Similar percentage moves for the s p 500 and the nasdaq composite as well. The question becomes after the best week for the dow since 1938 last week, the best week for the s p 500 and nasdaq composite, are we starting to see a market bottom play out . Lets start here with our invest Investment Committee joe, what are we seeing here is this a market bottom we can see developing out in the next couple of days and weeks no one knows the answer to whether this is an absolute market bottom. What is going on is theres a significant trading bounce in the market and a lot of it is predicated on the end of month rebalancing we know will occur into equities. Today, very surprising there seems to be a high degree of optimism relative to the expectation were going to get a significant amount of negative news coming this week in the form of ism in the form of unemployment figures and in the form of continued negativity surrounding riding cases of coronavirus here in new york city which is the epicenter throughout the country we talk about the idea, this is a traders market theres not that many that figured this will be the kind of action we see. You could see a sell off why arent we seeing that play off in trading today basically, two stocks for you. Jnj and abbot. This is why were not seeing that significant decline today, in my opinion. Were looking for any possible positive out there anything that might we know neither of these are signaling an end to coronavirus related infections and or mortality. 50,000 of those per day. Thats an incredible leap forward from where we were two weeks ago or even last week. Then youve got johnson and johnson and again, im not saying this is a vaccine that will pass and a vaccine that is going to end it. Im saying theres some optimism based on both of these stocks having something to do with getting to a point where were not seeing this accelerate to the upside with people can find out oh, ive already got the antibody, i can go back to work. Theres optimism were seeing it in the pull back in volatilities and were seeing it in risk capital going back into the market. To joes point, im certainly not saying i know the market has bottomed im saying theres optimism that perhaps were getting through at a point down the road that we can see that plateau and that rolling over and thats why we have optimism today in the markets. In theres no doubt that the health care sector, the Health Care Industry overall, whatever you want to characterize it is as much positivity coming into the markets now. Many stock specific stories are there. Well have viewers out there, listeners, much more on all of that Health Care Related news coming up later in the show. This brings us to a bigger theme. We have talked about some of the macro points being made. Joe and john have brought up themes they are seeing is this a time where you have seen enough to say lets put a Shopping List to work and what is going on that Shopping List for you if theres one in plac. All right. Were having some problems there. This is the era of Video Conferencing as well perhaps, ill throw that you to steve. D can you hear me in. I can did you hear the question i just asked i heard it. This is the first correction ive been in the business since 86, 87, where i believe everybody is on equal footing. In 08, you had Financial Insiders that had they could figure out what went wrong and what it would take to cure it. We went through that then they were well positioned coming out of it this one, nobody knows whats happening. Health care professionals dont know how long this will last everybody can offer educated guesses. We dont know so i dont know where the bottom is. I believe the bottom was put in when we traded down on last monday i started positioning on monday and the friday before. Yes, the Health Care News is positive i also believe we took so much risk off going into the weekend in expectation of bad news which we got that we start putting more of it on, putting risk back on today well see what happens this friday im not so much worried about whether we breakthrough the old lows we saw on monday. Im now positioning for what can going to happen, what i can control when were through this. Yes, im in yield stocks i also want to be positioned in 5g which i mentioned i dont want to be in zoom media. It is this years beyond meats its this years tillrays more businesses are using it but look at the valuation of the company. My daughters arent going to be doing virtual bars like they have been doing on weekends going forward. A lot of that zoom will go back to where it was. I think in terms of retail, this accelerates the move to online which was already fast i have put more money in amazon on friday and again today. I also like lulu no position today. They have a strong global brand. I think that the middle class is going to be less impacted because they have more savings than those that have to live paycheck by paycheck and also phenomenal Online Presence nike will do well. Thats how im positioning i cant help what happened before us. I can analyze it i think ive got a great grip on it im not convinced were out of the woods. I do believe as we move further from the bottom the chances of testing the lows are going to be smaller but were not out of the woods just yet focus on the future, not the past at this point its interesting you bring that up. Ive heard while virtual bars may not be in the future, ive heard a number of people say they are starting their own virtual happy hours drinking in their own homes drinking with people on zoom or google hang outs or anything else. Jenny, youre up and running again. We see that. We heard steve go through some of names that are going onto his list he brings up an interesting point about valuations he just called zoom this dwreye in his opinion, this years beyond meat and tillray. Are there parts of the market that are attractive that youre starting to nibble at now . I havent initiated any new positions in the last few weeks but ive been looking at the list of companies i have my Shopping List is some of the good old favorites those are things like some of the Pharma CompaniesCompanies Like duke or ppo or ibm or at t and verizon. These are companies that have paid dividends for a long time that are trading at rock bottom valuations ive had companies pop up on my weekly screen. Am i losing connection ive had companies pop up that ive never seen on there before. They are not on the Shopping List but they could make their way on there these are names that are already on there they would be passing some of those sdreens thereon. They are looking at 40 companies that they have identified to buy median annualized yield. They had Investment Grade issue or ratings and a track record of 90 consecutive quarters. What youre seeing right there and for listeners out there who cant see it, we have a wall graphic showing some of the high yielding stocks with what goldman calls, quote, unquote, Safe Dividends names like 3m, johnson and johnson, merck, home depot is now the time to be going after these dividend plays that have a history of making payments for investors you know, dom, i think the way the show opened and the way you went from joe to steve to jenny was about perfect in the messaging for viewers and for investors. Joes message is the one i underlying everything every investor needs to be thinking about now. We need to know what we dont know and that we dont know. Dr. Fauci said the cal dendar wl be driv said the virus will e driven by the calendar jenny talks about how she implements her discipline, which is key discipline through these uncertain times. Yes, we follow our discipline to find companies with really solid pla Balance Sheets i think fundamentals are still sound. Theres still cash flow. Where they dont have too much debt at some point, ive been saying this for a lot of years and ive been wrong about this. With this much cash churning through a market, 2. 2 trillion from the fiscal side of the house and who knows how much still coming from the monetary side of the house and the Federal Reserve, theres going to be some sort of inflation at some point its down the road all dividend stocks arent good because they have a good dividend if they have a solid Balance Sheet and increasing some of these blue shchip names are fabulous at johnson and johnson and abbot labs and microsoft, theres a big long list. I think well have more time im not sure that we have. Im not sure that we havent this seems to be a much longer process than most on wall street would like we want it over and get back to investing and this virus isnt working that way youve got to be patient joe, lets circle back to you because were talking this idea here about weve heard the letters vu and l pointed out a lot over the past couple of weeks. Will it be a v shape recovery or a u shape recovery or an l shape. We dont have to chase anything at this point . I think of it two ways. Thats why youre seeing the strents and support. Where you want to find the optimism is outside of equities. If you look at the tenyear treasury and take the weekly range over the last three week, youll see the week of march 13th, you had an 80 basis point range. Last week last week we were down to a 22 basis point range now lets look at the credit market today looking on my screen right now, this morning, 500 Million Dollar high yield Debt Offering five year paper announced this morning. First high yields Debt Offering since march 4th. Charter communication just got an email. They upped the size. Thats optimism in the credit markets. We pair that back to 60 billion. I think structurally thats where the optimism speaks to first and foremost and thats where back to your question, dom, this is about time. This is about a process that has to unfold. Where we get a resolution and hand off to a peak in italy. We hand off to some form of health care, resolution and we hand off to resolving the oil problem thats strangling the markets right now. That brings up a great point because as you were talking about this whole idea of the credit market being a center or focal point of this, it reminds me that much of the high yield issue that we have seen in credit markets has tied itself to whats happening with energy oil and gas. The drop we have seen over the past several week and month months has been at the secentero the stress in high yield for the market is there a bottom in sight for oil and gas in your mind funds i know that can do credit and equities are focused very much, almost exclusively on Credit Opportunities now turning to energy, my position for the last three years is energy is uninvestable theres no only sanalysis you c on energy. Its foigoing to properly calcut whats happening with the saudis, russian, iranians. Its ludicrous to think you can get a grip on that to think i know more about or can come up with knowledge and insight into the Energy Market with some of the best ones thats been around in the markets is sort of folly im not worried about that what id like to see is a v shaped recovery. Im positioned with companies that are going to do well whether we come out of this in three week, six weeks or what have you their business will start accelerating now and pick up why go to energy its a trade i am trading i did pretty well. Xpo went up 20 in a couple of days i took some off. Im still there. This is great Trading Market if youre geared that way, in front of your screens. If you have that sort of insight and training energy, look, i know that oil price probably go to 30 or 35 but its going to do it without me ive got other place where is i can make money where i feel more secure and have a better sense of whats going on steve, i think a lot of people too, for a lot of the bigger Oil Companies are really attracted by those dividends they are huge for exxon and chevron and everything else. They seem to be, at least with those size companies to be save but i kind of go back to my i agree with steve if you just look at sort of supply and demand, the world is a wash now theres plenty of it given the real price between russia and opec and they both walked away from the table and both are supplying plenty fp y if you cant figure any of that out, im with weiss on this, dont get suckered in by the dividend jenny mike p, i agree with you i disagree. You can find those dividends elsewhere. Steve, finish your thought and well get to jenny here because i want to hear it. Here is how i look at it. Chevron set their dividend, i guess they set it every year or every quarter they pay it but they go through the big board meetings annually and say this will be our dividend do you think any company that makes their that generates their revenue through energy should have the same dividend that they had a year ago when energy prices, when we were thinking its going to go back through 70, now its going to go down to 15 of course not. Those are just false plays its got a 4 yield. Its going to be great that will go down. The stock is going up. Jenny, lets bring you in now. The statement has been made. Energy uninvestable. Is that the way in your mind i think steve is using an air gun to paint a tiny object i dont think its fair to say energy is uninvestable thats too broad of a category for example, there are some of the Midstream Companies whether they are in mlp status or c corp. Status that are totally investable like enterprise or magellen they have Investment Grade counter parties. They are part of the energy space. It did wind and solar. They did just wind theres also sorts of plays within energy where you can make money and make money particularly well right now because of broad comments like energies on uninvestable you take an entire industry and throw it out and pretend that nothing in it has value. Theres a lot of value if you have the patience to sort through and look at the companies individually and from the bottom up theres a ton of money to be made. At the levels they are at now, i really do like the idea and i like jenny focusing on some of the mlps if President Trump will be speaking with putin and both putin and mbs over in saudi arabia have fully exhausted Storage Facilities around the world, it makes no sense for those two to keep cutting off their noses to spite their face. As soon as they stop that, youre see, im not saying a jump back up in the 40s but youll see a move back into the 30s for crude oil in pretty short order. Thats despiets the fate the fat airlines are not going to be anywhere near the demand where they were for a long time. Nonetheless, at 20 at its 99 cents gallon in South Chicago right now. I dont think youll see those last very long i think they will exhaust that supply and then many of these are absent that extra storage whether its floating storage or whether its land base and saves and all the rest, i think youll see the price of crude move back up were seeing the spike in those credit default swaps for both bp spiked big time last week. Theres no doubt that some of the Market Action now has led some people and perhaps those animal spirits to kick in with regard to whether there are things they want to do i do need to disclose quickly. I own small positions in chevron and exxon. Im not going to add for a while but i do need to disclose i do own two small positions. Sorry. There you go. Michael farr has the energy names there there. Lets talk about the changes youre making in your port fefo as well . Ive been rolling out some of the name ons this tradeable bounce that i acquired one of those was paypal. Youll reallocate the funds. Youll put them in quality names that are trading and never broke below their december of 2018 lows cash Balance Sheets very strong. They are the microsoft, the apples, the jpmorgans. I gave last week old dominion. Thats another quality name. I like that because the market capsize on that is about 15 billion. Small caps coming off of bottom and the eight indistances of a 20 decline since 1980 small caps have been the leading equity size class on the rebound. Im moving the chips based on this incredible appreciation that were witnessing and understanding how is it im going to measure my risk based on where the equity market trades to. Its one to watch there small cap is a key focus for a lot of folks out there thats our Investment Committee thoughts for this portion here stocks are rallying today. The dow is up by 2. 25 the s p up by 2. 5 as well 63 point gain there. The nasdaq up 2. 8 and the russell 2000 small cap up by 1. 5 next, the latest headlines on the coronavirus outbreak as the number of cases around the world ntues cointo rise. Were back in just two minutes why do things that are supposed to make life easier sometimes feel so complicated . Ibm watson is different. Its ai that works on any cloud to help your business tackle problems. From building smarter cars to predicting sales trends to improving customer service. Without slowing you down. All right. The dow is 500 points. The coronavirus is coming out in new numbers out in italy what do you have for us . Thank you very much good afternoon italys death toll is up 812 to more than 11,500 it is is smallest daily increase in almost two weeks. Confirmed cases are now above 100,000. Here at home, the floating Navy Hospital ship has docked in new york city. That ship has 1,000 beds that will be used to treat noncoronavirus patients as local facilities strain to take care of victims of the outbreak. The nation has heard the citys plea for help. Macys says it will furlough most of its 130,000 workers starting this week all of the Retailer Stores have been closed since march 18th they will remain shut until it is safe to reopen. The Digital Business is operating but the company says its lost the majority of its sales due to the store closures by the virus israeli Prime Minister says hes going into selfisolation after one of his aids tested positive for the virus he says he will stay in quarantine until it gets his own test results and is cleared by his doctors. Lots more for you next hour. You can go to the coronavirus coverage at cnbc. Com back to you. Thank you very much for those headlines on the coronavirus. Shares of johnson and johnson and abbott labs are soaring today. Both are annoyancing positive news in the battle to contain the coronavirus. Meg is here with more on that story. While these companies are moving incredibly quickly in other words to get solutions for covid19, just take a look at the newest updates that came over the weekend and today in the space of vaccines, diagnose notistics and drugs. J and j making that announcement that it plans to start human trials in september. Thats amazingly fast. On diagnostic, abbott announcing a test that can return results in as little as five minutes and is deployed around the country it can be done on the spot there by those machines. Thats a game changer. In terms of drugs, the fda announcing emergency use authorization for some donated anti antimalarial drugs. On the drug front, Clinical Trials are expanding on that vaccine timeline, j and j is up there with madurna is testing vaccines the trial already started this month. Both of those companies could have a vaccine ready to deploy in early 2021. The time lines for madurna, 12 to 18 months we expect to have results from our trials likely in december by the end of the year up to a billion. This is a bit of a moon shot for j and j going forward. Its one we feel is very important for us to be doing at this period in time. Dom, just to flag for you, coming up in april, well get some of the earliest data from drug trials going on gileads initial data expected in april as well as regeneron coming in mid to late april. A lot of news will be coming in a few weeks. Back over the you. One quick follow up leets ta lets talk about the baseline expectation that markets those in the health field have is it safe the say the base case is the earliest a vaccine can come to market is still early 2021, like a couple of companies have mentioned including johnson a and johnson . We heard these companies slerts the letter their timeline. September is still a few months early. Early 2021 is incredibly fast for getting a vaccine through the twodevelopment process and ready to be deployed its probably accurate to say thats a base case even though thats faster than we have seen before for Vaccine Development you know there will be some people hoping that can be sped up even more but for right now safe to say count on early 2021. Progress on finding some of the other cures. Thank you for that will joe and michael, you both own abbott, michael, is there anything about the story we heard just today that makes you feel better or perhaps more tepid about whats happening with abbott labs given their progress on coronavirus . You know, its such a fine company to start out with and at this valuations, the company has a solid balance street sheathe theres a dividendpayer. This is just one of these companies that you own for the long term and youre basically very fortunate when they come up with a test like this. Theres good a candidate as any of those fabulous Pharma Companies to do it they have had a very good successful trial and they have got something thats working on top of the rest of their business you able to buy a company like this at this sort of a depressed price and makes a great deal of sense and once again, that dividend and solid Balance Sheet with cash flow, this is the kiechbkind of name where i think you cant go wrong the johnson and johnson name is a similar kind of name these are fabulous Balance Sheets these are Core Holdings that from time to time get that energized boost in a lot of ways from being at the right place at the right time but when you go back through the history of these companies, both of these companies have had a lot of different period where is they have been at the right place at the right time thats been good theres been a 27 move for abbott in the last week. Is this still a name that you like given the move that we have already seen play out just in the short term for abbott labs ive doned it for the better part of three years. Most consistently that was probably the name above all the others that ive owned abbott labs is a Core Health Care holding in addition, they have great exposure to the emerging markets. I like that exposure ill add something, if youre buying abbott labs orj and j and mckesson who makes ventilators, because of whats going on with covid19, thats the wrong reason to be investing in these Companies Good point. Take j and j, wonderful news. Wonderful news for all of us, for society. What are they selling it for you dont know what the Earnings Growth will be because of the covid19 therapeutics that might be introduced. Thats not your reasoning for investing in these companies i know abbott well i have been in it for the last three years. Its a Quality Company and if youre going if its going be a Health Care Company that will sell off in the midst of market violence over the last 23 days like weve had, i am either going to add to my position or suggest to those who watch the show to take a position in it. Speaking of buying and selling, both of those name, johnson and johnson and abbott labs have come across your screens as some potential call or put, buying selling activity. What are the options telling you about johnson and johnson . This is one of those times when its not so great to be a trader instead of an investor. Abbott had it last week. Wrote it the problem is that this one had had double noral camal call act. Thats what triggered me to get into a name or big blocks of puts for that matter for the downside abbott, im kicking myself because here we are today, im out of it on friday last week. Today, it continues to run to the upside it had twice as many calls trading last week as it had a week before and a week before that a lot of folks werebetting tha abbott, in particular and jackson and jackson wouj and j would do well. You sdroents dont have to be o option side. An awful lot of big institutional paper in here. This is constitutional paper buying in in a big way im not still in i wish i was today a lot of that activity playing out. Lets lever that conversation here coming up next, the big Exchange Traded funds those etfs to watch. Right now, first, a check on how the s p 500 sectors are performing you see health are, the big leader for today just Big Conversation on that right now. Real estate up on the day but a laggard up you can always watch our listen to us live on the go on the cnbc app. Halftime is back right after this on wall street now, you can see the dow up about 500 points and the nasdaq up. The russell 2000 up 1. 5 lets get to bob who is tracking all the action the equity markets have seen enormous volume. I want to show you something black rock just reported the etf share of total Trading Volume all trading went from february 24th to march 23rd, it was 27 a month ago. Now its 37 think about this nearly 40 there are of every 100 traded is in the etf area thats enormous here who is putting money i want to show you a couple moving we were flat last week. The lgd, the i shares Corporate Bond saw a 25 increase in its shares outstanding big investors trying to front run the Federal Reserve because they announced they will be buying korpts bonds abuy ing Corporate Bonds. That saw a 10 increase in its shares outstanding we saw about 9 increase in the price of gold last week. Both have seen the Trading Volumes in these etfs double another one getting a lot of interest, this is a bit of a long shot. High yield etf its ang they track a market waited index of bond funds that were rated Investment Grade but downgraded to junk status what youre betting on here is these bond funds, these prices of these bonds will go down because they are going into junk status they will turn around and become Investment Grade again this is a long term bet. Were seeing a lot of vol jume n that you can catch our live show in about 20 minutes well talk about investors trying to front run that lgd dont miss that. This is first day ive seen volumes and etfs much lower than the prior couple of weeks. We have also seen the intraday swings much smaller. Thats half to ha we have seen maybe things will calm me down a little bit at least so far today. Back to you. We know some investors out there are probably cheering and waiting for that respite to happen thank you very much for that update bullish calls on alphabet and ape. Pl our experts debate those straight ahead were back in two minutes. Welcome back several stocks getting upgraded. Alphabet was get iting up. Lets go with you first. Steve, is this a call you can get behind do you still like alphabet i have alphabet about a week or two weeks ago i do like it ad revenues will be down also when you come through this, more people and the more action that we have seen on names like alphabet as well as facebook, which i added to significantly, theyre going to survivor. I like alphabet quite a bit here its still cheap michael, you still is same way . You a buyer there . I would add where i owned it for years. I think on this kind of a pull back i like it its got a terrific Balance Sheet. I feel comfortable with it longer term i look for close to 15 . Next up, we have apple added to bank of america. They crawling it one of their best long term ideas joe, jon, michael, you all own it joe, well start with you first. Is the thesis for apple intact and does it belong on a conviction list like this in. Of course it does it belongs on a conviction list forever. Thats what apple is with the cash balance phenomenal they are missing one name. The most important name right now in the market and that the microsoft. Its up 16 in the last five days microsoft is higher. I want you to think about something. Think about the usage of Cloud Services think about what microsoft is doing right now to enhance the cloud capability across the world right now. Mic microsoft is the one stock that is the ultimate core holding Digital Realty trust that stock is up about 15 for the year i believe Digital Realty trust is trading about 138. The high for the year is 143 they focus on technology and Cloud Services its about the cloud, the usage, the growth that were going to see here because of covid19 that Microsoft Group business getting a lot of attention given the work from home environment were in now wellrun company and no risk of solvency here and just a question of how long this lasts and when revenues and earnings start to rebound alphabet, marriott. Our experts are taking your questions. Thats coming up straight ahead. Plus, we have got our final trades al of that happening. Were back in just two minutes after this commercial break. Heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. Markets. The business of trading goods and services. Nasdaq operates among the largest markets in the world. And our Technology Powers markets from indonesia to chile. 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We are told that the president never once called mary barra of General Motors before issuing that tweet, that is he was able to call her presumably because he is the president of the United States and did have a phone but did not actually call mary barra in the runup to the tweet and caught them by surprise i can tell you that im talking with white house trade secretary navarro today whos critical of General Motors and the president changed the tune a little bit over the weekend Peter Navarro said its an issue of a signed contract show me the money, show me the contract they werent fully engaged or moving fast enough he says of gm theres a culture clash between gm and the white house he says a key problem is an organizational problem of delay and diversion. So the white house continuing here to criticize gm and as i say, dom, learning that the president did not call mary barra before issuing that tweet about her on friday which denounced her and the company. Back over to you. Eamon with the latest on gm, thank you. The traders are answering your questions and first up were going to you, joe. Talk about eileen in knoxville how do we diversify . Thats a great question think about diversification, you think about in terms of asset class. I would say quality have been put on sale in the last month. I want you to think about diversification not just by asset class but geography, equity size class which means small and mid caps and strategy which is growth, value or momentum. All right eamon talked about the General Motors story jenny, ford. John in ohio, do you think ford will come out of this and bring back the dividend . Yes im certain that ford will come out of this. I think we need to remember that life will go on in a positive, normal way at some point in the not too distant future with respect to the dividend, ford has a history of suspending dividends. I dont think theres any reason and by the way, very conscious to say they were suspending the dividend because of lack of clarity. Im quite certain when auto sales return to normal that dividend will come back when they can afford to do that with clarity. Airlines right now. Andrew from atlanta, steve weiss, i bought into cruise and Airlines Early last week is it time to sell or hold them . You know, i was looking at statistics today based upon when the airlines recovered after september 11th, 2001 it took three years for traffic to reach the levels prior to the terrorist attack so i think its a long road. I would take profits on this maybe keep a little. Theyre not going out of business the government will support them i dont know how big a stake the government will take and so much unknown here including as i said the return to levels not even what we saw before but reasonable levels to support it that i would rather not be in the sector but i understand take some profits. 45 seconds, john, lets get the final thoughts with you guys all right two trades for you quickly, dom. One pinterest. August 16 calls that bought them aggressively unusual activity as well as microsoft i know joe will love this. But microsoft, buying the weekly calls at the 160 strike. All week, dom. Back to you. Michael, qukly. Starbucks is down 30 2. 5 dividend. Opening stores in china. Steve weiss yeah. I would just not put anymore cash to work here. Cci. Jenny harrington . Pfizer. And joe microsoft will tell you where the equity market will go. Thank you very much kelly evans picks up the breaking News Coverage right now. Great stuff, dom thank you so much. Hi, everybody. Stocks are up today with the dow hanging on to more than a 50point gain. As we come off the best week since 1938 pretty big stuff this also despite the plunge in crude oil prices again today well have more on that shortly. But theres been some slightly better news today out of