Shanghai was off by 1. 25 . If you look at whats been happening with some early trading, green arrows for the most part. But youre looking at fractional advances the dax is up, just barely cac up by a quarter percent, so is the ftse. Look at crude oil. Up by 1. 1 yesterday settling just below 58 a barrel that was the highest level in almost 32 weeks. Today were at 58. 36 that was the 67th or 68th new high yesterday of the year yeah. Could be another one tomorrow. Andrew is finally coming to the train. Youre getting on the train left the station. Were on the bitcoin train now that train maybe left a long time ago where is the train that left newark he said sao paolo. They offloaded it on to a boat, crossed the water heading to the south pole you did cop to that yesterday. Im i wish i didnt have to but i do. Calling the trump trade and Everything Else i do. A number of big stories to tell you about. We are continuing to follow a developing story out of Southern California crews are desperately working to contain a string of massive wildfires. The thomas fire has burned more than 231,000 acres of land it could take weeks or months to fully bring that fire under control. A bit of Corporate News to tell you about. Our Parent Company, comcast no longer pursuing a deal for most of the assets of 21st century fox. They said last night when a set of assets like 21st century fox becomes available, its our responsibility to evaluate if theres a strategic fit that could benefit our company and shareholders thats what we tried to do were no longer engaged in those assets we never got to the level of engagement needed to make a definitive offer comca comcasts decision not toed by leaves disney as the mai suitor for some of the assets, which includes its movie studio, cable channels and indias star network and a stake in sky thats what was so attractive to comcast. I can tell you sources are telling us we could see a transaction between disney and fox. The expectation is for thursday of this week what is holding up some of this is the role of james murdoch, and whether he will play a role, either operationally in the company. Theres been reports that ultimately at disney he may want to become bob iger or whether he becomes a board member the argument has been that he has a lot of international experience, given these International Assets and people in place under him that he might be helpful the question is where will he land i think theres still some back and forth. Disney was not uninterested in the foreign assets. Disney will be they wanted them as much as comcast wanted them, presumably. More so even more so. Disney has international operations, but this puts them in a different place this gives them an advertising piece, international piece, but most of all, the hulu piece. Thats what this is if youre planning to build a true netflix competitor and you want to do it overnight, which is what theyve said they wanted to do, they can take hulu and turn it into this powered by bamtech, the technology that they recently acquired that will support the back end of all this shazam. You saw that comcast shares were almost 1 upup 1. 5 . Fox 21st century were down, but turned higher. By the way, comcast may benefit from this. Its up, too. But in a different way. Because comcast owns 30 of hulu so the question the next question is how do they do they try to buy everybody out of hulu or does everybody go along as a free ride option. We still have regulators to think about. Comcast, though it was foreign, are they still having a problem with comcast, do you think, from regulators . What about disney fox it seems it would be a heavy left for comcast and for disney, too. I think this will be much easier for disney. Everybody thought at t would be easy. Two totally different categories i do. Really . Yeah. Its hard to figure the media landscape at this point. This is big and powerful. If its about power and size, its scary it would be just as because theres no real distribution platform, it becomes hard to argue. This one im less im less concerned about this you thought at t would be fine the at t deal on its face was concerning but really . Because of the size. Well, because you because there were people who could make the argument that there was the ability to use the distribution to affect content prices it becomes harder to make that argument in this instance. I dont know. People argue that time warner, if they could raise prices, they could raise them any way philosophically, i would approve the at t deal, for other reasons. If at t is watching, they may use that they may go to the government and say we have sorkin on record father is an antitrust guy. I think you still talk. To my father . He knows Anti Trust Law i grew up at a table where we discussed this stuff all the time still do, right i think thats where you get a lot of your stuff. Thats fine, too valuable resource theres a pair of economic reports on the wall street agenda the november Producer Price index is out at 8 30 a. M. Eastern followed by the monthly federal budget statement at 2 00 p. M. The fed kicks off twoday policy meeting today. An announcement is due tomorrow afternoon along with the feds Economic Forecast and Janet YellensNews Conference and later, an interview with Stanley Druckenmiller at 3 00 p. M. Alabama holding a special election today to fill the senate seat left open by attorney general Jeff Sessions its been a controversial race with candidate roy moore at the center of it all john harwood joins us from birmingham, alabama. Good morning were in alabama, deep red state. Has not elected a democratic senator since 1992 that was richard shelby, who is still serving. He switched to republican after that you have doug jones, the democratic candidate, former u. S. Attorney, not well known in politics before. Prosecuted the klansman who bombed the Birmingham Church in the 1960s, but has been fighting uphill in this race. He has gotten help from roy moore, the republican candidate, former judge, booted off the Alabama Supreme Court twice. Been accused in this race of mo legsi i lesting a 14yearold and having romantic involvements with other teenagers at a time when he was in his 30s hes very conservative has the support of steve bannon. Without certainty of who will turn out and vote, the poms are a the polls are all over the place. Fox news showed jones up by 10 Percentage Points. You had a poll from Emerson College that showed roy moore 9 points ahead then a poll from Monmouth University showing a tie race. So nobody knows what will happen here you have unusual campaigns on both sides moore is mostly quiet, though he had a rally last night with steve bannon and others. Doug jones has campaigned very energetically. Hes gotten sort of below the radar support for get out the vote operation that democrats hope bears fruit today well all be watching. It has big implications for the senate if the democrats win, they shave that republican pmargin in the senate from 52 to 51 not likely to affect the tax bill, because they hope to get that done before the new senator is seated. It will affect prospects for the senate in 2018 if they narrow that margin. Even if they dont, if roy moore wins, democrats will try to attach him to all the republicans running in 2018. Its not the situation Mitch Mcconnell wanted, but its the situation we find ourselves in well find out in a few hours. I guess if we had downs about polls, this wide array tells us what to expect exactly right bit of a mess thank you very much. For more on the bam mraalab election, lets bring in nick johnson. Thanks for joining us. Its tuesday, election day yep it takes a lot for us to go down the funnel and talk about roy moore. Not something we usually talk about. From the perspective that the vote in a 52seat majority in the senate for tax reform, its something that finally becomes our we shouldnt be talking about Alabama Senate races this should be a layup for republicans. Because its roy moore, all of a sudden its a close race the fox poll yesterday showing jones up by 10 i still think this race is moores to win the rcp has them all its 2 points the average of that is moore. I think john had it right, this is not something that Mitch Mcconnell wants. If youve seen some of moores rallies, he attacks the republican leader in his Campaign Rally which shows you how much you will still be dealing with wrangling cats for trying to get anything passed. Theres no way hes a guaranteed vote for things Mitch Mcconnell wants to start doing but you figure to someone like President Trump, even if he gets half the other gentleman, you get zero votes. Even though its not a consistent republican vote, theyre willing to stick their neck out for this guy. Thats true thats the conclusion they came to after waffling on engodorsin him, but hell be a headache for Mitch Mcconnell. Its odd that mainstream republicans, to explain this, theyll say its alabama i would feel bad if i were alabama. I would want to get out from under that stigma. Theres some tension there. George wallace and neil young wrote about it alabama. Richard shelby, the other republican senator said i wont vote for roy moore he referenced we dont want alabama alabama has a lot of progress progressive great but in terms of moving forward thinking. Forward thinking. State leaders in alabama dont want someone with roy moores baggage. Theres been articles written that said even if roy moore wins, the republicans lose because of what this means on a National Level for having to explain it it means the issue doesnt go away allegations wont go away. And there will be investigations for how long . Democrats will say the Ethics Committee should be investigating him since day one. Fkts f for 18 months or more until the next election how many more senators are facing situations there could be dozens more in the house and senate 20 million goes a long way of settlements. The news about congressman franks that came out last week, that caught me by surprise we expect there to be more theres another one where there was a couple hound thousand dollars paid out. Thats Something Else people are not look at right now. Youll have maybe sitting members of the house and senate who may be implicated in this and you will see the process change for how this works out. Its byzantine how you would accuse a member of congress. Its bizarre they had like a slush we need that 20 million to cover the Sexual Harassment claims for members of congress theres a certain amount every year that we write off the cost of doing business. That will change we are looking at the end of the year, we can talk about the roy moore election, but the republicans are hoping it wont matter for issues they want to get done with tax reform and with dealing with the budget and beyond for the end of the year, theyll get tax reform done. Nothing is agreed to until everything is agreed to. But getting closer to everything being agreed to. Looks like that will be done by next week. Then the spending deal, they got a temporary thing until the 22nd theyll figure out another deal. That will kick everything into early next year, when we have a new list of things piling up well have the debt ceiling again. And other funding issues there was a seat change, i guess, when you saw flake and when you saw mccain and collins, and murkowski. I dont think that was baked in was that at axios . Now people are saying its likely ive written down a lot of guests who have said no, it will not happen it will not happen the s p will go here you have a list i know who they are. Youre like santa dont look at me. Youre like santa david bianco, not going to happen s p going to 2450. Thats going to be maybe hell still be right at least he took a stand once that vote went through, did axios before that we had a sense that we knew who the list was thats how the bill changed to get those people back on board we were surprised by flake, he said he got a deal for immigration in the spring. Whats the percentage 80 that it gets done now . Somewhere between 51 and 99 likely and done im out of the prediction business until that moment john mccain walk the oed out on to the flood killed the healthcare bill youre right. Im monitoring axios im watching you i got rid of politico. The beltway echochamber got you are surrounded by it you dont know we try to cut through it. I counted some stories yesterday. That one is definitely okay, but theres one thats not thats really definitely but this one isnt i got about i never knew you were such a guy a man of so many lists. Im ready to unfollow at any moment keep an eye on nick axios. Com you can email me any time you dont want to hear from me try it. All right i will you realize you just told everybody. And youre an inbox guy i will be tested today. Thank you nice to see you. We have more to tell you about. Well do that now. Coming up when we return, what are we talking about every day these days one topic. Bitcoin. Surging in the first full day of futures trading for the cryptocurrency, but one early investor sounding the alarm bell well talk about that when we return welcome back to squawk box. Topic of the day, what could it be bitcoin. The s. E. C. Issued a warning to investors of the dangers of putting their money into cryptocurrencies the chairman said many platform trading in cryptocurrencies may be in violation of securities laws also saying if an opportunity sounds too good to be true or if youre pressured to act quickly, use extreme caution. The s. E. C. Yesterday stepped in to stop an initial Coin Offering from restaurant review app munchie after the company failed to register as a security. Munchie planned to raise 15 million in capital but selling mun tokens they could be purchased or earned by users for writing restaurant meal reviews on its app. One of the earliest investors in cryptocurrency is raising the red flag listening to what roger ver said last night on fast money at this point im concerned about the future of bitcoin. A group of Developers Got in charge of it and openly say they want it to have high fees and unreliable transactions. If thats the case, people wont use it joining us now to discuss how investors are cashing in on cryptocurrencies are michael n sonenshine the speculation continues. It does what do you think is going on now . So, i think what youre starting to see is that both retail and Institutional Investors are getting excited about bitcoin. The narrative has changed. The asset class came out of nowhere about eight years ago. It started with bitcoin, now people are diversifying into other assets the early days of bitcoin were often plagued by people thinking about bitcoin for money laundering, drug trafficking, but its graduated from that the narrative on the street is that bitcoin is digital gold gold 2. 0, here to stay and investors want exposure to it. But from a gold youre thinking of it as gold i think its a Digital Store value. Its gold 2. 0, because investors think bitcoin is more portable and devisible. How do you think about that versus ethereum and ecash an any one of these other forms i think when the dust settles, today you see lots of different tokens coming into the market ultimately there will be five to ten dilg tagital currencies tha matter tell us, for those of us who dont understand the stuff, whats the difference use case between ethereum and bitcoin so, bitcoin is really meant to be a transaction currency except its not being used for transactions today its largely driven by speculation. No question about that may not be the most popular thing to put out there, but certainly its for transactions. Ethereum, it was intended to be a substrate for the internet of things youre talking about a new layer of technology that can allow for smart contracts, connected devices. So, they can its not digital gold its not digital gold. At all. Ethereum was not intended to be a form of money what is ethereum im sorry im thinking about getting down into the rabbit hole, you say people im not sure thats the right way to say it its get nothing more detail, but the rabbit hole is a difficult or complex situation for which you wish you had not gone that deep no, meaning people are getting obsessed with bitcoin. And theyre going deeper and deeper into the understanding of it and the ramifications not getting themselves into a more which i think you may have been correct in the first place. I think what were starting to see, those people who are starting to be naysayers about bitcoin and reject it are those that have not dug in and done their homework on it from our seats, our firm, were the largest growing Asset Management business in the space, we manage almost 3 billion today, we run a bitcoin strategy, an ethereum strategy and a zcash strategy. People not only want exposure to the asset class but also diversification. But its weird when youre in the middle of one of these maybe were not in the middle of one of those situations, but you always wonder when its over, you say why didnt people see it one sign is when your cab driver or uber driver, all they want to talk about is a certain thing. Whether its an internet stock or if youre skeptical of it and you say anything, you get attacked ive been attacked on twitter for saying something dont you feel some of that now with this . Do you think buying it at 20,000 it will be at 60,000 in six months theres simple metrics that we could talk to you guys through, where bitcoin takes share of the gold market and appreciates from 17,000, where it is today, to 100,000 or 1 million of bitcoin do you have any case for it to retreat for any reason . Course correction . Every day that bitcoin doesnt head towards zero and is resilient and faces a lot of opposition is further and further in the direction that gives us conviction that its here to stay and you mentioned zcash. People think that may be the next currency that goes on to places like coinbase, and thats the next