Hurricanes season, but the commodity king says do not trust this bounce. First we start off with breaking news, and stocks closing at a record high, the dow soaring more than 250 points and just about 60 points shy of the record clout, and s p 500 closing at a fresh record. Investors breathing a sigh of relief as tension with his north korea ease, and the worst of the hurricane seems to have passed is it too lay to get in now . Is there anything you are selling here guy . I want to be consistent on this i thought we said the last couple weeks, mean that in my opinion i thought the market would continue to ratchet higher the market was down in a less than meaningful way. We had that conversation last week we talked about the dax, which i still think is the leading indicator needing to hold 12,000, with the exception of one day, it effectively did. A big day today. I dont say its the allclear, but i think the tra jector continuing to be to the up side. Financials being helped by the insurers what do you think the market is right here i think we got a agreed indication on friday when they bought the upside calls. That was huge. Now some followup papers. When you like at the tenyear, thats going to help the financials obviously the correlation has been there financials, they just continue to guy and buy then you look over at the semiconductors, there ises paper in intel was massive today, nvidia, you can understand why theres an excitement out there and volatility when volatility got underneath 11 again, thats helpful, because a, you can probably and b you sound bulled up. I am. I bought spid. Fading with euphoria leading aside the reality this is great news for the people who were in the storms line of fire, but u. S. Markets look very expensive here im not, you know, again im not a guy screaming doom and gloom im pointing out that i think that september was a month to be cautious i still think cautious and still long in the market, though yes, you can do both. What im encouraged by look at the iwm, and the ieyt by the way, have totally outperformed the s p over the last couple weeks. Obviously really constructive backdrop for stocks, but the stocks or sectors that dont act well, theyre not the ones to buy. Is not the sort of market you want to parts pay in in the next couple days, a week or Something Like that . You have to buy the strength thats what you guys are talking about. If you like at media stocks your airlines they justant get out of their own way. This is really about sentiment that investors are piling in, anding there coming some pretty crowded trades its been that way for moth of the year. But dont you like the valuations, everything weve had all year so why is it just because they have moved higher i guess the only reason i would be concerned is this obviously we now that u. S. Valuations are a bit rich to the rest of the world right now, okay we have obviously moved ahead. My only point right here is you have a situation where some of the sectors youd like to see showing economy growth, i know you love the banks here, but the fact is they really underperformed the past few months, so i look at some of these sectors, when i hear you, bull, bull, bull, it doesnt speak to me. Youre in the same world with mer. So when you see the xlf and, and see wells faro calls being baud. Bank of america, monstrous, and you look at the valuations levels, and the fact theyre obviously tied in with the tenyear we watch it every single day, right . The fundamental story is there, and theyre making money whether or not we see rates theyre highen than they were a a relative baz i think people are overdoing the yield curves i think if any banks are going higher, i think he would rather by on that trade. To me youre not getting the gusto. Is that because of the big sorry because of big move from the trump election from november . The big move that the banks had and now theyre basically flatlined. Being tied with the tenyear. And i think they can break out when theyre able to get the next catalyst. I think you can cherry pick the numbers. Im not saying youre doing that, dan, but you cant also say pick your time zone even for bigcap tech, so you get back to a place where valuations are the only play where financials really dominate . One thing i think theres a big, big real risk looms to the names like google. Dyshow it acted . It doesnt act particularly well look at what happened to equifax. Massive regulatory risk. If theres one thats the sort of thing that changes i think the mood of the markets. I was surprised the stock didnt go lower than it did, about you it micron breaking out to the up side, seemingly 32 1 2 big level, but in terms of banks, i think citi valuationwise to me and chiron pointed this out a few weeks ago, is tangible 67b. 50 dollars, if you give them a 1. 2 times the tangible book, youre looking at a stock thats probably north of around 80, 85. You got the weaker dollar which gives you a great tailwin. We all i think agree with that when you look at microsoft hitting new highs, you look at anything thats related somewhere in the cloud as a growth area, those are the technologies stocks that will continue to works. Shouldnt that dollar, shouldnt that be in the price right snow 2. To you think theyre going to break major support . I think thats the first sector that would go down. Thats an interesting question how would you how would you what would you say . I think thats what people are worried about right now. If there is a drawdown, where are we the most vulnerable. I think it would be some of the bigcap techs, the fang names i think i the most vulnerable the facebook lines that came out last week, we killed twitter about fake users the headlines last week were almost as bag in my opinion. The stock didnt reand to it. And im surprised. Im graying wiagrees with. Think about what google and facebook know about you and how frequently hackers most try to get that data. Were not too far away from a massive hack weve had this weve had it with yahoo, but no regulatory anything that was the biggest. Thats true all right. Its very rare you Say Something to dan and hes not big news. It is not just the u. S. Market thats surging. Brazil is up a whopping 27 , with, india up 11 , you get the picture. Despite the Strong Performance abroad, our next guest says beware, there could be trouble hearty were at the plaza to break it all do you think hi, carter there is such a think as too good iably thats the circumstance now with emerging markets. What i have done here a gone back as far as you can for the eem, the etf thats based on the emerging market indetention cob received in 1987 theres no outperformers or underperformers long term versus the s p. This is a dead heat, means obviously theres volatility, but there seanez longterm outperformance at least not since the what we do know is that theres been a long the outperformance basically this year. I mean, youre talking about almost a double between oat msci emerging market index and the s p. Thats the circumstance i think is something to be concerned about. This has happened, of course, or at least in great part because the u. S. Dollar has been in a free fall if as theres strength or some abatement of weakness, presumptively that hurts the em you the next chart goes back ten years, and its in relation to the average price over 150 days. The bottom panel is the percentage that youre currently trading below the 150day average. Every single time weve been this far below it has bounced. My bet here is were going to get this kind of behavior yet again off of the lows which is the risk element for the eem not only is it that issue, lets just talk about the eem itself before that look at the long term do we know the dallas will bounds here . , about with you know having broken out of this channel, often you will check back to the top of the channel if and as then you bounce again, thats the implication for strepgt in the dallas no judgments by me, but where is it back to its back to an inherently different level. Okay now, do we have to stop here in no, but the bet is we are going to encounter some difficulty having turned to this high im going to make the bet that even if it breaks out later on, its going to do it from a lower price. Im betting this would not hold. Wow why do you make that decision she sits in the middle, she makes the decision always good to see you, man. Thanks for the invite good to have on you my show my view on this ultimately is that you talked about the dollar i think the dallas is gives back what and then we know what happened the the mean reverted you talked about how eem versus the s p has basically done nothing. I would argue its taken out the entire gold rush of the rally and now sits back to where it was it was in 2004 if divided by the s. P. Y. , theyre back to ground zero. Is this here and now the set upfor further strengths or the setup for a pause, giveback or retracement. I would say its that. Five wellgind tops over a sevenyear period i have a question would this also be a challenge for the s p 500 . Well, i mean, this is a subject that you could have hours on no one knows the answer to, which is to say that plenty of people believe a strong currency reflects a strong market, or a backe currency you know, i dont know the answer to that what i think we do know is this is an unsbrumted decline in the drawer over ten months and the reciprocal, and up trends and down trends have countertrend moves, and youre doing for a countertrend rally in the dollar carter, thank you for good to see you. 46 in eem was the high in 2014 cart es a point is he doesnt believe it will blow through that i think thats ultimately where eem goes coming up speaking of china, shares the tesla soaring, and well tell you the other stock that is rallies add well, and the ceo of Procter Gamble sit undown with Jim Cramer Jim will be here with all the details. Will apple impress investors . Well tell you how traders are betting ahd eaof the launch. Much more fast money still ahead. Stay with me, mr. Parker. When a critical patient is far from the hospital, the hospital must come to the patient. Stay with me, mr. Parker. The at t network is helping First Responders connect with medical teams in near real time. Stay with me, mr. Parker. Saving time when it matters most. Stay with me, mrs. Parker. Thats the power of and. Welcome back to fast money. Tesla topping the tape as more than 5 , as china says it would ban fossil fuel vehicles, this according to reports accelerating its push into the electric car market tesla also released a Software Update that unlocked the fuel Battery Capacity adding battery for those trying to escape Hurricane Irma but reportly pete of fossilburning cars. Well, this sort of plays into what gene muenster brought up a while ago, i mean, this sort of plays into that, all of a sudden, you go thats the create activity, and the cars, i know we get wound you about how many cars, all the rest of that. You cant kay elon musk has put it out there and theres really other people taking advantage of that. Hold on a second. In the hardware business is the hard part. Look at the car Auto Industry on numerous occasions over the last 50 years have almost gone bust so to me i dont think the story is such a lay uptosay china, theres a billion people over there, and theres a billion and these guys will have, you know, the ability to sell a lot of cars in ten years. I dont know if thats the case. I mean, i theyre really in the business of making cars, arent they its the one place seeing growth this proclamation by china today is no different from what we have heard from major oems or companies themselves about internal combustion engines. Bmw will be out of the it by 2030 a lot of countries said we will not have this. I dont know if its new news, but i think its interesting that china is out there i like the competition a lot more. Still ahead jim cramer sudden undown with the ceo of Procter Gamble im melissa lee, youre watching fast money on cnbc, in the meantime heres what else is coming up on fast. Apple as moment of truth is upon us with the release of the iphone x well tell you what it means for the stock. Plus nfl ratings get sacked again, and it could have an impact on a number of stocks the names when fast money runs so you miss the big city . I dont miss much. Definitely not the traffic. Excuse me, doctor. The genomic data came in. Thank you. You can do that kind of analysis . Yeah, watson. I can quickly analyze millions of clinical and scientific reports to help you tailor Treatment Options for the patients genomic profile. You can do that . Even way out here . Yes. Even way out here. We cut the price of trades to give investors even more value. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. And at 4. 95, you can trade with a clear advantage. Hit could be the next big thing i should totally get that domain name. Get your great idea online too. Get your domain today, and get. A free trial of gocentral from godaddy welcome back to fast money. Jason taylor just sat down with jim cramer take a license. We want why, who are the right people to bring to the company who could add value for the future he which is reorganize the compete right now. And that is almost nating or corporate r d. Many of the inventions in the process improvements that serve many of these brands and underpin the tremendous performance and efficiency and value they offer came out of the corporate r d and ended the businesses. Jim cramer joins us here lift calling nelson peltzs business and he came out swinging mr. Taylor took no prisoners one thing i did hall hinge a is to say hes not one to cut r d, but its the corporate level that hes defending there. This is a man who has pretty much said, you know what, nelson you dont belong you may be a good guy, but enough i thought he came out tonight and just said, this is it. Vote blue, which is the blue card this was a Pretty Amazing performance, frankly does he find, i dont know that he has more weapons at his disposal, because Procter Gamble his a new 52week high . Its hard to make the activist case against a stock thats doing so well. I brought it up he didnt take the bait. No . He was saying, look what hes using is old information i come back and say the stock is up so much, and so even when i would say was a defender of proct proctors, he was just not going there as much as he was saying that tryon and nelson peltz. Congrats on your eagles yesterday, jim well done. Putting on your old trading cap on is proctor gamble, is it just too expensive here you know what first of all, thank you for that nice words about the eagles, which is very important. No, its not you know what . I think the numbers guy are too low, in part because of the weaker dollar, but also because the innovations working in china, which i think matters this whole complex, as you know is trading at a level far beyond what we thought, but theres a bid underneath at the same time i have tremendous faith that the Procter Gamble that mr. Taylors running is a very different Procter Gamble from 8, 6, 5 years ago. Generally what is your take when you see an activist come in and look after a 200 billion market cap company, thats their target does that make you skeptical they can effectuate change, our do you feel comfortable theres a bid underlying. I feel theres a bid underlying some people say why not . Im some of those people why not put him in he was directly challenging whativity said the thing i cam back with, cmon, hes one person thats when he talk about the dangerous, the dangerous initiative so ive got to tell you guys, white house, did he just decide, this is the night to tell the story, and you want to see the rest you slightly want to see the rest. I cant just one more. Of course. Tell pete im playing the vikings defense tonight, if we dont get 20 points, im going to lose. Youre exactly right. He by the way, wentz and your offensive line unreal. Nice job. Amen. Thank you, guys. Thank you, jim. And of course you can catch the entire interview with the p g ceo tonight. Must see tv here. Name one person on the philadelphia eagles. Dont put me on that position carson wentz. How do we feel about p g . Roughly 21 times forward, this is not a xhaep company. I agree with everybody else. It sounds like what peltz wants to do, not that much at odds, and i think a lot of ideas are not new. Successful execution so as far as by the present management theres a good reason why somebody went out and bought the 97 1 2 calls this stock is going higher, and theyre building and jim talked about it right there, innovation, china, all those reasons. People could have said this about mcdonalds, well, the valuation is a bit too high. Theyre about 60 wrong. This stock can go higher. Does it make you feel better that a nelson peltz is in the stock . Lets remember, hes got 3 billion, when you put it against the still ahead, apples moments of truth, the highly anticipated iphone launch is here. Hurricane season putting some power into centering stok stocks, but the commodities king says watch out, theres trouble ahead. Much more fast money straight ahead. What powers the digital world. Communication. Thats why a cutting Edge University counts on centurylink to keep their global campus connected. And why a Pro Football Team chose us to deliver fiberenabled broadband to more than 65,000 fans. And why a leading car brand counts on us to keep their Dealer Network streamlined and nimble. Businesses count on communication, and communication counts on centurylink. Hey, hows it going . Um. Who are you . Im val. The orange money retirement squirrel from voya. I represent the money you save for the future. See . Were putting away acorns to show the importance of being organized. Thats smart. Whos he . Hes the green money you can spend now. Whats up . Oh you know, gonna pay some bills, maybe buy a new tennis racket. Tennis racket for a squirrel . Hes got a killer backhand. When its time to get organized for retirement, its time to get voya. Welcome back stocks surging today the s p closing at ahn alltime high where the dow rallied. Meantime the nasdaq is within half a percent of its Record Energy stocks are surging. But commodities King Dennis Gartman says do not truth this rally. Plus nfl ratings getting sacked again, the worst viewership in nearly ten years well tell you whats behind the decline. But first shares of apple jumping nearly 2 today as investors await whablgd be the biggest i foismt launch to date. Josh lipton is in cupertino with more. Reporter steve jobs once set most of