we'll explain. the nasdaq is closing in on all time high. the 33rd record high of the year. it's only may. that's the most since 1999 for the index. now the nasdaq is the most crowded trade, at least according to banc of america, a new survey of global fund manager. 26% of those surveyed are long the index. the tech giant continues to dominate, am "son, netflix, google. hedge funds are piling into the big names too in the first quarter. even steve eisman said he is long facebook andmazon. is the tech room more crowded or more room to run? >> i think there's more room to run. you look at the technology stocks, whether it's the apple, microsoft, you go down the list. you start to look at these companies, some of them are a little higher. i think we have to reprice or how we look at these companies in terms of what the valuation really should be. are they valued as this kind of a company or that kind of a company? as they move to cloud and other areas of growth, i think that changes up the dynamic how they should be priced. a brand may be too expensive? i think they're too cheap. i think there is plenty of upside. >> i am in a couple of things. i think the valuation is still attractive. i do not give a lot of weight to something like too crowded. first of all, i don't understand what it means, to be honest. i don't know if that means under owned, over owned, relative some index or this survey of managers. they all seem to own it. is that over owned and crowded? that doesn't matter to me. it makes no difference at all, the idea that i would sell something out of google, top line growth is 24% that has an extraordinary business because it might be crowded? when do i get back in? when i get uncrowded? what if it doesn't get uncrowded. it's ridiculous. it's time to trade around the crowdedness of them. i think it's absurd. >> isn't there an element of nervousness when you hear their top pick is one of these fab five banks, though? you feel everybody and their brother. does it matter? >> it matters to an extent. if it's a trade going into earnings. you say from a trade perspective. on disappointing earnings, they can swing. but there is more secular tail winds in technology going out right now. advertising, e-commerce. they are disruptors. they are not being disruptive. a very different play in my opinion. that's the area that i want to put my money. >> group think what you are talking about. >> when it does end, that's what people look to. everybody is looking at the same stocks. everybody is talking about the stocks, they have done reasonably well. microsoft, they've completely reinvented themselves. you want to say, 12, 13% eps growth, it's too expensive. you know what? not necessarily. watch a couple quarters. the other name, we were just last week there, mem. pay attention, where were we? who did we have on this show? >> steve w cnn. >> mark cuban what did he say about these stocks? they're cheap. he said a lot of these stocks can double in value. >> incredible value. i think some stocks are ridiculously expensive. i don't think microsoft necessarily is. we haven't talked about this thing. we should, it's going from 94 to 135 in about two weeks. nvidia, a name we bandied about during that whole "fast money." >> madness. >> madness. we talked about how they figured the stocks have doubled. people are figuring it out. >> microsoft was one of your fast pitches recently? >> november 16th. i was talking to everybody. i think you agreed, smart guy, you like to put more on smart money. when you look at the management team, itself. what an incredible job he has been aibility do and accomplish in a very short period of time as they move to cloud. just this last quarter, 97% growth. now you are starting to look at the commercial cloud. that's almost 16 to 18% of the entire ref now. >> that shows you how fast these things can move and we talk about how you value these companies. how do you value microsoft these days? as we look at that growth, you will have to start putting this thing in there. that's why i say it's too cheap. i think you do, too. >> look, you want to know why? look how lousy ibm is. you realize what a great job microsoft is doing. morgan stanley said it can rally 40% from here. if you want to trade it against this 150 level, it's interesting. that's where we bottomed out in october. my point is, when you see how poorly ibm is doing. it makes you realize how quickly microsoft is. >> i have a notion. weren't we talking about the same phenomenon with the biotech index money lifted all boats and we saw that quickly evaporate when there was one tweet, it took down all, even a quality name you could name, baening the table. >> wait, let me push back on that table case work. the valuations were, i mean, in a whole other kind of math. i don't even know how you growt the got there, right? i don't think that's the case at all when you look at these businesses that have tremendous cash flow. a biotech story aren't the same story. >> the gileads. the hot, the biggest ones in the index t. biggest waste of the index. were they unreasonably valued at the piece of the ibb? >> i don't know that they're necessarily unreasonably valued. >> that shows you the power of the tweet and how something can happen. >> on the negative side, mel, can't that happen also? i ask because we started a wuf this notion of an overcrowded trade? couldn't it also be the same for tech? >> et could. >> it could be. >> that could happen. >> you know, policies over at there, he put out a great note about two weeks ago. i paid a reference, it's important. looking at etfs is sort of like an amazon or a tesla in relation to an amazon or macy's or a kohl's, kohls has 150 etfs. amazon 138. there is ownership in kohl's versus 5.5 ', in amazon. you look at tesla and ge ford. 10% ge ford, 5 ', in tesla. so the amount owned is much less than i think people have realized the disruptors are not even positioned equal weight, if you will, in these etfs or awaiting equal to a lot of companies are disrupting with the etfs. i think there is a lot more room to grow here. >> you know what that tells me? >> what? >> there are too many etfs. kohls 161. >> and 151 esfs. >> and they own collectively 11% of the company, mace just's i think is 146 esfs, they own collectively 9% of the company. you look at amazon, 5.3. >> the key to this whole thing you tell me how many they are in. how about the idea after the first 15, quality is almost nil. so it's almost an insignificant thing. sow really want to focus on the primary etfs that have real volume, real liquidity. you got to focus on that side. >> if you missed the huge run in technology, is it too late to join the party? let's go off the charts. we have three names you can still buy. hi, rich. >> hi, mellissa, overbought, overcrowded. overvalued. i don't know about. that i know the rally on the nasdaq. i this three stocks that under performed to play the ongoing rally. let's start with the big boy microsoft. we are staring at a weekly chart. this is the relative performance of microsoft from the lows in march of 2009 and you can see, you've under performed the triple q etf by 75%. that's remarkable for a quality company like microsoft. we zoom in and look at that chart, on an absolute basis, we bring up that microsoft chart if we can. there we go. we got that microsoft slow and steady wins the race. that's the 50-day moving average. you want to be long, stay long and get longer microsoft. here's another great way to play it. we're going to get a little sassy here. we will look at a young gun work day here. yes, the stock is up over 40%ier-to-date. you are saying, how is it under performing? you go back over three years the stocks trail that triple q etf by over 40%. now when we zoom in, absolutely. we look at a stock chart of work day, look at this textbook breakout. big base of support that's formed. the breakout is so nice. we will put two arrows there. you are buying this multi-year base breakout in work day. finally, we're going to go east, young man, we're going to look at ali baba here, versus the nasdaq. since its ipo, once again, under perform the triple q etf. if you haven't noticed stocks leak j.d. and ebay break out on 25% of earning. i love baba, let's look. absolutely, you can see the power of this base breakout once again, boom. multi-year base of support. this is a rally in these names which is just getting going not a rally that's over. >> all right. i think rich comes over. come on over. >> we have a lot of questions. >> we will bring in the chair. thanks. >> thank you. >> so, just from a technical -- does it matter, overcrowded? all that stuff at the top? >> not at all. >> it matters when it matters. from a trading standpoint, a technical standpoint, these are not technical tools, strong trending markets are overbought. they tend to stay overbought. any sort of top or turn in the market is going to be about price action. not about a price itself or a nebulous term like overcrowding or overbought. >> pete. you like 'baba? >> i do, i like 'baba a lot. i feel like i've missed it. here's my question for you, rich. how far in terms of the runway from here? the chart looked really great. how much room does it really have? >> look, i have been playing from a 2013 playbook. we saw a similarly trading book in the in fact more broadly t. first inflexion point came in early june. i think this leg of the advanced probably has another month or so before the volatility picks up. we do need to consolidate these big gains and ease those overbought conditions. but these markets are going higher into year end. my call would be look at volatility and pickup as you get into june. we are not selling in may. we will stay and play. then this rally will pick up again. we will get a nice year end search. you want to stay there. june is when you will get a little inflexion point. >> where does volume play into this. >> if anywhere? does that matter to you? >> it doesn't matter to me. i haven't seen five or six years, we know volumes have been coming down, active versus passive. all of those theme, both the sell and simultaneously have sucked the volume unfortunately out of this market. as someone that gets paid, volume as an indicator, in terms of being tool is borderline worthless. >> all right. sounds like a man with authority. thank you, rich. >> i love rich ross. >> rich ross. >> the horse said the big fer space, the bigger installed. we will see, he knows exactly what i'm talking about. he the id that go east young man, there was a play. so just pay attention. >> he has google. >> i have work day up right there. >> you know how work day is, it has been bottoming here. the report on june 1st i think you own it in ernest. >> yeah. >> i like work day. i like mike soft. i prefer text facebook. i still prefer amazon and look for google. >> coming up the white house in turmoil, a top strategist says it doesn't matter, stocks are heading higher. why she is so bullish amid the chaos. we will tell you why it could be about to get bores for this stock. later the co-founder of twitter, having a surprise comeback to the social media company. plus, could it be a bad sign for shareholders? we have a special report. much more "fast money" still ahead. 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do it in seconds. because we should fit into your life, not the other way around. go to xfinity.com/myaccount >> welcome back to fast money. we have earning to learn on urban outfitters. >> reporter: urban outfitters posting the most disappointing retail sales of the day. shares were down, then they were up, bouncing all over the place. it's hard to know what investors are thinking as i digest this report. they have shed a quarter of its value in the last three months. but it did miss expectations across the board on profit, revenue and comparable sales. the sales trends have fallen. many other retailers have negative in store prompts and double digit growth online. of the brands faring the worst, the best up 1.5%. women's apparel sales were weak. >> that led to markdowns that ultimately pressured mar jens. the report was starkly different for the home de po. the largest retailer bet profit expectations and its comparable sales in the u.s. increased by 6%. that's a really good number. yes, this raised guidance shy of many forecasts. analysts think that home depot is following in that conservative history of forecasting and its may sales so far have been quote very good. dick's sporting goods put a mixed resolve, it expects it will be higher in the quarter. sprabl sales grew albeit smaller than expected. t.j.x forecast was disappointing. target reports tomorrow morning. it's been a chappoppy go for tat over the quarters. analysts are expecting lower sales and profits tomorrow. we know they're in the middle of investing $7 billion to curb operations both onlined and in store. we'll see if they made a dent. >> thank you, courtney. >> that takes us to our move of the day. moving to the lowest level in more than a month. we asked steve eisman about that space last night. >> i think the trends in retail are so overwhelmingly powerfully negative. i think we're over moral and over stored in the united states. you can't under store and under moral overnight. it doesn't work that way. it takes a long time. >> it could take my view that the reits have a problem. the equities are liquid. >> simon property fell more than a percent today no a three-year low here. karen, you have been taking a look at small reit shorts as a possibility. >> although, not the higher end. >> even the highest end, the highest quality ones won't be able to escape the overstored sort of state of retail right now. >> maybe some of the lower ones seem to be more in the crosshairs right away. so wpg, is one. but the retail question is really sort of over our impression. this has been, obviously, a dismal period. today doesn't help at all. dick's was disappointing. urban, that's a home run, actually, it's flat. i think so. that's good news for urban after a disastrous run. this is a very significant, obviously, tectonic change. tomorrow night, i am nervous about that, tech coming up. the balance sheets are in good shape, particularly urban is one. god, it's hard to feel great about retail at this point. >> how about you, pete? >> i was disappointed. home depot obviously has been amazon proof. tjx the problem wasn't this quarter or the year, it was the projection for next quarter. and that was really disappointing. although, i think the positive i took out of that was, they talked about inventories and they are going to be in a great position right now to capture a lot of the world that is really struggling around them to be able to get the levels back up to where they can make some money. >> have you bought? >> i thought about it today. oftentimes we talk about a three-day rule, i'm trying to stick with that. i get patient. under 75 i like it a lot. >> anything you like? >> i think tj looking at it deeper, this is amazon sort of like defensive. i look at it and say there is a nam you can buy on weakness here, i am comfortable with that. i think the discounters are the way to play the space. i was surprised. urban is a name people purged completely. i was surprised to see the comps down so much. >> the good news -- the bad news is urban gross margins deteriorates, not good. good news is valuation is not crazy. it's not ridiculously expensive. they have a balance sheet. go back to 2015. i encourage our viewers, it held 20 and bounced. we are trading 20 again, if they don't breach it tomorrow with the sort interest there, this may be worth it. >> the one positive they have going is they are very aggressive to consumer. that's 37% of the revenue. so because of that it also hurts their margins right now, which you just brought up. so it's a difficult, sure as they work that direction. they're going after amazon. still still ahead, we'll give you the name and the trade, i'm melissa lee. you are watching "fast money" on cnbc, first in business world wide. in the meantime, here's what else is coming up on "fast." >> every day for the last long period of days, the stockmarket, meaning companies, have been hitting new highs. >> well, that's true. but a stock expert says it's nothing to do with president trump. she'll explain what's behind the rally. >> sell, sell. >> he did something that has commodities king dennis gartman pressing the sell button. he'll tell us when the run is over. much more "fast money" is still ahead. the power of innovative thinking. the power of 100 of the world's top companies. the power of an etf. the power of qqq. the thinking we put in, clients get out. power your client's portfolio at powershares.com/qqq. before investing, consider the fund's investment objectives, risks, charges and expenses. call 800-983-0903 for the prospectus containing this information. read it carefully. distributed by invesco distributors inc. containing this information. read it carefully. dramatically increasing orchesprint security with, enterprise printers by hp. which is great, unless you're a corporate spy. unsecured printing makes your network vulnerable. enterprise printers by hp help prevent costly security breaches that can compromise your network and reputation. so i'm stuck spying the old fashioned way. hey. i'm not spying. secure printing by hp. i.t. orchestration by cdw. ltry align probiotic.n your digestive system? for a non-stop, sweet treat goodness, hold on to your tiara kind of day. get 24/7 digestive support, with align. the #1 doctor recommended probiotic brand. now in kids chewables. >> we are live at the nasdaq market. yet another record high for the 33rd time this year. the s&p is slightly lower. here's what's coming up in the second half of the show. twitter shares, they announced his return to the company. could this homecoming mean trouble for ceo jack dorsey? we'll explain. later the dollar all a post-election gain and commodity dennis gartman says it's about to get a lot worse. that's how low the dollar could go and what it means for stocks. the white house scrambles to send president trump's controversial meeting with russian leaders in the oval office. john harwood joins us with the latest. >> mellissa, all day, the white house has been dealing with the furor that president trump has shared highly classified information with those russian officials and prompted a review within the intelligence community. his aids aim out last night and halfway denied it. how did the president respond today? first of all on twitter. this morning, he sent out two tweets, one saying he had the absolute right to disclose what he sent to the russian, secondly he had done it for humanitarian reasons him then he sent out henry mcmaster, his national security advisor last night to the white house previousing room to say that president trump may have shared information but it was okay. here's henry mcmasters. >> in the context of that, that discussion, what the president discussed with the foreign minister was wholly appropriate in that conversation and is consistent with the routine sharing of information between the president and any leaders with who he is engaged. >> that hardly dissupposes of the matter. have you the members saying they want to have an account of that meeting, the white house hasn't said whether they will turn those over. before i came on air the "new york times" broke a new bombshell that will deepen the president's trouble. they are reporting james comey wrote a memo after that meeting he had with president trump in january, saying the president asked him to shut down the investigation of michael flynn, his national security advisor, who, of course, is subsequently fired. >> that is going to fuel even more the calls for either a special prosecutor of a more intensive investigation by the house the senate and the fbi. >> wow, john, thank you. john harwood with the very latest coming out of d.c. these appear to be two separate issues, but issues the white house has to deal with. there could be a lot of questions, life is swirling ability. >> the morality involved, with the firing of james comey. >> the future. what does that do for the trump agenda? >> i think this market, though, for me, in the last month or so, i changed my idea it was both the trump agenda somewhat, that has receded for sure. we will continue to see the likelihood has to go down because of this, not up. animal spirits have been awakened. businesses think they're in a better regulatory environment. >> that they see improvement around the worm. that's all happening outside the trump agenda. so that part of the rally i this i is intact. we were talking about this in the 14 room but you don't think any is? >> almost none is. i think november was. i think it's going to the facts and the fundamental also and obviously you talk about the world getting improvements there. an interesting challenge is if trump can get through this, it's theen certainty at the white house each and every day. outside of that i think the market is trading very well. >> you see these headlines, constant headlines about all these different things. at what point. you said that is the biggest uncertainty for the market, right? >> we haven't seen it so far. we haven't seen the hammer come down. we sort of forget about this one. move onto the next one. but we haven't seen anything that has been earth shattering to come out of this, when we hit one, which we may, i think we see the markets move. >> president trump sees an increase? jobs and tax and a catalyst at work that is keeping it higher. she joins us here on set. it's always good to see you. >> you were saying you agree, usually, it's not really trump at work driving the markets to new highs or could it also be seen, interpreted that the markets could be even higher? you know, if there were a lack of these headlines out of d.c.? i who ul s i. >> i would say we are higher, we are grinding higher. >> that multiple is the tip of where we tend to be. it makes sense we struggle a bit in here. i think the last six weeks or so, we had good news their equity investor had something else to think about besides trump. we had had a fantastic reporting season. i can't remember all the different metrics we track. guidance beat rates on earnings, on sales, on 2017 etf expectations. anything i can pull is shooting off right now >> what can happen to pete's poi point? what do you sit around around worry about the president's agenda or global politics in general? >> it's interesting. we did a survey at the end of marchch we found that trump wasn't going to get anything done, it was 6% of health care would make any progress. we got a bit of a surprise there. we saw the bulletins. he was talking about what he wants on tax. people derided the specifics but did put a couple of teeny steps forward. it will be a long path. but i think the good news is we did find some level of cooperation. >> so in terms of back to the original question, tim seymour was making this plan yesterday or some other day, the valuations could go even higher if it were not for the uncertainties in washington. but there is this count that right now the u.s. is there, would be even better if we didn't have the uncertainty out of d.c. >> i'm not so sure if i'm fully on board with that. i think the reason we have been able to creep up recently is the earnings have been so good. we have been thrown into the multiple. we went up to 19 times right before the reporting season. we were there half a second. >> hold on, we have to get back to john harwood, more breaking news on president trump telling james comey to stand down on that michael flynn investigation. john. >> mel lisa, on that story we discussed a few moments ago the "new york times" reported, as an indication of the gravity of the situation, the white house rushed out a statement. here's what it says, the president has never asked mr. comey or anyone else to end any investigation, including any investigation involving general flynn. this is not a truthful pr acknowledgment rat portrayal of the conversation between the president and mr. comey. now, in a normal circumstance, if you had a white house and a president that had significant credibility, this might be an effective response to what the fired fbi director may have written in a memo. but this and that deepens, the difficulties they are already in. you can expect a serious amount of congressional interest from republicans as well as democrats in probing this question. >> john, you know what's interesting? it seems like the press media is pushing back on what traditionally has been sort of the word of law. i mean, once the white house says something in the past that is what happened. yesterday, we had the washington post push back on comments by tillerson and mcmaster regarding the alleged leak in the oval office of highly classified information. could we see, i mean, it will be really interesting to have that memo, correct? >> well, the "new york times," says, melissa, they don't have the memo, but someone who had it read it to them. but the problem for the white house, again, and why this situation is so different as you said from what's happened in the past is president trump said so many things that aren't true. his aids said so many things that they are true, there is not a presumption in the credibility for what they say. there are a lot of critics in the news media, either. if you look at our last nbc-"wall street journal" poll, president trump's reputation for being honest and trust worthy, one in four americans rated him highly on that issue. >> we never did get an official word from the white house whether or not there are recording devices in the oval office? president trump mentioned the tapes? >> we -- >> it would be a pretty good time to bring out the tapes if there are tapes right now. >> if there are actually tapes, this would be a very good time for the white house to bring them out. my suspicion is that there aren't tapes and if there were tapes, i was surprised that the president would have called attention to them, because james comey has a much stronger rep takes for telling the truth than president trump does. >> all right, john, thank you. john horowitz tracking the latest for us out of washington, d.c. lauren, we are derailed by the breaking news, quickly, they, in terms of tomorrow to's session, do you think we react even to all the other things we have not reacted to in these markets? do we react to this? >> we could t. valuations are not great. >> that good earnings news flow, it's starting to dissipate. all we're really hearing is not so great numbers from retailers. >> all right. we're going to leave it there. thank you so much for coming by of credit suisse. >> so james comey started as the fbi director in 2013 give or take. my question would be, i'm sure he met with president obama at a certain point. is it typical to write a memo after meeting with a president or anybody? if the answer is yes, then it would make sense he wrote a memo after this meeting. >> that would be my per spect -- is this typically what an fbi or anybody else does after a meeting with the sitting president? >> it's not so much what trump does, it's what comey does and the other republicans do, at what point do we see they're starting to crack, saying it's in a bit of a downward spiral or mccain or somebody else really start to think about kind of jumping ship? >> again, back to the original question, if we don't believe it was the belief in the agenda, the party get more fractured over any one of these issues. because the rally we have on our hand was not based on that. if you get back to your belief to carry it out, it doesn't matter, because the rally will keep. >> i think the low volatility the fact the market keeps grinding higher, there is a fear i'm seeing on the desk as we approach highs, 2400 in the s&p where we are currently, there is a fear we will continue grinding higher. the fear is basically keeping people from selling stock. keeping investors from selling stock in this market. i think there was a comfort essentially with investors right now, where, look, we know there will be some sort of reform. we are really fearful some sort of announcing could come off base here. we miss a further move to the upside. that's what i think. >> coming up, the one tech we can see multi-year highs tomorrow. we will tell you what is bullish. twitter co-founder announcing shares are sending year-to-date highs today. so what is his new role at twitter? 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can you say, you know what, why would he bring back an old executive if they are going to sell the company, are they bringing back the right executive if he was there before? >> i agree i think culture is important. i don't think it will resurrect. they need to get serious trajectory here. they put up 9 million in q1. i lock and say too much cyclicality there. until they do so, the stock is a no touch. >> you were talking about it this afternoon. it's been wonderful and we have been running so forth. the cultural differences existing right now has to change, obviously. they bought the to figure out this whole modernization and how they going to compete and until they can get those ad numbers up, they are going back up. face it, 44% of the digital ad space. these guys have 9%. they have to change that. >> digital ad revenues have declined. >> to the extent that jack dorsey is overstretched. he has someone he feels comfortable with. after a string of deflections here, that is a positive for him. >> moving on, traders are betting on pretty big moves for this tech stock. dan san fran, hi, dan. >> hey, guys, how are you? >> you are not fooling anyone with that jacket. what are you looking at for san francisco? smr the options market is implying a 4% move in each direction. it's been about 3%. this one is kind of interesting this setup here. obviously, the stock has outperformed the s&pier-to-date. it's 13.5%. it's under performing the nasdaq 100. a pretty good performance here. cheap stocks the way i see it is this, this stock we have a one-84 chart, really good support. that's a little more than the implied move to the down side. if you get a beaten wage, we know the nasdaq has an all time highs. you see this up easily in lean with the implied move. >> are you giddy up on cisco? >> dan will break out. i know you know that as well t. stock the movement, the transition of this company like so many others is working in the right direction. >> all right. thanks, dan. >> dan looks good out there. >> i'm not saying. >> this is an "options action" show. >> big show friday. more "options action". still ahead the greenback is getting what kind. the u.s. dollar next since the election and commodities came down, it could be thanks to president trump. he'll tell us what that is all about. 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[ laughing ] xfinity x1 gives you exclusive access to the best of the billboard music awards just by using your voice. the billboard music awards. sunday, may 21st eight seven central only on abc. >> welcome back to "fast money". take a look at shares of jack in the box surging. jack's ceo saying the valuation of the campaign has been impacted be i the two different business models of jack in the box and cordoba. as a result the company has retained morgan stanley to evaluate potential alternatives for the mexican chain in an effort to bring out shareholder value. the stock is now up, about 10% here in extended trade, melissa, we have an eye to keep it on. >> it seems like mcdonald's. >> we were talking about that. there was a mistake from mcdonald's. we can argue, i will say this you look at what panera got bought for, a similar valuation for qdoba, it's something, yes, it's up significantly after market. you have to chase it tomorrow, probably not. i think jack in the box has a lot of loom to the upside. >> qdoba. >> there you go. >> oh, i get it. qudos. >> three minutes later. >> post-election games, for more on how you should play the dollar dip, money scheme dennis gartman joins us on the fast line. hey, dennis. >> hello, how are you? >> good, i want to ask you about the u.s. dollar, is this a story of the dollar weakening or are we seeing strengthen in the euro and other sort of rick appetite trades? >> our secret is really a euro sessions prevailing. and it's predicated upon the politics in europe and here. we seem to be confused on a rather consistent basis and europe after the elections in france and the elections this past weekend and the weekend before in germany, things seem to have stabilized, the european sessions seem to have gotten much better than anybody might have anticipated. so what are you seeing is money moving through europe and away from the u.s. dollar. this is the europe circumstance, not a dollar circumstance. the yen is that. there is actually somewhat weak irrelevanttive to the u.s. dollar. most other currencies are at stable or even, in fact, weakening. so again, this is a european circumstance. this is a euro-driven event zpli was surprised to see it at the end is down one-and-a-half percent against the dollar so far in the month of may. do you expect this dollar weakening to continue and what does that do to your outlook to crude which hit a two-week high, but down a percent in the last hour or so? >> i'm afraid, though, we will end up seeing the dollar continue to get weak against the euro. this is a change for me. i have been on balance deleterious to this, you know, but the political circumstances are, in fact, getting calmer, getting more stable. we are getting less calm, more unstable. >> that will always draw money in one direction. as far as crude oil is concerned, for the first time in quite some period of time, i started selling crude oil again, in fact this morning, i put out a recommendation to be short on crude, predominantly technical circumstances t. supply of crude is high. we know the demand seems to be, the demand for gasoline is weakening. >> right. >> on balance, we always know that the, that opec's quota is probably going to be extended at least six more months, maybe nine. that's already in the market. i can't imagine if there is any good news coming at you, for technical circumstances, i sold short today. it rebounded to 62 or 52% of the last decline. >> the last question, dennis. you make a bold prediction. pretty bold prediction when it comes to president trump and how long his presidency will last. i want you to connect the dots. give us your prediction and how that will impact the equity markets. >> i have my doubts whether he will finish out the term in office. simply my bet is he gets board with it all. he makes mistakes. i voted for him, let's get that out of the way and to be perfectly clear. but i think we have one mistake after another and as truman once said of dwight eisenhower, poor dwight, he will be despondent about the fact that no one listens to his demand. i think mr. trump will end up doing the same thing. it wouldn't surprise me if there is pressure for him after two years to say, you know what, i'm bored with it all. >> do marks sell off? >> actually, i think the market would do quite well if he did. mike pence is a very strong -- the cabinet is extraordinarily strong. i give him great credit for that, mike pence would do a very credible job. that's the speculation, you know, i would not make bets predicated upon it. but i can see that happening. just with sheer boredom. >> dennis, thank you, dennis gartman of the gartman letter. how are we trading? >> i think oil is going to continue. i think oil does push lower from here to be honest with you. i think gold pushes higher, it's somewhat counterintuitive. i don't think it's based on the dollar, gold is, if you want to put on a pair trade, put lower highs and higher lows and higher highs and crude owl rolls over. >> what if trump did step down? i hate to expect it. that's pure speculation. dennis poses an interesting notion. it's not the first time we we heard that speculation in the market. do you think the equity markets would be okay? >> well, it would depend on why. let's say it's because of this issue. i think dennis makes a good point. i think this trump agenda would quickly become a trump agenda if terms of tax and that would be easier to get done. >> up next, final trade. final trade times, pete. >> checking on colgate. i own the stock already. huge option activity it's going higher. >> karen. >> i lick citi group as well. keep it right here. >> yes. >> i like urban because it's cheap and the way it's trading after hours. >> pete. >> xilinx, say it, pete, giddy up. >> tomorrow at 5:00 more my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now, hey, i'm cramer, welcome to "mad money." my job is not just to entertain you but to educate and teach you. call me or tweet me @jim cramer. why the heck is it so darn hard

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