Im telling you, it moved me smelled really good. Youre dry from flying, right . The lips dry. Ill say, in three days you spent two of them in the air. How far 16 hours one way, 15 the other. Whats the mileage . Im on a need to know basis . 10,000 maybe . 13,000 miles . I dont know. You go up i want to say 10 or 11 there doing the flight before. Okay. Thats some serious mileage. Frequent flyer miles. Very dry. I have to figure out if i can get them i think it may be a part of the delta line you had a pod not the big pod this is like the little one. Not the ones with balls with the shower i didnt have the shower. Exactly. We are glad youre back nice to see everybody our guest host today is steve grasso from Stuart Frankel and a cnbc fast money trader good morning. Guys, lets look at the u. S. Equity futures yesterday was a bit of a mixed day for the markets. Dow down by 39 points. The nasdaq put in a positive day. It broke a threeday losing streak this morning green arrows with the s p indicated up by 3 points, the dow 20 and the nasdaq up by another 20 points overnight in asia, youll see the nikkei bouncing back it was up by 1. 5 after losing 2 the day before. Hang seng closed up by a quarter percentage point the shanghai was down by three quarters of or twothirds of a percentage point if you want to look at whats happening early this morning in europe, green arrows across the board. Biggest of the major markets, the gainer is the dax. Look at crude oil prices yesterday crude oil was down by almost 3 . Settled at a threeweek low of 55. 96. This morning back above 56 at 56. 24. Lets talk about some big stories were watching now the big one, bitcoin, can you believe this every day. Bitcoin crossed the 14,000 mark late yesterday that comes less than 24 hours after it crossed the 12,000 mark this morning its already traded, yes, above 15,000 on some let me repeat some platforms, not all of them, which is also a complicated part about this the market value of bitcoin tops 2 256 billion i dont know i think you see this, more people say i have to get on the train, the train is leaving the station. Its almost 15,000 today. Cramer has been outspoken yes, he has talking about its a danger i would say, when he decides to step out like that, probably pays to Pay Attention. You remember erin burnett wearing that leopard dress that made her famous because shes standing next to jim when talking about the fed and how they know nothing. This keeps people out of bitcoin, chen you see it as volatile as this somebody is getting in it people are getting in, but its the average person who is left back. When you think of the bond market or the Foreign Exchange market, 2 256 billion is one company, not even a big company at this point. Banks are now concerned about selling futures on this. Thinking it will add risk. The whole market size is 250 billion then you have to think what will send this lower the issue will be liquidity. Theres going to be one day where everybody tries to sell and theres no marketmaker who wants to take the other side, because of how there are different platforms. Certain platforms can take risk. Others its a true market. What happens if that story gets out the way you said it, the fact there might not be liquidity. Thats enough to spoke people out of it. Facebook is 420 billion this is 245 billion. They have a long way to go if they want to be gold, right . Gold or any currency or any bonds. Its still a small thats why i guess it could go much further. The cboe will begin Bitcoin Futures trading this sunday. The regulated will follow suit on december 18th well see what happens there in other bitcoin news, nice hash, a bitcoin mine service, it says hackers stole the contents of its virtual wall let the site played the announcements yesterday after an hours long outage that was reportedly due to maintenance. A 20yearold florida man was responsible for the data breach at uber, talking about a different company, and was paid 100,000 to destroy that data. This is a white hack hacker concept, but in this case a black has the hacker, but paid with white has the money so easy to digest going back to the bitcoin what is a Bitcoin Miner . So, you can mine bitcoins what does that mean its not like traditional mining theres an algorithm. If you have your server running all day and all night there are these huge server farms running processors to try to mine bitcoins you could mine a bitcoin in an hour before. What does that mean, create one . You can create bitcoin out of nothing. How can you have a currency that anybody can create out of nothing. Its lyiike digging for gold its a difficult process. Because theres a limited amount as we have gone further out on the curve but theres a limited amount of gold, theres not more being created. This is were creating more. This is equivalent of like the diamonds they manufacture in the lab, right sort of, sort of not. Do you want to take this its not as easy of process to oversupply the market i have a different question, if you get 60 million, and you steal it, are you free and clear once you steal it . My understanding is you are because its untrackable thats what i mean. Its not like if you show up at a bank its like a bear bond, remember die hard . That safe had a bunch of bonds in it. Thats what hans was after isnt that part of the problem . This is part of the problem, you cant track it the more youre able to track it, it takes the luster out of bitcoin. The reason its valuable, as far as taxes and government oversight, government cant debase it. Its not government but we can debase is with the server farm. You cant debase it with the server farm. Yet the big issue is whether its forking. If they change the rules, and if they change the rules and create a whole separate form of bitcoin are you really saying forking . Forking thats what its called. Forking youre forking the process, and thats what people worry about. Then you could change the rules overnight about bitcoin. Then youre forked. Yeah. Thats a problem. Developing story, friends in its scary the wildfires are right in Southern California. Youve seen some of the video or pictures the signs on the 44 05 are signs that if you ever lived there, you have passed them a thousand times, the getty museum, sunset boulevard. Fire officials have ordered several thousand more people to evacuate as the blaze approached the ohi community, northwest of los angeles. There will be Near Hurricane Force Winds this morning the spread of the fire and the winds will continued through tomorrow officials are cautioning people to stay inside in several areas. Ucla is outside of the evacuation zone, but classes and sporting events were canceled yesterday due to air quality this video is going viral. During his evacuation in ventura county, a man stopped to rescue a wild rabbit. He stopped by the side of the highway to chase down the bunny. He actually carried it did he get him . I want to watch this. No no no my goodness poor bunny. Amazing look at that. Unbelievable frightening. More frightening than anything weve the difference is you dont know which direction it will go. At any point the wind can change direction. Embers are like shooting stars. They are coming towards your house. All right folks n political news, big changes could be coming to the gop tax bill ylan mui has more. This is no small change. These could be huge issues reporter there are issues where the corporate rate will end up as republicans began the final negotiations over the tax plan two key gop lawmakers in the house have told me that a 22 rate is on the table they described it as a dial that they could use to turn up to pay for other priorities such as expanding the state and local tax deduction. I want to caution this is not a done deal. In the senate, influential republicans like pat toomey of pennsylvania and orrin hatch are pushing back against this idea i talked to senator david perdue last night, he said hes taking a hard position on keeping the rate at 20 . The final version of this tax bill will be hammered out between the two chambers in Conference Committee over the next few weeks House Committee members met last night. They were expected to discuss the corporate rate during that meeting. The senate, it picked its Committee Members last night as well senator hatch will be one of them he took a moment to give his fellow republicans a little pat on the back for making it this far. There is still work to do as we work to iron out differences with the house and make sure that every section of this bill is ready to be eased into law or passed into law. That said, i think we deserve to celebrate a little bit all the attention in washington will be on avoiding a Government Shutdown over the next few days. You can expect the discussions on tax reform will continue behind the scenes as republicans race towards this christmas deadline that the president has set. Back over to you its december 7th were talking about massive details in a plan that if all goes as theyre expecting would become law in about three weeks time thats right. Thats been one of the complaints both from some republicans and also from democrats, that this process has been moving really fast because republicans want that win. Theres not been time to digest some farreaching implications of the tax plan. I dont have any idea whats in this plan i dont know what it means for businesses, for consumers. I have no idea, and it sounds like no one in washington knows either and were talking about something that will be the law potentially in three weeks i think the International Side is another area that businesses and companies are still struggling to understand its complicated they say were moving to a territorial versus a worldwide system, but its not quite exactly that its a worldwide system with a lot of deductions baked into it. Lawmakers say this will hash it out in Conference Committee. Thats why it took 36 years or whatever. It reminds me a lot of obamacare. We had no idea what would happen to a massive portion of the economy. The core of it is getting away from 35 . You dont know what you will pay in taxes next year corporations dont know. Corporations will pay less. Not if youre citi group or the plans are not that far apart. The way theyre thinking about it, you know, we talk about wealthy people, andrew wasnt here i dont know whether your ears were burning, the state and local taxes issue, they may do 10,000 of deductions with the property tax it could be property taxes or local taxes. 10,000 of new york tax, you will be like thanks, guys. Its not going to matter that much but you saw what the wall street journal says should happen. Bring the individual rate down even further so that if youre on the high end, it all if you make 10 million or something, you can make yourself a corporation and you will be paying the lower rate any way. Again, we were talking about whether you can become a passthrough we cant, but if you have these other irons in the fire that could allow you to do that are you an llc . Im an llc in certain instances, but not in others not here. No im a w2er the other thing i think is likely now, 22 i think so, too that was being telegraphed the whole way through. That frees up a lot of stuff. Especially when they say amt will not be in the final bill. Its not hard to get to passthrough by opening up the door and saying 22 , marco rubio says the extra 2 better be going for the child care credits that i want then everybody comes back to the table. It opens the pandoras box when you said it was like obamacare. This is not permanent. When they overtook 20 of the economy obamacare was not permanent either look what happened you have massive pieces of legislation and some of it is done by executive order, that party loses the house, it will be undone. Same thing with taxes. They have an easier time arguing this with people that are staufrnch against it, they will say it will roll off in x amount of years, maybe we can bring you to the table whats your musthaves but you dont know once the other party comes in, they can easily undo obamacare . 60 times they repealed it . Look, you dont think obamacare will fall . Part of this lbill will do with the mandate. You get a party in, they immediately undo it . They will immediately start chipping away at it. They havent yet. They have well see i dont think youll ever see obamacare go away. Part of this tax bill is attached to it the individual mandate will be a lot of obamacare if President Trump decides not to fund parts of it that were required under the executive law im not saying im happy about it but im saying you can see how difficult it is once you grant an entitlement, its impossible to pull it back. Its difficult for corporations and individuals to do advance the planning on these things because the rules are constantly changing. Thats what happened with obamacare. Thats what i think will happen with this. 20, 22 for corporations, and the territorial system but the devil is in the details. Theres a lot of crazy details we dont understand yet. Its hard work. You need a decider and a st strategery thank you, ylan lets get to the ylan is like shes gone shes like im out of here the economy and the markets. Joining us now is the pride of squawk box, jason pride, director of Investment Strategy at glenn need, covering the economic angle, rob martin and still with us, our guest host, steve grasso the president says 6 now. I would love 6 cant you shoot for 6 and take 3 1 2 i want 6 and a unicorn i want them both there was a quarter in 84 where it was 6 . You can get a day of growth above 10 , but its hard to get it on a sustained basis. Its because of the population and but productivity you can do something with thats with investments from the private sector so, this is clearly a tax bill designed at its heart to boost investment and get businesses to invest more. They will be paying less, i believe, under this tax form we dont know exactly in what form, but theyll boost investment, the question is how much growth do you get out of that its hard to boost the growth more than a quarter or half percent. When you talk about 3 , 4 extra on growth, thats when it comes back to my desire for unicorns well see a lot of people say next year theyre down to 2. 25, i dont know thats what were saying. Right takes a while to change you sort of feel like it can never the new normal is below 3. As far as the stock market goes, it looks like even though it is becoming clear that something will happen here, the s p has had trouble doing anything the last four, five days you have bitcoin, its got to be some type of gauge for some type of you would think froth somewhere. This is kind of interesting certain aspects of the market are behaving in a way thats suggesting that tax policy is going to pass. Other parts of the market is not. The overall market is not reflected or reacted to it when you look underlying that, higher tax Rate Companies have actually begun to outperform again, having been underperforming basically since the beginning of the year. Within the market theres a different action thats actually showing that this these changes are coming about i think perhaps maybe one recognition is that investors build some expectation at the market level that some of this would come through they didnt know the underlying details of how the shifts would pan out. Now the details, people are filtering through the details of the bill, whatever 170 odd page count there is it was over 400 they are looking at the details to see what will happen to individual stocks now individual stocks are reacting to that in 2018, its that time of year now for talking about 2018. Its december 7th. I heard your unbelievable promo for what was coming. The economist the economist, 2018 global predictions. We should not try to spoil their predictions. Next year what did you say . Some stocks are showing a little bit of positive movement were up 35 in a year. Theres something there. Whether its global or whatever you want to aprib bute ttribute animal spirits, 35 next year on the dow or not this is where he tries to nail people down to precise prediction and then he saves the tape no particular strategist should be going out there in a range with a prediction like that. We invited you on, viewers are out there with wrapped attention, and you say the market can continue to rise, but its vulnerable to a correction. We dont need you if thats all youre going to say. Our models show a 6 return, but theres a are these Climate Change models 6 thats what weve been saying for the past ten years mid to high single digit growth. We got 35 what did you say the beginning of last year we were in the 7 to 8 range. Obviously theres a range of error around there four, five times. You get out in time, the range tightens any manager that tells you otherwise, the strategists will always tell you otherwise. The people actually running money, they will recognize that risk around those predictions. Would you ever say not mid single digit return . Absolutely. When evaluations are cheaper you might say down or up 30 . When valuations are richer, yes. Its safer to say mid to single high digits its the middle of the range, but its what models are pointing to with a valuation he headwind there really are models you want to see it . Will you send me one . Sure. All right steve is sticking around you are so nice yes i feel like christmas is here well get to the bottom of this maybe the guys from the economist have predictions i think they do. Coming up, yoga wear pays off. Shares of lululemon are you wearing your lulus . I wear lululen moor nothing at all the Company Posted an earnings beat and issued an upbeat geeuidance. Your brain is an amazing thing. But as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Welcome back to squawk box. Lululemon beating analysts estimates on the top and bottom line for the Third Quarter the Company Providing fullyear guidance above street expectations and authorizing a 2 200 million stock repurchase program. Joining us is oliver chen. Good morning good morning. These guys have not had a lot of good news and now theyre sort of nailing it were seeing Great Innovation in product the ever luxe pant growth in mens digital is 25 and theres the casualization of america happening. Wh