaphor for modern life we are living right here. the problem is traditionally you get a retest of lows. if you get it, this happened so rapidly, if we move down all of a sudden another, let's just say 1,000 points on the dow, pick a number, the people who bought before, if this happens in the next few weeks, will turn around and say i'm not going to buy now, i just got burned. the shorts got obliterated. >> we have to leave it there. >> look at the bond market. the bond market was not nearly as volume till as the equity markets or oil markets were the past week. the bond market, if you took your lead from the bond market, you could argue it is not going to become more volatile. >> i am not sure the bond market is a good lead indicator for volatility in the stock market. maybe it is in terms of where the economy is going. >> every time the stock market turned down, people ran to treasuries. >> that is a point. bob, thank you. it's been a long week and we so appreciate it. >> as dramatic as it was, this is what makes it exciting to be a financial reporter. >> glad you were here this week. >> still to come. >> social swings. a key twitter meeting could add more drama. beyond the jobs number, there is another economic report that has investors' attention next week. welcome back. let's take a look at energy. that was the top sector today. crude up 6%. gasoline following suit and energy as a sector up 2% today. a lot of people talking about net week's job number as a key gauge. auto sales could be another factor to watch. phil lebeau joins with us more out of chicago. >> expect strong numbers when we get the auto sales reports from different automakers starting on tuesday morning. overall, the estimates are for sales, the pace of sales to come in between 17 million and 17.4 million. jpmorgan out with the least optimistic at 17 million. strong demand for pick-ups and suvs. remember, there's no labor day sales included in this august number. 17 million is pretty strong and the average transaction price climbing. it's growing faster than incentives are right now at dealerships around the country. take a look where we are in terms of annual auto sales. pace coming in 17.2 million, unless we see things dramatically change over the last five months of this year. last weekend we caught up with the chairman and ceo of penske automotive group and asked whether strong sales can kin. he had an interesting answer about his belief we could eventually see a fall-off due to car sharing and other new technologies. >> 17 million cars sold in the u.s., i won't be around till it goes to 5 million or 10 million. someone else will make that decision. >> the question will become when might it go to 10 or 11 million as you look at penske automotive the last three years, it enjoyed the benefits of rising auto sales. i asked a number of people in the industry about these comments. almost everybody has said the same thing, i don't know what roger penske sees in the future because almost everybody in the industry is forecasting annual auto sales between 16 and 20 million over the next 15 years, unless we see some major economic shock like a major recession or something like that. >> stay right there, phil. thank you. let's bring in brian kelly. you had a note the other day on dealerships that caught our attention because you were also making the point you think a lot of the auto sales will be a one-time event. >> i think there is a big part of it. when we came out of the 2008 financial crisis, the age of cars were very old. that ends like roger penske is saying. things are cyclical. 17.5 million on pace right now is the high end of the range if you look back to the '70s, back to the '50s. 17.5 million you start to see car sales roll over. there is new technologies like car sharing. we know older cars are better maintained than they used to be. people are holding on to them longer. when you look around you go to main street, go to any place and look at big car dealerships. they are all brand-new all-purpose buildings. they are selling a lot of cars. eventually that's going to turn. >> are these dealerships going to be white elephants, phil? >> i think so. there is possibility for consolidation. we probably will see a moderation in auto sales. i don't think we'll see auto sales dip back into the 12, 11, 10 million range we saw in 2008 and 2009. i do think that the auto dealership sphere in terms of all of them out there, there is room for consolidation. somebody at some point will start consolidating either by buying them up or a lot of older dealerships that people will say, been doing it 40 years, i've had enough, i'm out. >> are there people in the industry saying we've likely peaked in terms of that 17.5 million figure? >> no. most people think we'll get closer to 18 million, probably next year. that's probably the high. we are close. >> 18 million, brian? >> we could, certainly. phil gave out the stat people are thinking we are going to get to 20 million over the next ten years or so. unless we have a recession. we have recessions all the time. what happens in these situations, people take a ruler and draw a straight line and assume it's going to continue. at some point, the cycle turns. that's my only point. i have no idea how many cars will be sold. roger penske is a billionaire and i would listen to him. >> brian kelly, thank you. our phil lebeau, as well. i'll have more at the top of the next hour. stay tuned. >> after this week's market volatility, investors are turning to look at next week. the focus could be on twitter. it holds a board meeting and topics will be finding a permanent ceo. julia boorstin with details next. welcome back. a look now at where tech and social stocks finished up the week. facebook added 1 1/2%. twitter about the same amount after all was said and done. netflix and amazon fractionally lower. we're taking a look at twitter in particular because next week could be a big one for the company. julia boorstin joins us now with a preview. julia? >> well, kelly, twitter has a board meeting on thursday, and selecting a permanent ceo is sure to be a hot topic. those sources tell me it's unclear if there will be a vote on a new ceo. today twitter shares zig-zaged in and out of positive territory ending the day up nearly 1 1/2%. this after hitting an all-time low just $21 on monday. now, twitter shares have been under pressure as investors await the appointment of a permanent ceo and await twitter's announced product overhaul, code-named project lightning. we'll have to see whether it will help grow twitter's user base. sources tell me founder and interim ceo jack dorsey is still a lead contender for the permanent ceo role though the board and dorsey haven't yet figured out how to address the fact that he's also ceo of square. they're also talking about another contender. chief revenue officer adam bain. and if dorsey does take the top job, sources tell me they'd like to give bain an expanded role and title. now, twitter has been gradually tweaking its product, but there may be more pressure from the board to make changes faster to rev up that user growth. kelly? >> julia, thank you. and stay there if you would. want to bring in the panel here. and i wonder if this ceo can actually come from another company because take a listen to what ted leon says -- told us on "closing bell" yesterday, his thoughts on twitter. >> i think it's a utility and it will be a very, very important company and an adjunct kind of product and service, maybe for a facebook, maybe for a google, maybe for a microsoft. but i think it will be better off being planted into another bigger global platform. >> what would you do, evan? >> i think the challenge for the company is going around begging to be bought by another bigger company is not a real business strategy. i mean, that's a strategy to try and make your shareholders happy, but it's not really a strategy about getting the share price -- >> they're not doing it, in their defense. this is just investor suggested. >> i mean, kelly, this company's been going around with a no ceo, interim ceo. i don't think many people would -- >> a lot of companies do that. >> yeah, but -- >> a lot of retail interim ceos and -- >> but a company like this that's sporting still a $25 billion valuation which i don't know how anybody comes one that kind of number is a somewhat different situation than a retail company. >> what do you think, julia? >> well, i think that there's obviously been a lot of talk about twitter being a good fit for google. i think facebook does not need twitter. a lot of things twitter used to be the best at like having a conversation about news and events, sharing articles, is something facebook has really made a lot of gains on. people now go to facebook to talk about politics and a lot of things like that more than they used to. i think that twitter does not want to sell right now because they're hoping this is a bottom. they certainly hope that monday was a bottom in terms of the stock price. and there's a lot of hope that once they put in a new ceo, permanent ceo, once they make some of these additional changes to the twitter product that things will start to turn around. i think they'd rather not sell at what they hope is a low point. >> and by the way, a lot of the silicon valley companies watching twitter's performance as they consider whether they should go public, how much they should try to do as an independent company, how much value there is to be created in this space. >> kelly, if every company that was just mentioned in this piece stood up and said we're not buying twitter, their share price would fall by half in about a nanosecond. >> if only there was a way to find out. julia, thank you so much. julia boorstin. what a week for stocks. we're going to tell you what else to watch next week after a quick break. you're watching cnbc, first in business worldwide. special olympics has almost five million athletes in 170 countries. the microsoft cloud allows us to immediately be able to access information, wherever we are. information for an athlete's medical care, or information to track their personal best. with microsoft cloud, we save millions of man hours, and that's time that we can invest in our athletes and changing the world. here's a look now at the historic week that just was for the major indexes. the dow, there it is. monday. that plunge, that spike going back and forth and a steadier climb starting with wednesday and ending -- >> 10,000 points. >> still don't know what that means. >> cumulative points traveled. so something to ponder tonight. s&p 500, a similar picture. and look at that. when all said and done just about a point higher on the session tonight. up 1.1% or so from its close last friday. and the nasdaq, that was a little bit steadier today. it added about a third of 1%. and it's been somewhat steadier this whole week too although a lot of individual names with extreme price swings for the week, about 2.6% as you can see there. let's get some quick final thoughts, guys. evan, what are you watching next week? >> i'm going to be looking at i think oil. oil will be a big tell. but i would just tell your viewers don't change your life or your total investment strategy based on wherever they open or close or anything like that. try and take a perspective that's longer than one trading session. that's my word of advice. >> i think actually the action in netflix, just to follow on your last thought there, was really incredible this week. still down for the week, i believe, but it saw some pretty incredible movements there and that's part of the consumer discretionary sector. obviously a big swing for the nasdaq. i thought that was really interesting movement this week. >> guys, thank you for joining me on "closing bell." that does it for us now. "fast money" is coming up in moments. melissa lee, what's on tap? >> the analyst who upgraded freeport-mcmoran because of carl icahn. >> ah, yes. have a great weekend, everybody. >> thank, you too. >> over to you guys. "fast money" starts right now. live from the nasdaq marketsite overlooking new york city's times square, i'm melissa lee. our traders on the desk are steve grasso, david seaburg, brian kelly, and guy adami. tonight on "fast" the great rate debate. the federal reserve hasn't raised rates in nine years. so will they or won't they come next month? no need to faers, we've got the top stocks to buy if they don't and to buy if they do. plus one firm upgrading freeport-mcmoran solely on carl icahn's involvement. so what is this man crush all about? the analyst behind that call is here to tell us. but first, a historic week for stocks coming to a close on a high note. here's what's crazy. not only did all three indices finish the week higher but crude finished the week up almost 12% for its best week since 2009.