But we will be told to proceed with caution and dow closing for the first time in history over 30,000 the question tonight, are we headed yes, thats right, are we heading higher and higher . There are positives. The president ial transition is under way. We have three coronavirus vaccines ready to rock so, is the next 10 move higher and higher or are we headed lower and lower . Well that song, thats a miserable song thats why we chose it. Please dont at me on twitter. In the list of bullish things we talk about, the peaceful transfer of power as being a bullish thing. You would think that would be a given. I find the market took that as a positive today fascinating. I will be the first to say in terms of the Broader Market, i have been dead wrong we have had individuals stocks we have done a good job with Broader Market not so much we are so over it in terms of valuation, euphoria, the things that can go right, not just the head winds out there despite it has bnsecause i been market we have this wall of worry isnt that markets do . Right the question is, if you think the market is going lower, then what else what is going to hit us you never get hit by the bus you can see. What cant you see the Market Pricing needs more stimulus, low Interest Rates and relatively stable politics to a grid ro gridlock state that creates inflation, but it has been said that the good parts of inflation come first. It makes sense to me that equity prices are going higher, but what could go wrong . We are seeing oil prices up higher that could put a stall on the economy. Those are all of the things we might not be able to see but absence that, the market to me appears to be pricing in the Economic Situation we have in the next six months. Does that mean we are going higher, brian . Do we go higher because the good things are still to come, the actuality of the good things versus right now, looking towards the good things so to speak. You are saying i could have just said higher or lower and been done . Basically it was good to go through the risk factors i am going to ask that question to tim you have set it up nicely. Higher and higher or lower and lower. I think higher. Tim, you through your hands up why . This is like trade it or shoot it or punt it . Whats the question again. I am not the smartest guy. We hit this milestone is the next 10 in the market be higher or lower . If you are telling me a straight 10 move higher or lower in one direction, i dont think we will get either i dont think you are saying that will we be 10 higher faster or 10 down from here which will come first, maybe thats the question sorry to rephrase it, but that makes more sense to me i think it will be 10 higher. Remember the run we had since july 30th. We went straight up 10 , down 10 , zigzagged we are now up 12. 5 off the bottom, but we have had five runs, up down, up down, up, up 10 or more. Based on history you may say we are going lower, but i think there has been anxiety around elections, about policy. I do think fiscal, as we talked about on this show has been an important ingredient for the market to go higher. The best thing going on is that banks continue to pick up a bid. You mention that about oil the fact that oil is moving higher is not inflationary from a credit perspective, its very good. There is a lot of devastation and there will still be some seeing the market go higher is healthy for the economy and credit but the banks and credit losses, some of those have been rolled off, but there are more to come. Why are the banks such an outlier to markets they were taking a big hit on unknowns and three vaccines in three weeks does more to put longer clarity on banks for exstrap lags its the bangs, the industrials, the materials its a good setup if you like the identify why of the s p 500 hovering here above the prior highs. We havent even talked about the russell. It is up from the northeavember in a Straight Line if we can talk about a Straight Line i dont think that portends well i think if you are a massive bull for all of of the reasons about fiscal and monetary getting us to the other side of vaccines, you dont want to see us rally 10 in the year end that pulls forward a ton of performance. What are you guys expecting for growth gdp growth in the past ten years has averaged about 2. 5 . In 2018 we had those massive tax cuts, borrowed from the future, gave it to the corporate and they bought the stock back over the next year or year and a half and the next year gdp was 3. 5 it has taken trillions and trillions of monetary fiscal stimulus i dont think thats a great setup for returns. It creates an asset bubble that doesnt mean we are going to crash today, tomorrow or next week that means there is a bubble inflating here, has been inflating and that sets up for dire things Going Forward if we dont see the sort of progress on the pandemic and dont see the growth in our economy. Dan is serious. The time of the pandemic has been a time for companies to improve their operational efficiency, and Balance Sheets and for consumers to improve their Balance Sheets take a look at this. What happened to it. This is the point you have made time and again people arent spending as much on experiences on lunch for 10 in the city. They dont go to the office anymore. They pull out a burrito from the freezer and heat it up in the microwave. People have more money to spend on things, goods and potentially on stocks as well at a time they feel rich because of the stock market and housing market. Arent these good things as well for the market to go higher . No question about it. Everything you said is bullish the counter maybe is Carl Quintanilla we call him q its still the other side. I am hearing rapping in my ears so that means we have breaking news you dont but anyway, higher or lower. Lets go to rob for our off the charts climber higher or lower . I think the next 10 is higher you have to respect the action of the market from what we have seen from the march lows, but particularly what we saw from june to october where so many cyclical stocks trading sideways are breaking out even if you look at the dow over the last couple months, and tim alluded to this. We have these gyrations breaking back and forth and the market is out of that range. If we look at 26,000 to 29,000 on the dow, the market is sitting above that trading range. Its bullish it can consolidate. I think the next 3,000 points are to the upside. Sure, in the very, very shortterm in the next week a lot of micro caps and short caps have been blistering i dont think its 10 and i doubt 5 i think 2 or 3 and then we move higher through the First Quarter. The underlying market is bullish. The vix has nowhere collapsed. It still looks like 2012, 2013 after the election i think we have a long way to run in this market before we see a cycle peak we are still very bullish. What are the two stocks you see as the most opportunity . Rob . Tim was talking about financials running, energy running. I still like dupont. I think its a cyclical that will benefit on the upside as we move through this economic malaise. I think that is timely it has been breaking out and still timely relative strength is still good. And the other big name is American Express call it 115, 117 trading range i think it still looks timely. And i think there is more upside in the First Quarter and the one stock one i would avoid, procter and gamble they have been in the trading range for two months but if you look at the bottom panel of this chart, you have a high end march, lower high its the type of stock that i think lags the market. I would stay on the sidelines. I dont think you will lose a lot of money but i dont think thats where you will get the juice on the upside. Thanks, rob have a good thanksgiving brian, where do you go with robs picks . I like American Express i like the chart i have a defined range you are trading this as a breakout if you think about what is going on in the world, American Express tends to have a higher end customer stock market going higher. People who buy stocks tend to have American Express cards. Less chance of delinquency on that if you get some spending increase and stock market where cyclicals are going higher and tradeable range, i think American Express will look good. I like American Express a couple weeks ago we had the Pfizer Vaccine and American Express gapped up i think 15 . It was up much more than its banking peers. I thought you would see a pullback at 110. Thats where you reload on these things i want to make that point. The market, given the volatility, you will have an opportunity to get back in at breakout levels especially where if you are playing for the end of this year or beginning of next year. These stocks are not going to go straight procter and gamble had gone up which side of the ledger are you on i am on the dupont side of things if you want to go full circle, last year dupont was at i am with rob on that one procter and gamble, its absurd that a company in this environment would be trading at the level it is. I would be getting out of p g here i think there is upside in dupont the question for procter and gamble, in any other environment can procter and gamble have this valuation . Probably not, but before i hear that, when i hear dupont i think of andre moose dupont. I think procter and gamble, through food stocks put it on. I think it really has a good news priced into it. I dont like the stock at all and i would rather be in resources and banks. You dont buy commodities when they are cheap you boy them when they are expensive. I think this is fourth inning and not eighth inning, a ways to go proceed with caution with bitcoin. But first, check out shares of gas down0 1 after reporting results. We will break down what happened when fast money returns. Ins. Change in plans. At fidelity, a change in plans is always part of the plan. This was the theater i came to quite often. The support weve had over the last few months has been amazing. Its not just a work environment. Everyone here is family. If you are ready to open your heart and your home, check us out. We thought for sure that we were done. And this town said not today. Its time you make the rules. And this town said not today. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost. All on the most reliable network. So choose a data option thats right for you. Get 5g included and save up to 400 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. Welcome back we have a double after hours earning alert. Gap and nordstrom. Gap with 4 billion in revenue, comp sales up 5 driven by a 61 interest in digital the higher figures in athletics. Banana republic swooned 30 . The ceo is optimistic saying people will spend more on clothing because they wont be spending it on travel. As for nordstrom sales were just shy of 3. 1 billion more than half of that driven by online the Company Reported an adjusted quarter. Driven by a 32 in off price people seem to be spending on full price on the call Pete Nordstrom striking a more optimistic tone. Saying we have made quick adjustments for our holiday customers, encouraged by the holiday momentum and look for momentum in the Fourth Quarter and 2021 i guess accentuate the positive. A new chief officer and new ceo of Banana Republic looking to bolster the performance it has been a drag i dont know the last time you bought banana khakis but apparently nobody is buying them not just because of the home environment. I got sick of khakis about a decade ago the move on gap, i think it is fair to say the valuation was tough. Closing Stores Continues some of the comp sales for the Fourth Quarter was that they would be closer. Not a big surprise i would argue that Banana Republic is not even in the price. You are getting it for free. I wouldnt be concerned because i dont think the expectations were high for banana i think khakis are back dan, i know you are an avid watcher, and i think steve made them popular again wearing khakis every day and got them from the gap. I love kernake. I could not have gotten through this without him this stock was already challenged before the pandemic hit our shores stockle stock was trading in the high teens before the lockdown. I give tim a shout out because he has been right on the department stores. We talk about online sales and there has been acceleration. Some companies had been already doing this beings making investments and other companies were doing it to stay alive. I put gap in that category some of the issues they are having with fashion and work from home, i dont think they will change much i dont think the costs associated i think investors will appreciate up 400 . They were up prior to the pandemic, changing what the people wanted. They had a bigger problem to solve, guy no doubt about it we will talk about nordstroms in a second, but look at these two quarters nordstroms figured it out and gap is a disaster. If Banana Republic comps are down 30 which is twice as bad as the street was looking for, it is not a great quarter, juxtaposed with nordstrom. I think 54 of their sales are from digital good for nordstroms, bad for gap. Maybe gap should have named kernacke as the officer. I am only half kidding around. That would have been genius. He is looking for a new gig i am sure at this point playing by your own rules thats not playing the game, mel. I completely switched to yoegz points the bitcoin boom is taking the market by storm. But it may be time to pump the brakes why . And later. Is it time to steel up your portfolio. The resource name that soared more than 20 today. We will tell you what it is. harold twelve hundred strings of lights. betsy quarter mile of tinsel. harold and real snow all the way from switzerland. betsy hmmhm. Gonna be tough to top. betsy well played. vo add some thrill to your wish list. At the season of audi sales event. Get exceptional offers now. Welcome back to fast money. As wall street roars to new record highs warning, starting off with bitcoin and the baller it passes 19,000 for the First Time Since 2017. Getting cautious, why . Lets be clear. I am still a bitcoin bull. I will be for a decade but if i put on my shortterm hedge funnel Hedge Fund Trader hat, signs at the top. More than any other asset class. Bitcoin is subject to fomo more than anything else coins that are under 5 going up 30 or 40 in a day. When i look at address growth, markets, when you get big address gross employed, thats a caution sign and the last one, we are starting to see retail and starting to see the Interest Rates it charges on margin going higher i think its fine to buy bitcoin. Earlier i thought they could go to 50,000. I still think thats the case. But if you buy it at 19,000, be prepared it drops to 12 before it goes to 50. Just saying to exercise caution. Do you change how you trade what do you do yeah, so i would say, less long bitcoin this week than we were two or three weeks ago. If you are an investor at home and say i want to get bitcoin, i think its going to 50 k so maybe buy half of it and wait for one of those times when we say bitcoin had its worst day in two years. And adding to parallels of this bitcoin boom what are you toting, tim this was about as big of an update as cannabis has ever seen like b. K. I urge people to do their homework we just came out of a period where the biggest five companies in the United States who have the biggest Addressable Market in the world produce sequential growth it was extraordinary and continues to grow. So here legislation is only part of the story of great operators in a growing sophisticated market i think these companies and many more behind them will be some of the greats but we have looked at canadian companies. Are they big trades or investments. A lot of the money has been eradicated, and some of that north of the border. That doesnt mean they are all bad companies. There are Great Companies up there. I am seeing new Family Offices and seeing Institutional Investment behind us i am very longterm bullish and if anything, what we are seeing through difficult operating conditions, cannabis is rising to the occasion at a time when the story is not the difference between bitcoin and cannabis is very clear its bizarre to have to explain that a time people looked at them as fomo Asset Classes and still may be but cannabis is unfolding and is incredible but look at the as set structure and look at their making money and be careful of a lot of the hype still to come going headtohead on ford and this base stock, is it a total home run when fast money returns. We are taking your questions. Thats right we want to hear from you so shoot us your questions and you may get your answer on air pnc is still in the red for the year, following suit with the other financials our next guest says the Regional Bank could be gearing up for a rebound. Kate, great to have you with us. What do you like about pnc i think its fantastic for a number of reasons. It has announced deal to buy assets is a game changer it gets pnc into the sunbelt, into texas, and they will get great cost energies out of the deal second, it is esg, environmental, social and governmental factors they are a great corporate citizen. They have pledged a billion dollars to Hope Communities and pledged money to co