Doctors and nurses are working nonstop citizens and churches are delivering meals to the needy. Truckers are making the long haul to keep shelves stocked weave been dealing with the big stores and the big chains. Walmart have been fantastic and others we made it much eaie easier to k the am of have yoount of volumee doing is unprecedented they are buying in slightly smaller quantities were not going anywhere were going to be here americans from every walk of life is skomi ingcoming togethe. Were going to win this war. America will triumph and america will rise higher than ever before we have learned a lot. We have learned a lot. We have learned a lot about relying on other countries and i can say that i think in a very good and a very bad way. Some good things came out of it and some not so good things came out of it. Id like to move to invite our team to provide nfginformation n the new measures to prevent viral spread ill ask secretary of state pompeo to speak. Hes doing the other more more normal jobs of great secretary of state mike, please i want to sharp with the American People that the state department, your entire National Security team is staying focused on the other diplomatic challenges around the world. Our number one pri yourority re the protection of the American People the president and our team are very focused on it i want to give a shout tout the state Department Team here in washington and around the world that are working over time to help us push back against this pandemic under the president s leadership this week we have taken two important steps. First as President Trump announced on wednesday the United States and canada jointly agreed to restrict nonessential traffic across our border the restrictions we reviewed after 30 days and they exclude traffic and Movement Across the border for work. Were grateful to have such an outstanding friend to north who is committed as we are to def t defeating the virus. The United States and mexico have agreed to restrict travel across our shared border. Well talk more about the details of how were working alongside our partner in mexico to keep our southern borders safe and secure as well. On other note the state department issued a level four Global Travel advisory this means that all International Travel from u. S. Citizens should be avoided u. S. Citizens should remain to the United States for immediate return unless they are prepared to stay abroad for an extended time if you choose to travel your plans may be disrupted just urge every one as they are seeing information, information that at one time suggested this virus imnated from the United States army, this information about lockdowns that are takin place. Every american, indeed, people around the world should ensure where they turn to information is reliable source and not a bad actor trying to create and flow information that they know is wrong. Were showing the Global Leadership that america has always delivered its been great to see other countries rally behind what President Trump and our team is doing. Thank you. Well take questions right after this chad let me thank the president and Vice President for their continued leadership for protecting the American People during this crisis early on the president took unprecedented actions to restrict travel from areas affected with the coronavirus. To date dhs has screened over 200,000 individuals coming back from the affected countries. This has been an immense undertaking. Its successfully accomplished todays announcement is another example of another extraordinary steps the administration has taken to ensure the American Public before i comment on the cdc order that im sure secretary azare will e will laborate on, address what others have made with our canadian and mexican partners as we continue to evaluate common sense pressures to produce risk and spread it only makes sense we have looked at the measures that our neighbors to the north and south are under taking we have been working closely with the partners since the earliest days of this virus and the out break. As the president said earlier this week and secretary pompeo we reached an agreement with canada and mexico to eliminate nonspeci nonessential travel across our land borders neither of these agreements applies to lawful trade or commerce essential commercial activities will not be impacted. Limbed to individuals traveling for medical purposes, emergency response, Public Health and individuals engraged in lawful trade. Canada and mexico will go into effect on saturday, march 21st were also working with canada and mexico to take decisive joint action regarding individuals seeking entry between our ports of entry the cdc order directs the department to suspend the introduction of all individuals seeking to enter the u. S. Without proper travel documentation. Thats for both the northern and southern border. The cdc directors determined the introduction and spread of the coronavirus and the departments Border Patrol stations and detention facilities presents a serious danger to migrants, our front line agents and officers and the American People. Its important to note that the department currently apprehends foreign nationals from over 120 Different Countries around the world. The vast majority having coronavirus cases. Many of these individuals arrive with little or no identity travel or medical documentation making Public Health risks possible its important the note it could likely increase the strain on Border Health systems taking away important and life saving resources from american citizens we will execute the cdc order by immediately returning individuals arriving without documentation to can daradacana as well as a number other countries without delay. We continue to keep our borders secure and safe. Before i concludes, let me wrap up by thanking the braver men and women of dhs across the government for the work they do day in and day out to keep the american safe from the coronavirus. The department has a number of front line officers that have tests positive as well as other who is are selfquarantining im doing everything i can to protect these patriots as they continue to defend our homeland during this crisis thank you. Thank you todays announcement is the latest in a long line of bold, desi desiesi decisive actions the president has taken. Within two weeks of only 45 cases in travelers, we began screening. The president restricted trafl from china, iran and europe. Our Health Experts say these measures have been effective at slowing the virus spread to our shores think about this italy and the United States both saw their first travel related case of coronavirus around the exact same time the last week of january. Yet, we, have had precious time to continue our work around v vaccines and other preparations while italy has been overwhelmed with patients for several weeks now. The president is taking action to slow the spread of Infectious Disease via our border under section 362 of the Public Service about, the cdc is suspending the entry of certain persons into the United States because of the Public Health threat their entry into the United States represents this order applies to persons coming from mexico and canada who are seeking to enter the country illegally and would normally be held in a congregate setting like customs and Border Patrol station it does not apply to u. S. Citizens or lawful permanent residents. During this pandemic a number of Health Challenges arise when Illegal Immigrants arrive and are taken into immigration custody. Were taking about significant number of Illegal Immigrants from this past october through february, dhs has processed more than 21,000 inadmissibles a lirks aliens at the northern border and 150,000 at the southern border cdc was never designed to hold la large numbers of people nor to treat them for a novel virus if large numbers are infected when held at border facilities they spread to other migrants, agents and Border Health care workers and even the United States population as a whole in such circumstances the kind of social distancing measures the cdc and president have recommended are not possible on top of that, any resources that reare using to reduce the risk of infection among cvp agents, Health Care Workers are drawing on American Health care system that is already fighting the coronavirus pandemic thats why the president and his administration are taking these important steps to keep americans and our immigration system safe from these health risks as part of our whole of government approach to combatting the Coronavirus Thank you for the work you have been doing to keep our country safe thank you very much thank you. Thank you we continue to review the data carefully from around the globe as i know many of you are. We continue to see signs that individuals under 20, 19 and under may have severe disease but majority and all have recovered to date. We still see that same trend from italy were seeing another concerning trend that the mortality and male seems to be twice in every age group of females. This should alert all of us to continue our vigilance to protect our americans that are in Nursing Homes this requires all the community. When you see the sacrifices that Many Americans have made the sacrifices that the Service Industry has made to close their restaurants, close their bars and so that the spread is discontinued and then you really understand how all of americans must make the same sacrifice we continue to ask you to follow the president ial guidelines of no groups come together at 10 00. We continue to focus on those who have the most vulnerability to this illness. Now to the moms and dads out there that have children with immuno deficiencies or other medical conditions, we dont know the level of risk i know you will also protect them in the same way theres not enough numbers to really tell them if they are at additional risks or not in the same way that adults are i dont have any new data. I can see the look on your face of saying is she seeing something new. I dont have any new data. I think its important for us to be as honest with the American People as we can and when we dont have data, be very clear that we dont know fin finally, no one is immune. I sometimes hear people on radio or others talking about im immune to the virus. We dont know if the contagion levels are different in age groups but we know its highly contagious to every one. Do not interpret mild or moderate disease that youre immune you happen to have a better immune system. The ability to fight the virus in a way that maybe older people are people with existing medical conditions cant its very important that all of you carry the message about the sacrifices that many have made we need every american following the president ial guidelines. Thank you. Thank you thank you very much mr. President. I want to underscore a couple of things ive said a few times to this group you may recall just a week ago or so i said the two pillars, the two elements of our capability to contain the infection and the surge of infections in this country rely on two things. Keeping infections from coming without in we have been very successful in doing that with china and with europe now we have the northern and southern border issues theres a fundamental Public Health reason for doing that because we cannot be preventing people from coming in from one area when they can go into the other. Thats an important reason understand theres a Public Health reason for doing that the second thing i think is really important, what happened in new york today with Governor Cuomo mentioned about an hour ago. Some rather strong issues that have been addressed with his recommendations. Not recommendations, essentially orders now, we have a group of recommendations and guidelines that are applicable to the entire country you know them. Weve been over them there are place, regions, states, cities in this country that are being stressed much, much more than the country as a whole. Clearly one of them was washington another was california governor newsome made some very important, difficult decisions today Governor Cuomo did the same thing i want to say i strongly support what hes doing. One thing, as a new yorker myself, for those of you havent figured out from my basaccent im from new york. I was in new york city on september 11, 2001 i know what the new yorkers can do please, cooperate with your governor, cooperate with your mayor. Its very important. Thank you. Thank you thank you, mr. President. The White House Coronavirus task force met this morning we continue at the president s direction to bring the full resources not just of the federal government but in full partnership with our state government, businesses around america and partnership with the American People to respond to the threat of the coronavirus. I know i can speak on behalf of the president with confidence when i say how inspired we are by the way the American People and american businesses are coming together to help defeat this virus in our country. Millions of americans are putting into practice the president s 15 day guidelines. We encourage every one, even though that are not in areas with significant outbreak to review these guidelines over the next week and more and put them into practice and youll continue to do your part later today well be talking with manufacturers around the country and the president and i continue to be inspired by the way american industry is stepping forward we have businesses around the country that are literally volunteering to receitrofit pla to meet the needs of our Health Care Workers and Health Care System in confronting the coronavirus. As the president mentioned yesterday following his decision to put fema in the lead, the more than declaration. We met with all the nations governors from the fema National ResponseCoordination Center the president and i are entire team at the federal level wouldnt be more grateful for the efforts of all of our governors of implementing the guidance thats being issued not only from our task force but also in taking strong measures in their own communities to protect their citizens we want to urge every american to heed your local authorities listen to their guidance and also do your part to slow the spread we reiterated to all the governors, the president by putting fema in the league will implement a plan that is locally executed, state managed and federally supported that puts the health of america first. We severedreceived a report tod. Were working with republicans and democrats at this very hour to pass an economic recovery package that the president described and we hope to see the congress act on that early next week on the subject of supplies, we continue to make steady progress on testing thanks to the president s involvement of commercial labs, the public and private par nership, more and more americans are being tested every single day. Tomorrow the public will be updated on the status of testing. On the subject of medical supplies opinion we continue at the president s direction to pursue every means to expand the supply of personal protective equipment for the extraordinary and courageous Health Care Workers that are ministering to needs of people impacted by the coronavirus. We have a policy of procuring, allocating as well as conserving the resources that we have in our system now that the president worked with the congress to make industrial masks fully available for hospitals to be able to purchase, to be able to use as protective equipment were more encouraged than ever about the availability of those important n95 masks to our Health Care Facilities over the week well be announcing a procurement from the federal government of n95 mask as well were finding the supply of ventilators. We have a federal stockpile. Some 20,000 vent lailators on standby. That doesnt count the tens of thousands of ventilators of health care around our country the president has challenged us the free up other ventilators from other sources around the country. Theres two different ways were doing that number one in our recent discussion with have identified tens of thousands of existing ventilators that can be retrofitted and converted to be ventilators for people struggling with the coronavirus but also on the president s behalf and behalf of all our ta task force we want to continue to urge every american and every facility to postpone any elective medical procedures. This will free up bed space. Its inspiring we receive reports that businesses are donating masks to their local hospitals, businesses large and small. They are donating hundreds, in some cases millions of n95 masks. I know how grateful the president is and we all are. Let me close by saying as all of our experts have said many times while the threat of serious illness to the average american from the coronavirus remains low, every american can do your part to reduce the burden on your health, on your family. The burden on your Health Care System and especially the threat to the most vulnerable among us by putting into practice the president s 15 days to slow the spread as the president said, i knowals of americans are doing that just now and the greatness of the american character is shining for. Thank you, mike he said you now agreed to invoke the defense production act to make the medical supplies that hospitals say are in severe shortage two questions. Is that what youre doing now . It is i did it yesterday we invoked it the day before we signed it, the evening of the day before we have a lot of people working hard youre using it to tell businesses the make ventilators, ma masks . We are. Including some of the important emergency. I would say vent lailators, millions more masks. It will be distributed to the states the states are having a hard time getting them. Were having them shipped directly to state. Youre signing this but not invoking this. You would only do so in a worse Case Scenario. Will we in a worse Case Scenario its no different than we need certain equipment the states are una able to get by themselves were helping the states get things they need like the masks and the vent lailators. Governor cuomo has done in new york, is there anymore consideration to National Lockdown to keep people in their homes . I dont think so. Youve done that in california youve done that in new york those are really two hot beds. Those are probably the two hottest of them all. I dont think so you go out to the midwest and other locations and they are watching it on television but they dont have the same problems we have some hot spots in florida and the state of washington its largely, if you look at it, it was one nursing home that had problems like you wouldnt believe. No, were working with the governors and i dont think well ever find that a week into your 15day guidelines, are you happy with the progress would you like to see im happy with it well have to see what the results are at the end of 14 days well know by the 15th day to see what we do. Usually you work out a financial package to get people working. Were asking people not to work. Social distancing. A new term thats become probably the hottest term there is im honored by the way the American People are taking this so seriously theres been some concern among democrats that the phase three fiscal stimulus is waited into much in favor of cooperations and not in terms of individuals. What did your conversations with senator schumer yield on that front . I think all of that is being discussed right now. We talked about as an example stock buybacks i dont want to have stock buybacks i dont want some executive saying were going to by 200,000 shares of stock. I want that money to be used for the workers and for the company, to keep the company going. I want havent spoken to a lot of the republicans or democrats. We discussed it. I dont like buybacks. I didnt like them the first time were discussing many things are you on the same page . Were not so far away were not very far away. To dr. Fauci. It was explained yesterday theres been some promise with hydroxychl b oroquine. Is there any concern the evidence youre talking about anecdotal evidence as the president mentioned yesterday were trying to strike a balance between making something with potential of an effect to the American People available. At the same time we do it under the auspice of a protocol you cant make a definitive statement about it would you tell us sim proba that that maybe than anybody im a big fan. Well see what happens we all understand what the doctor said is 100 correct. Its early ive seen things that are impressive well know soon. This has been prescribed for many years with people to combat malaria which was a big problem. Its effective and a strong drug it was effective against sars is that a correct statement it was fairly effective with sars you have to be careful when you say fairly effective it was never done in a Clinical Trial. It was given to individual and felt maybe it works. When ever you do a Clinical Trial you do standard of care versus standard of care plus the age youre evaluating. Thats the reason we showed back in ebola why particular interventions worked about the possible therapies, yesterday you said they were quote, immediately delivery. We have millionsof units ordered. Good afternoon. Im scott wapner this is the halftime report. We have been watching the president and the Coronavirus Task force waiving interest on federally held Student Loans for 60 days tax day moved to july 15th very strong steps. The strong measures that have been taken the president saying right now theres no more consideration of a National Lockdown. Dr. Fauci was back after a couple o f days away from the briefings. He said he strongly supported that a bit of a whip saw session for stocks as well by no means as dramatic as some of the early year days one final note, i want to get this in because it came in towards the end of the News Conference the president was talk about stimulus and buybacks and said i dont want to have the stock buybacks not sure if that means it will be normally adopted in any stimulus measures. We dont know. The president said he and Chuck Schumer were no all that far apart. Well have to keep our eye ons that story as we watch everything today with our Investment Committee as we usually do. We only have we have less than 30 minutes. We have a lot of people to get in be mindful when i come to you to keep your answers concise. Josh, to you first people are trying to get somewhat constructive in the market you hear more people talk about theres value and theres historical buying opportunities and thats juxtaposed with the news how are we getting by with this . Half the cases in america are concentrated into ten counties unfortunately, those include los angeles and new york city. Its a huge portion of the population thats affected by the lockdown we have 16. 5 Million People that work in the Restaurant Industry and theyre not going to have jobs we have to balance the fact that very tough decisions are being made all were going to see has never been seen before in this quick of a period of time. I look at stocks that are up 15 to 25 right now, to me, they all look like short coverings. I dont understand why im seeing wen up 18 and mgm up 27 . Who is buying carnival up 20 . I have to look at those as though they are technical. I dont think they are people making fundamental decisions about future for the companies because its too unknown steve, its an interesting point that josh raises maybe they are up because some investors are looking toward the postvirus trade i say it that way because we had Ricky Sandler come on the other day and he was wildly bullish about where this was going to go in the not too distant future and he was buying stocks i talked to him before the show today and he told me hes seen the most constructive price action he can remember today and yesterday. He continues to buy casino stocks and some of the beaten down hospitality names and some of the Leisure Companies like marriott he sees this as the opportunity of a lifetime that these beaten down names are going to see the light of day on the other side of all of this how do you put that into per specki perspective . I disagree. Im excited about the opportunities coming out of this when you have lows trading 4. 6 million shares today with the spread of 20 cents between the bid and the offer, i dont know how that price action is constructive it shows the markets aren functioning as shay should be. Its still too early they are telling the nurses to use bandanas and scarves at mt. Sinai. This is just begun in terms of the testing. The direction of the numbers and the velocity numbers are damaging even if were only locked up for two or three weeks business ground to a stand still. The number of bankruptcies are inc inc incalculable i think its too early the market has conditions. Anybody has been involved for years to buy the dips. This isnt by the dip its by the destruction. A crash this is not your garden variety dip. Its being able the look out to what the other side may look like we know many of these companies are going to be quote can rescued in some way, shape or form and there is going to be another side to all of this. They are able to look out into the future and make what turned out to be generational buys. I dont disagree. Keep in mind that bills forecast was the government would come out and shut down the entire country we heard trump say thats not going to happen. I think its too early you cant pick bottoms but you have to be managing risk in this kind of environment. Just because the market is down, once again, doesnt mean its not going down further particularly when no business being where it was in retrospect with what we know now. Im managing risk. You can make a lot of money if you know how to trade. 99 of the people dont. I traded low those are generational opportunities. I have to get off my hands and do long term capital these are Interesting Times with this uninterrupted Live Television im going to bring in the next guest. My executive producer. Check your email theres no other way i can do it we thought it would be useful today to hear from a so called home gamer one of our regular viewers who happens to be an active trader brad gilbert is the former tennis player and coach. Hes live via skype. Brad, its good to see you it looks pretty behind you amid what is a terrible and difficult time especially in your state. How are you dealing with it there . Ive been on lockdown good morning for about ten days eating all meals inside. Gone to the market a few times when i get crushed in the market like ive been getting e vis rated the last six weeks, ive been doing about 6, 700 push ups a day. On february 20th, i was up 17 on the year. I was on fire. Ive gone at that point i was 89 invested in the market 11 cash i dont do any bondbonds, any g just stocks. Now to the last two weeks realizing were in massive trouble here ive gone to 77 cash and im now down 7 on the year. Started buying some sp1 105s bought a little more go daddy this morning i woinuldnt be surprised to see us get to 10,000 full props to governor newsome i would like to see all governors do exactly what newsome is doing and listen to dr. Fauci. He should be the one running every one of these press conferences and tells us what to do we can beat this dreadful virus and get back to being prosperous your perspective is interesting. We dont get to hear from the little guy the investor who is sitting there watching television and getting ideas from people who are on our network and trading stocks and whether its for a living or on the side. Im just curious the psychology of somebody like you who watches what we do, you hear a lot of things come in and out of your head from tv and investment ideas. How do you process that at a time when youre trying to make your Investment Decisions . Unfortunately, sometimes you get emotional. Theres been a couple of fridays we have been taking to the wood shed i chucked my ipad. Broke my iphone. On charles scwab, you have that sell all button. Like 27 different times ive had my finger on it and didnt do it every time i thought about doing it, ive gotten taken more to the wood shed. Now the last week i started to be sensible. I listened to dan nathan a lot im literally going to cash. Im going to high ground to wait for this so called great opportunity. Who knows if its three months, six months if people are doing what they are doing in florida and the midwest this will lag on a lot longer a lot of the service businesses, Small Business i have a Small Business. Worried about my two or three employees that are full time were trying to get them checked. This morning, since i do all my trading the on charles scwab, never bought their stock i bought some this morning i did do a little buying i do think were going to 12. 5 in the near term i look forward to seeing you on the sideline of a tennis court. That means were back to normal. Hopefully tennis will be back thanks for being here take care now what i want to do, i want to bring in do we have him . Lets bring in Ricky Sandler who was listening to our conversation theres two things id like to highlight i think stooeeve is right when e points out the actions and lows. Theres still some liquid daatis that are starting to happen. I agree with him on that i dont agree with the first speakers point that the big moves in these stocks like carnival are ridiculous. I think theres real money and real bids and the reason that those stocks are rallying is because people have figured ou that there is another side we are going to get to the other side were going to get to the other side in three month, six months. To government will be there to cushion the blow you have stocks like mgm that have been traded down. Even if its up a bunch, its going to trickle from here in the fall when we schedule when they reschedule fights. When all the men that are cooped up with their wives say i want to go back to vegas in the fall, vegas will be raging i just think when you look out from where we are, not just one microco microcosm, as we get back to normalization our stocks that can triple and quadruple josh, was that you reacting to ricky ricky, maslows hierarchy of need, the federal government will be bailing out casinos and cruise lines the federal government will allow these companies to lay off all their workers and put them op gov on government payrolls the businesses will be shut down for a month. I think landlords will give people extensions on rent. Not freaking out and saying my friend wont have a job or here is what will happen. Theres a massive coming together of democrat, republicans, private industry that i think you have to look at to say its going to cushion this blow. All these businesses will make it to the other side lenders will not force people into default over the next two months you and i agree this is a generational opportunity. Lets agree we dont need to do anything else we do its a question about the point of entry and timing. Three to six months. These stocks will be lower is my view what we have not ever talked about is the impact on state and local governments who dont have the dollars coming in but have to keep spending on the services is the federal government going to bail them out the federal government will support state and local governments too. Thats the priority they are coming with everything this government is going to protect the economy because its the right thing to do. This is nobodys fault, as our president said i think bill akman was right when he wanted people to be more aggressive he was little bit hyperbole saying the world was coming to an end everybody has to say this is very positive. Were going to heal from this. We may get very quickly back to where we were. Scott this is going to be the deepest, the shortest and the most telegraphed downturn recession ever known to man. I think thats bullish josh. Josh, turn the volume down a bit. You can say what you want to say. Why isnt equally responsible to say it might be a mass iive buying opportunity but this might go on for so long that some of these equities or zeroes and these Companies End up restructuring. Im not saying every company im saying in the hardest hit segments some might be worth more dead than alive and the creditors take over. First of all, scientists will tell you this shouldnt go on forever. If you study the science were talking about four months why are we going to not talking to scientists Governor Cuomo here in new york is talking about the possibility that this could go on for four months if you want to see vegas raging, that is not going to happen. Theyre preparing people for the worst. The government will be there to protect it i think parts of our economy can go back to work in a month other parts may take three months it may be five months before people go back on cruises. They are going back on cruises and Royal Caribbean is going back to 100 there are a share. Ill take the other side. Ricky, thank you for calling in i want to get to some other voices ricky, ill talk to you soon thanks, scott kate moore, are you there im here. Thanks for your patience. Im happy to have you here. Tell me what you think after what youve been hearing i have a lot of things im thinking after that last exchange theres too many people assume ng this market that were going to return to the same level of activity i think the diligent analyst, the diligent investor now is actually asking themselves, what this experience going to do to be behavior and activity on a go forward basis. We know more people are going to start working from home. People are going to have the technology set up and the software set up and the have th cyber setup to make it more a sustainable thing. Will people want to gather in large crowds i dont think its in three or four or five months but last a year or longer or do we see much more virtual and streaming activities and i think we need to be asking, what are these Behavioral Changes that are leading to Investment Opportunities . Not just assume well have a big snapback in terms of the same Companies Providing services in the past the other thing i just wanted to mention in terms is that consensus is far too positive on what 2020 and 2021 will look like bottoms up is still 169 for the s p and top down strategists taking down the estimates we have a lot further to go this is not a First Quarter or Second Quarter phenomenal. With e kn we know that this bleeds into at least the third quarter. I think that companies that can provide consistent Revenue Growth through all stages of a cycle and, frankly, you have the defensive motes around them, particularly in Technology Much better place to play. Jim hey, scott. Why dont you give us our view ill try to make it concise im being careful with the words i know or we know. Ill say what i believe. We are in unchartered territory. Heres what i believe. Two thoughts to sound incon grew gous well rattle around the bottom for weeks the come probably higher from here. Thats what i believe. I dont know it. I believe it a year from now. In that environment you can be a trader or investor but darn well better know what you are good at im a longterm investor and seeing high quality stocks to go lower from here but i think will be higher, meaningfully higher from now disney, intel, United Technology we have talked about these i bought some on monday and so all i want to say there is just know who you are dont go outside of your lane as an investor. Im not listen. I want to say this those cruise lines, casinos and everything, to me, my opinion, theyre toxic. It is like handling plutonium with your bare hands i would much rather go with the high quality names there you have it. There are other, other smart people who think that we will be higher a year from now an significantly so jpmorgan, chief strategist with a note to expect s p 3400 by early next year. Weiss, i come back the yo you because you counter rickys view it is positive theres no sugar coating that but buying stocks. I dont understand f. Youre negative and going lower, why am i hearing that youre buying Big Technology names the stocks have done well today an doing okay today but what is the thinking there so heres the thought i went through cash, more than i recall having, and i think theres Good Opportunity that is money wont completely leave the market but concentrated in good names and the Business Models are holding up and will hold up so its just and actually, are getting stronger as a result of this. The acceleration of 5g is going to just hit hyper drive. For example, nokia and lufthansa put in a private 5g network where if youre in new york instead of traveling to hamburg what you have to do now to inspect parts that they have created for you or engines overall, you can do it over 5g network. Who will not do that if they cant . To me microsoft with the cloud, i added to that. To my surprise theres a release after the close. They just seened up walmart as a tenant thats huge. There are great opportunities here but i think theyre very narrow and to me this is i havent been a trader for a long time this is a phenomenal Trading Market if youre disciplined generate 5 in a market down 30 in a day and very few names but be comfortable owning them if youre wrong and i this i i will be more right than wrong. Better not leave your screen if you do that kind of trading because without a doubt. Thats sophisticated stuff. Im told rob, our friend from ubs private wealth management, a top Financial Adviser according to certain publications called in, as well. We are crowdsourcing today i suppose. Rob, you must have been listening and wanted to call to say what i think the level of pessimism is palpable right now and theres a lot of things that are happening positively out there. In talking to my clients and i wanted to share some of them one of my clients does a lot of manufacturing in china and his sources have said that china is damn near completely back to normal its remarkable. If we look to that, as a source of being positive, i think that its evident that we should be doing what ricky is saying which is maybe not going into the same names we used to own but what can work in the new regime i also get the sense that the private sector is mobilizing to help the public system this is exactly what we need to see. America coming together private and Public Sector to do whats right, to solve the problem. You saw elon musk say that he would be willing to change the manufacturing process for respirators. A client said that he is completely willing in his counterparts in china willing to help them build masks. I think that we are seeing in the credit markets an absolutely unprecedented selloff because theres so much fear in the markets. We have other clients calling us saying sell at all costs to me this strikes me as a panic mode and one where we have to start to pivot the conversation to what is next, not what is obviously happening today. Yep. If anybody thinks, scott, that the number of cases is not going to rise, theyve been living under a rock rob, you know, everybody comes on and says everybodys too pessimistic, too pessimistic. You said it. Ricky said it. Bill ackman said it. More people said ignore it than, hey, be worried about it. Ackman didnt say people were too pessimistic. He said people werent pessimistic enough he said people werent taking it seriously enough, steve. No. But when you say that youre buying stocks when a month ago you had said you hedged your complete portfolio, worse than anybodys ever imagined and now youre buying, i dont care what his words were he is not a pessimist. Hes an optimist. Hey, scott. Rob hold on, kate. Im sorry. Rob, i will let you go i want to hear from the rest of the gang in the minutes we have left scott, i want to talk about portfolio and positioning right now and i think steves been talking about this we raise a fair amount of cash at this point, as well you know, we near a Multi Asset Fund and can go anywhere including private and fixed income and we have raised cash from other places and this is important. Like, it sounds like when people say theyre holding cash that its a bearish view but no i think you have to continue to hold the high quality growth companies. I mentioned before that the companies that have strong current revenues are going to catch a bid once the market settles a little bit and how we think about it adding in, averaging in a little bit. Being disciplined and being patient. Innocent trying to call the bottom right now i think is not recognizing how strong the negative news flow line in the short term. Good luck with calling anything thank you for the words. Thank you for being here well have you back soon we have a minute left. Josh brown i just want to say that the only way the shelter in place orders will work is if we start hearing more about recoveries and start seeing some evidence that its working to slow the spread i understand that science and we still have some days out before we get any evidence that in any of these places we are getting a slow of the spread, theis the single most bullish thing for equities to catch a bid, that con tanment is starting to work. We are not there yet and i think investors bracing themselves until we get there. Yeah. Guys, thank you. Thanks, everybody. Have a good weekend. Keep your families and yourselves safe. I want to touch the markets because we have it is a whipsaw day. Less volatility perhaps and dragging your head all over the place. The dow is down by 125 the s p off by 22. Just about 1 . Focus on the nasdaq, too big stocks basically flat that does it for us. Lets pass it over to the exchange now with kelly scott, thanks. Hi, everybody. The gains is disappearing today. We are down about 141 points so we are off the lows. These declines are despite the fed injecting hundreds of billions of dollars into the system and offering liquidity of muni bonds stocks began to lose steam in particular after new york Governor Cuomo ordered nonessential businesses to keep 100 of the workforce at home now. The dow headed to the worst week since 2008