Fast money starts right now.

Live from the Nasak market site overlooking New York City's Times Square.

I'm Melissa Lee.

Traders on the desk are Pete Nigerian, Karen Feinerman, Dan Nathan, and Guy Dami.

Tonight it's IPO fever.

The new kids on the block are soaring, and it seems like there's no end in sight but one Wall Street

Strategy just says all the mania could be the sign of a top we will explain

Plus former FDA Commissioner Scott Gottlieb is here to talk about the big biotech deal.

What's next for cannabis is New York attempts to legalize a week and the fake meat phenomenon.

But we start off with a little bit of deja vu.

Stocks right now near all-time highs

and valued at just about the same

as Wall Street saw at the two previous market peaks,

September and May, a price to earnings ratio

just below 17 for the next 12 months.

So right now ahead of what could be a couple of fed rate cuts and a trade deal still in the

works of China is the market a value trade or a value trap guy. Who's that like Dion Warwick?

I think it is the

Dionne Warwick.

Nice call.

Like that wasn't on in your car on the way over.

I love no I love that 70s.

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