We will explain. First we start off with a record day for the markets the dow soaring triple digits closing at a record high the s p 500 joining in on the party as well. Nasdaq a bit behind, making a comeback today after a tough month for the composite. It looks like the perfect recipe for a rally. Big jobs number this morning, President Trump signed the bill to avert a Government Shutdown and its full speed ahead on tax cuts do you just keep buying til the end of the year and maybe even beyond, guy . Weve been saying that all along. One of the things weve said earlier this week, despite the fact that the market seemed volatile, the volatility index continued to go lower, down 5 one day, 5 the next day today it closed at 9. 5 , the lowest level weve seen in quite some time. Despite the warning signs, the vix doesnt care to answer your question, some exogenous event is out there, i dont see it as we get closer to closer to christmas, this thing will continue to grind higher a couple of things that could have thrown the market off track, we all know them. Tax policy, if for whatever reason theres another hurdle, that could send the market lower. Debt ceiling, i think everyone has learned not to sell the market on that if youre a large cap tech, amt was the major thing, the 800pound gorilla in the room. Thats not in the tax policy those stocks roared back, weve seen them. Baba was down 14 . It ran up from there you start to see all these different plays. We had a little camera thing going on there anyway it felt like we were in the fun house, which is kind of what this market felt like. You had your stomach turned inside out large cap tech took a beating but rallied back people were feeling some sense of jubilation over the fact that three or four days ago when things were pulling back, people said, oh, is this the big one. The big one was a function of things going parabolic look at transports, small caps, retail, financials, and then the nasdaq on the other side was pulling back whats happened here is simply you had things have a chance to cool off indicators have come back to moderation today brought it back to Global Growth look at gdp numbers out of japan, around the world, payroll numbers are devoid of inflation pressure youve got goldilocks in the u. S. Right now manufacturing employment is at 2. 7 why are we crying so hard about getting manufacturing jobs in this country people right now are running into Skilled Labor shortages and manufacturing jobs and yet that seems to be the mantra i dont agree with that. I do agree the jobs market is in a very good place without inflation and thats what the market is doing today. Global markets outperform. Global markets outperform look, in general i think you dont just blindly buy this tape and think its going to be rally to the end of the year be selective, look at the names in your portfolio and say, i want to own to the end of the year, add to the weakness. I look at the Consumer Discretionary space, thats a tradeable sector when you say dont buy blindly, you can almost buy everything with the exception of Energy Retail has bounced back dramatically macys, tims been long you believe that bounce yes the worst is out of the way right now. Everyone has the worst is not out of the way in macys, its still in a secular design their Business Model is struck amazon was going to crush everybody. Only 12 of sales are online whats changed in macys Business Model its all factored in. Hang on one second if only 12 are online sales, granted amazon is 50 online look at what ups said. They cant deal with the swell of orders. Do you think all of those orders were amazon . Some of these guys are going to hit it out of the park some of these guys Business Models are catching up some of it is so beaten up it will be a long 15 days until christmas. How many days . 16. Are you counting . I am. You have your christmas outfit on early. Festive here. Very nice you like macys i obviously agree with steves point. Daves point is a fair one is their business in secular decline . You could make a strong argument that this is the no the mat thes of three years ago the Balance Sheet wasnt anywhere near as bad as people thought. They were paying 6 dividend its not the reason to buy the stock. Stocks run a big amount. Macys came into this Holiday Season in a very different place as did a lot of other retailers. Thats steves point ultimately theyve had a year to adjust to amazon theyve had multiple years only in the last six months have we seen a couple of these guys make inroads walmart on tax and the fact that its been beaten up on valuations, not a stock i want to invest in, i stay away from it. Technology, i still want to play the game, buy stocks on weakness that have a growth trajectory. The first quarter, by the way, youre going to see a lot of positive data coming out of retail and even less bad is going to be enough to keep the sector going im not saying this is something i want to own for three and five years. But you cant deny that when you look at these charts, they have been beaten up so badly that when you see these things, theyre not fliers anymore theyve been the laggards, theyve rallied. You know what hasnt rallied, energy i think that captures the question a lot of investors have right now with the s p and dow at closing record highs. Do you buy laggards in the market or do you buy what has been working the laggards in the market for the last couple of weeks have been technology you were gallivanting monday and tuesday, you werent here. Gallivanting . The implications is she was just whimsically i was watching what was going on were you watching the fast money the fast money. Micron, we said on monday it basically recaptured the entire rally back down to levels when it reported, 38 1 2. We said risk reward for micron works well, steve nodded his head in accord, and look whats done ever since. There are stocks that have underperformed for the last month or so that are doing well again. In case you thought it couldnt get any better than this, lets bring in the chief investment strategist with Oppenheimer Asset Management hes got an s p target of 3,000, the highest target on the street welcome, john. Thanks a lot. Is that scary, to be the highest on the street . Not really. We have been second highest on the street but at 3,000, just today we closed above 2,650, which was our revised target from last july, and our earlier target from last december was 2,450 from this year weve got 2450, 2650, knocking on woods, folks, lets hope we get to 3,000 we think that 3,000 is realistic, based on improving fundamentals more things are Getting Better than getting worse theres plenty of challenges what needs to go right in order to get to 3,000 . Does tax need to pass . What are the elements . What really needs to keep moving along is we need to keep inflation in check modest growth of inflation modest wage growth a Federal Reserve that remains very sensitive to the needs of the economy. Is sensitive three rate hikes next year . Three rate hikes will be what im looking for. I think we have another one of these threehike years whats your biggest concern to your target, the biggest risk i would say the biggest risk would be if all of a sudden youve got a sense of the fed that they thought inflation was moving ahead of itself, and they had to increase the pace of the normalization. Whether it was raising rates at a quicker pace in terms of the increments they were making or in the spatial relationship of when they just think of it, weve only hiked four times in two years. The last fed cycle by two years, we had hiked 17 times and raised the fed funds rate by 425 basis points from 1 to 5. 25 a very different picture things have evolved in a different direction. John, this isnt a wiseguy question you just said sensitive to the needs of the economy do you mean sensitive to the needs of the market . I think i mean sensitive to the needs of the economy the feds role and its mandate just happens to work well for the market, because the market likes an economy thats good enough to generate Revenue Growth and Earnings Growth fair enough and i dont mean to double up this question, i never do this, but last year janet yellen said she was going to go on this course and the market sold off significantly and they backed off because the market had a significant pullback so thats why i asked the question no, i think in this particular case, weve got new leadership coming in at the fed, although i think janet yellen did a terrific job what we have here right now is weve got new leadership, but thank goodness, its not john taylor, and with jerome powell, we might continue on in a fairly dovish pattern but with a realistic approach to the need for normalization because the fed has to prepare, at some point down the road we will have risk of recession and probably will have a recession, but im not looking for that next year how much of that 3,000 is post tax bill and how much is domestic where tax rates were 38 to 39 its actually not really including a real kick from tax reform we were surprised when tax reform made it through the senate we really thought those five senators were going to hold back they didnt, you only had corker, i think, held back the vote they got that. Moving forward on it but i think the market is really the market is feeling good about itself because it has a businessfriendly administration in the white house. But it recognizes the difficulties in terms of different constituencies, powerful vested Interest Groups that can dislodge a really effective tax reform it likes 2 to 2. 5 growth that appears sustainable right now for the foreseeable future not forever, but looking out 12 to 18 months john, thank you what did you do today . I stayed long, thank god, all of my tech exposure, i stayed long my housing exposure, which never took really a hit. And i am still 99 allocated in the market theres not a whole lot of room. When i make my next move, it will be for sale, not to buy anything biotech just getting in front of the jpmorgan in january, the cowan conference in march. I continue to buy stocks there i like to call. Gilead has held a 200 a after thrashing around at the bottom i think the fundamentals are there. Emerging in the last couple of days ive been add to go the infrastructure trades, the reflation trades coming up, bitcoin is about to make a huge splash as futures trading begins this weekend. Well tell you how to get in on the crypto craze boeing is hitting fresh all time highs today if you missed the run, dont worry. Well tell you how to buy it for less than five bucks and later, small caps sinking this week but the chart master sees something in the charts that might have you pushing the buy button much more fast money still ahead. Directv has been rated number one in Customer Satisfaction over cable for 17 years running. But some people still like cable. Just like some people like wet grocery bags. Getting a bad haircut. Overcrowded trains. Turnstiles that dont turn. And spilling coffee on themselves. But for everyone else, theres directv. For 1 rated Customer Satisfaction over cable, switch to directv. And for a limited time get a 100 reward card. Call 1800directv welcome back to fast money. The countdown continues as were days away from the cboe launching Bitcoin Futures on sunday the cme is set to follow on december 17th. A number of Online Brokers are set to trade Bitcoin Futures on their platforms. Bob pisani has more from the nyse reporter hi, melissa were getting closer to finally trading Bitcoin Futures. Trading starts on sunday night there will be three initial onemonth contracts. January, february, and march each contract is just one bitcoin. The contracts are traded and settled in cash. Youll be required to post a margin of 40 . Thats up from 30 just a few days ago if it you want to trade Bitcoin Futures, check with your broker. But be forewarned. A lot of them seem to be sitting out this initial round of trading. So for example Interactive Brokers is one of the few firms that will allow trading on its platform but with margins of 50 . Ceo Thomas Peterffy said on fast money yesterday that there will be no naked shorting. E trade, schwab, fidelity, theyre taking a wait and see attitude traders will be looking at several issues when trading begins in earnest on monday. First, with such limited initial participation, what kind of volume will we be seeing second and more importantly, whats the bid ask spread . And whats the depth of the book that market make verrs have cre . How many different bids and offers will there be at different price levels will this make bitcoin more respectable . Its not clear, but it will make parts of the bitcoin market more transparent and it will go a long way toward extending some regulation to part of that market back to you, melissa thank you, bob pisani with the latest from the New York Stock Exchange what do you think will happen . Bob makes a good point in terms of bid ask spreads and how many participants will be on each side of the trade. We dont know that yet i talked to brian kelly about it, nobody knows better than he would, and he says it will be a nothing hamburger. Meaning much ado about nothing . A what burger they just said it in my ear. We talked about it last night, Interactive Brokers going from 45 to 60 bitcoin stock or not. I said it absolutely is, despite what mr. Peterffy said they better trade a gazillion bitcoin contracts, otherwise theyll be in trouble. Im sitting at home wanting to trade Bitcoin Futures what are some of the caveats i think the American Public sitting at home trading futures in general, the risks involved in that are so much greater than people understand. I think the general investors really dont understand. Brian is right when he says a nothing burger people wont step into this risk trade as people professionals professionals, absolutely we talked about that, that most funds say they want to stay clear of it and now trading in the futures market on bona fide exchanges, they might feel a sense of security. You might get an incremental buyer or player that wouldnt ordinarily be involved can i say one thing i think what it told you, i said that last night to brian, and i acted on it, to me you saw the move on bitcoin into Bitcoin Futures. I think the same thing will happen with ethereum the top two or three, it wont just be Bitcoin Trading in futures, especially if this is universally accepting that crypto is here to say. I got long in ethereum last night. Wow i havent changed my life position because of this i would argue weve had our futures moment with bitcoin already. Still ahead, biotech is surging and theres something happening this weekend that could send the stocks even higher well explain. Im melissa lee. Youre watching cnbc, first in business worldwide heres what else is coming up on fast. Look, up in the sky. Its a bird, its a plane. Its boeing the stock surging to fresh alltime highs if you missed the run, dont worry. Well tell you how to buy it for less plus america has gone crazy for crypto currencies. And all next week, fast money is taking you inside the world of bitcoin how to buy it, how to sell it, how to be a crypto bullar. The biggest names in the world of digital currency, on fast money all next week 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. Right in the heart of the was in his financial crisis, and saw his portfolio drop by double digits. It really scared him out of the markets. His advisor ran the numbers and showed that he wouldnt be able to retire until he was 68. The client realized, i need to get back into the markets i need to get back on track with my plan. The Financial Advisor was able to work with this client. Hes now on track to retire when hes 65. Having someone coach you through it is really the value of a Financial Advisor. Welcome back to fast money. Biotech jumping 2 today, having its best day since august 31st lets get to meg terrell back at headquarters for all the details, hi, meg reporter hey, melissa. First, the credible week that Sage Therapeutics has been having, the stock up 70 yesterday and still more today after the Company Reported positive results of its experimental drug for depression investors are betting the tax overhaul that gets done could drive m a in this space which has been slower this year than expected and momentum from a big Research Conference in atlanta. It often leads to major biotech moves. Investors are watching gene therapy which offers the hope for onetime potentially curative treatments for blood diseases Pay Attention to spark therapeutics, biomarin and bluebi bluebird bio investors are watching a new method to use cells to fight cancer an important stock to watch, celgene, having a tough time lately, down 25 in the last three months as the company suffered a pipeline setback and lowered its forecast celgene will hold a closely watched investor event this could be a volatile meeting for biotech stocks bluebird bio, one year it gained as much as 70 another, it fell by 7 celgene on the whole generally has a negative week after ash conference on monday on fast money well have the ceo of juneau therapeutics were looking forward to that one, mel in terms on the potential outcomes out