Were off the lows nasdaq is green. Russell is green dow is down only 160 the s p is down. I mentioned crude. I know its jarring. You look at that number to the right hand side of your screen down 43 crude sinking more into the abyss. We do have big earnings reports out this week. Well discuss all of that. Pete, dow and s p are on track for the best month since october of 2011. Now were starting another week. What are you doing in the market today . Its probably one of more active days. Last friday when i was on with you, that last three hours of the day, it seemed like an opportunity to me because we had that the last hour we moved 300 points in the final hour of trade. We talk about these other things, the computers and Everything Else. That is probably what was working to the upside on friday. Its a little bit better its still part of what we have been seeing which is the nasdaq and the nasdaq outperforming when we were down about 2 the nasdaq was down less than 1 as we started to move to the upside, we could see the nasdaq going into positive territory. Were seeing bit of a continuation of still coming after some of those big names in tech if you go down to the semiconductors, but im seeing a lot of strength and buying we have seen buying, buying. Everything was buying calls, buyibu ing buying huge sizes across including some of financials as well. Josh, pete said we have seen buying were well off the lows. The action today, if youre positive the market has you feeling pretty good, i suppose tom lee says the control has shifted to the buyers. He said we have written about frequently stock Market Recovery tend to be v shaped. Maybe we need to start having that conversation in the context of does the stock market reflect the overall economy and most people are saying no theres no way the stock market should be where it is when main street is where it is. Tom lee says you can have a v shape recovery in stocks even though main street can have a much decidedly different shaped recovery where does that leave us as we embark on a fresh week here. What were likely to get more news about the virus who knows, bad, good or otherwise. We had this up two straight weeks. Now what at this point in the rally, we now have 40 of s p 500 names back above their 50 day shorter term moving average. A month ago the number was zero. We have only 23 of s p 500 names above their 200 day. Still less than a quarter of the market is back in what you would consider to be an intermediate term up trend. A lot of healing has already happened there two things im watching that i think are notable. First is the xrt name, maybe we ran out of sellers for retailers, theres a lot of resilience there i think thats so encouraging. This is interesting. The xlp is up on the day thats the producers its not enough place to store all the oil we have. Even the mlps are green now. The fact you cant even find sellers of oil stocks given what the underlying commodity is doing today, i think that points to another piece of evidence toward what pete said at the top of the show. Yeah, the buyers have continued to prove themselves. The thing im most focused on, new york case, new cases dropped to new york deaths dropped to under 500 today. Thats from over 750 days ago. That number continues to improve from where i sit and im biassed. The new york numbers had to have declined in order for me to feel better and better that we have seen the worst in march. That is happening. Im most hopeful that leads to a speedier opening of the economy. Shannon, what do duo in that context . Do we believe in this market do we think its a sucker rally . What are we to do . I think you need to be careful about where you place your what im hoping is that some of the resurgence that we see will benefit those of white house have been looking for high quality names. Investors looking at company who is are well situated, even if we get that resurgence that they still have enough capital and enough Business Savvy and execution to move past that over the next three to six months i think as long as the exuberance is well placed, i continue to think theres opportunities in the market. Steve, what do you make of this of control having shifted from the sellers to the buyers an idea you can have a v shaped recovery in the stock market even if you dont have a v shaped recovery in the economy he says think of it this way, businesses will seek cost engineering. Its labor cost is the single highest cost of a business if gdp is weak, labor cost will be low thus cost engineering will lead to better margin, thus eps recoveries will take place in a slower top line environment. Does that make sense to you in any way . It makes sense that we could have v shaped recovery in the market because thats what we had. Were back near the highs. Josh gave you somestatistics i still dont believe its a v shaped recovery. I think the market is given the economy a lot of credit. Some credit doesnt deserve for how quickly it moved what the market is focusing on is youve got massive stimulus on the show last week but stimulus doesnt work. Just look at japan and europe. Its exactly where you should look in japan and europe because stimulus has worked there. If you look at a 20year trend, until 2018 the market was moving higher why . Because of stimulus. Were having more stimulus here. The only thing comes down to is what youre timing how long youre willing to way until we see the economy start to show signs. I believe we will open the economy. Perhaps sooner than we should. Worry about a relapse but we should open it were managing money for most of america they are very, very tough spot. They need the income well see that the market is also looking at that havent done anything today. Friday i did a little bit im very comfortable with my exposure im about 80, 85 in tech. Tech im diversified across. That will continue to work i cant decide i dont want to look at p and g and say people are shaving more now because the master catching to their beard. How much more soup will they buy. I dont want to get into that. I dont know im looking where the Business Models are in great shape. T the Balance Sheets are in great shape and it will continue i want to get back to pete real quick as active as you are, pete, i want to know where i know our viewers do as well. Friday into the afternoon, i sold a lot of Different Things not because i hated the stocks nothing changed about my sentiment. A lot of them were hitting the right triggers gilead is a great example of that i got out of netflix and lgb when the market is down to 300 points so not too terribly far from where we are but lower, i saw all kinds of opportunity i dont want to give away the unusual option to you. Ill give you one thats not there. Square we had some huge buying in square thats one of the names i added. Across the board, most of them were Technology Type names i think ill wait until later on for the unusual. Give or take, thats the area i was seeing the most activity and where i wanted a jump on as i look through the unusual activity side, yes there was some financials. Ill give you one, the xlf somebody bought 25,000 calls in the xlf in one single print. When i say theres some bullish paper out there, there is. I bought some of those thats not going to be unusual i found more and more opportunities today. Specifically, today i probably traded more today, this morning than i have in the last week in first three hours of the week. A busy day a lot of different areas to joshs point, Technology Related and semiconductor related. Now we go to mr. 10 . Hes sitting in 10 cash its good to see you you too im going to ask you every week where your head is as to where the market is. If you look at crude oil today, you could have said this market will be down down big the dow is down 500. Its battling back wheres your spsyche right now if im generous with myself, i say im being boring by not doing anything if im realistic, i say im wrong by holding that 10 cash i got to look at myself in the mirror and say what do i believer common sense is telling me were not done with this bear market if we dont get a 10 retracement, which i expect, this will be the shortest bear market in history. Shorter than 887, which was three months from peak to trough common sense tells me were not done common sense on the per speckive of social distancing tells me were not done because even as we reopen, were going to keep, at least six feet away from each other. Thats going to hurt airline, hotels, casino, restaurants, sporting venues, everything. I dont think were out of this yet. I think the stimulus keeps us from testing the lows. Ill be more interesting when the s p is down in the 2500s i know that makes me boring right now and arguably wrong im going to stick with that man tr tre for now. What do you need to see before you start putting that money to work . A bit of realism in terms of what earnings are looking like we still have estimated above 150 or right at 150 for this year i dont think thats right i think this year youre looking at a 125 or lower. Im waiting to see analyst estimates come down as we go through this earnings season i think youll see more reserves piling up. Lost reserves in the Financial Sector patience is a virtue but it m e makes me look boring now by that logic, and thats fine obviously your point of view will shape what you do you may be sitting on the sidelines for month and month and months youre not going to have any realistic view on what earnings could be for many months were in ternings abyss and next quarter is likely to be an earnings abyss as well i dont see that getting anywhere towards clarity any time soon. If you think about normalized earnings, you have to put 2021 in the conversation and some have suggested you may have to go out even further than that. You may be sitting on your hands for an awfully long time if that is in fact, what youre waiting for . Scott, all i can say is ugg, to myself. There theres no clarity on it. The Analyst Community thinks were going to be better than ever in 2021 i just dont buy it. You say i could be sitting on my hands for months, youre right but i dont think so i think as we go through the next two, three weeks of these earnings what ill call realism will set in. I have to be clear, i dont think we go back to the lows because youd have to really be fighting the fed, which is bad idea if you think youre going back to the lows a 10 decline is very routine in a bare market. Very routine you get a bear market rally and trace 10 . I think at that point in time ive got to say whatever the environment looks like, i need to step up to the plate at that point in time and buy. I understand. Lets bring in our special guest today. Howard marks joins us. I hop ye you and your family ar safe and well. Thank you its nice to be on with you to bring some regularity. It does feel like some semblance of that and thats a good thing for the moment. I want to talk about your latest memo i was to talk about your previous one first because it contained a line, it got a lot of play the day kbroyou put it t its the line i no longer feel defense should be favored. Can you expand on that and whether that was your call, lets talk stocks first. Were you making a broader call on where we were well, i think the important thing is that its not healthy or helpful for people like me to say buy or sell. It has to be what you should do. It has to be a if you think of where you were now ive been very defensive in recent years now that the cats out of the bag, we know what the catalyst for, bad times is. Asset prices are lower most people are engaging in risky behavior those were my complaints leading up to this i dont think you have to be as defensive as i was the credit markets had become dislocated to some respect people are finding opportunities. Can you differentiate between the two Asset Classes and tell us how youre thinking about each sure. The comment was a general comment as to overall portfolio constructions. In general, however, i agree that there have been and are very good opportunities in credit although, like Everything Else less than they were in midmarch. In general, im less constructive about equities than i am about credit. I was listening to your previous guest and i found myself in agreement. To the extent that earnings estimates are now to the s p are now 150, i believe that last year it was 158. That means earnings down 5 . If you get to 170 next year for s p earnings, that means better than 19. Will next year be the greatest of all time . Hard to believe. Seems hard to believe do you think the stock market is ahead of itself right now . Are you surprised where we are yeah. I personally think so. Were only down 15 from the all time high. It seems to me the world is more than 15 screwed up. I do think that the world is ahead of itself and again your previous guest talked about rallies and corrections and most bare market rallies have seen corrections in a recent memo i showed the movement of the stock market post the tech bubble bursting and post the Global Financial crisis and in those periods, we had rallies of 19, 2 22, 12 and 25 we also had a bigger relapses. This has gone pretty much straight up and it took century years to get back to the 2000 high it took five and a half years to get back to the 07 high in late 12. Is it really appropriate given all the bad news in the world today, we should get back to the high in only three months. That seems inappropriately positive how does that view square with a general comment that you said you were making by its no longer time to play defense or have things just changed enough since you wrote those words that they are no longer applicable to where we are because the stock market had the run its had. That memo came out, as i recall it was like april 6th around there. Its been wo weeks and i think the market is up eight or so percent since then. A rise of 8 can be the difference between wanting to be defensive or not just remember, remember the context. What i was saying for somebody like me that has been highly its necessary appropriate to be highly defensive anymore i still believe that overall, i think it applies less to equities than it does to credit. Understood. Let me ask you about your latest memo which is titled knowledge of the future. Here we arein market events an markets like the we try thisy to look back and say in x, y and z, the market was able to recover based on where the economy was and with e swe say a will give us an idea about what the future will tell us about the current environment were in does that work in something that is so incredibly dislocating as this event has and will continue to be or is it a fools game at this point to try to look back i bring that up powered in the context at the top of the program we said in prior instances the stock market has rebounded with a v recovery in this and that. Does any of that make sense given this particular crisis thats when i was a kid we used to call that the 64 question, scott. Number one, all we have to do all we have is reliance on past patterns if we ignore past patterns then we have nothing because we have to make it up as we go along we should not overestimate the pattern. We have one of the worst Public Health crisis in 100 years we have the worst economy in 80 years and the worst unemployment and so forts and on the other hand, the biggest fed and treasury rescue program that anybodys ever seen. My conclusion is very simple if you havent seen it, you cant say how it will turn out you can site past patternings but you should not rely heavily. Is the fed enough to overcome the things that you just said . Well, thats what were going to find out, isnt it. Your previous guest talked about not fighting fed thats been the slogan for a long time. Generally speaking we figure that the fed can do whatever it wants. The fed and treasury are throwing out enormous amounts of money. We were going to run a trillion tl dollar deficit this year in prosperity, which i think wasnt a great idea now its going to be cleoser to four trillion. They can do what they want they can put money in everybodys hand i said why dont they send a check to everybody for a million dollars. They could make everybody a millionaire. It would only cost 30 trillion. Would there be a down side for that i dont know might be for our childrens children and their childrens children we used to think there was a down side to having a deficit. Used to think there was a down side to having National Debt now people became comfortable with those two things, debt and deficit in reasonable amounts. Now, i must say, the fed and treasury are acting as if they are okay in any amount of course, its important to rescue the economy and the people in it we dont want people to go hungry and so forth. Mustnt there be some consequences for running up debt that high. Theres no past to tell what you say the impact will be well find out steve weiss, did you have something for howard i do. You make an excellent point we havent seen Something Like this before so we cant opine what the conclusion is. Looking at the package from 2000 and 2008, they didnt compare. Were talk about going from Budget Surplus in 2000 of about 250 billion to a deficit of 150 billion or 4 of gdp combined. Here, were seeing something thats 25 to begin with go to 50 . When you take a look at that with where rates are in conjunction, i know your focus is on distress and debt but does that give you the comfort theres a backstop no matter what when the dialogue continues to be well do whatever it takes to keep the economy going. Additionally, they acted much earlier in the crisis than we did in 08 and 09 this is a really good example of one thing i put in my memo. In every case theres a bold case and bear case i think you gave an optimistic case im not saying youre wrong but you gave an optimistic case. You can rely on the fed, blah, b blah, blah how do we choose the answer is its our biases. You sound like an optimistic guy. You found a positive case. I cant argue with it. Im a worrier. To me, i say, how can so much be wrong and things turn out so well thats why i say well see tcan i follow up with one thing . Scott, im sorry howard, doesnt it then come down to what your time horizon is whether its three years or five years versus whether you want to be optimistic or pessimist. Im generally in your camp, by the way. A worrier. I think the time horizon is very important i would indicaticaution everybos watching the show, i care about two years. I care about five years. Its your reality. The reality of your life can you live, survive to see five years from now or do you have to worry about ha things like next year and the year after. For you and the organization you invest for, most of my clients are institutional, allow do the equities balance should you worry more about losing money or should you worry more about missing opportunities or should you worry about the two of the same. Can you really afford to be objective. These are the important questions. I agree, five years from now, my guess is well feel okay about this time. Some of us will be traumatized by the debts, the illness and what it did to our way of life my guess is five years from now well be mostly back to our old way of life. We are, psychologically i mean physically, most of us are back in some semblance to our quote, unquote, normal life after the financial crisis, but we are collectively, still traumatized from it. The first time theres an event of any sort of dislocation, first question thats asked, is this another 08 i think psychology will ask for an awfully long time greater than say, maybe five years well, look, people are traumatized. Not just because of their performance of their stocks. Back in 08, it was mostly the people who lost their houses the rest of life pretty much went on the same other than if you worked in a financial institution. In the tech bubble burst, i think every day life was unaffected in this go around, everybodys life is hugely changed its not going to be so readily forgotten. Im going to bet do you that people today are overestimating the extent to which life will be fundamentally changed five years from now overestimating. Yes well see who know what is the real side will be. Josh brown has a question for you. Thanks so much for coming on the show loved both of your recent memos and the output in march. You should keep going at that pace while were in this moment. I wanted to maybe try to answer one of your questions and see if you agree with my answer to it you said what are the consequences of this extraordinary stimulus and all of the programs and the money being pushed out the door. Maybe theyre not stock market consequences what if they are societal consequences it seems t 80 of the people who have lost their jobs in the first four weeks of this are people with High School Education and primarily people that work in the types of services, businesses that dont necessarily pay a lot. How much longer can that go on for before i dont to use this term lightly, but before there are people in the streets and major changes to things like the tax code, et cetera and the result ends up at the ballot box and we have a societal shift toward something more european because of the inherent unfairness of having the asset price recover faster and harde than the main street economic recovery its a really good point. What youre giving rise to is not something new but a continuation the average person was significantly affected in the Global Financial crisis. Then we had the bank bail out which was used as the government helping out wall street rather than main street then we got the rise of populism and you would say we got a populist in the white house. Now, i think we have, yes, we have broad gauge pain for working people not only that but clearly the working person has more experience being sheltered in place. Thats a negative. I think the while the government has helped individuals and small businesses, i think in the end it will still be spun as a bailout to airlines and so forth. I think it will add to the populism and this trend which has been under way in america. Its a good question i guess somebody i can characterize of a friend of perhaps both of us is texting me and wanting me to ask you a question what if theres a more permanently or a longer impairment to the growth race in this economy as a result of this where people end up saving more because they are, to some respect traumatized as a result of all of this the way that companies manufacture and their supply chains are changed where you have a re more on shoring of production rather than oversees. You have costs go up from a production stand point here in the United States. What happens if all of those things happen on the other side and that is the unknown new normal and that has a much greater impact on earnings moving forward for the next many, many years very much thats not an apocalyptic view its a negative view nobody can rule that out its quite reasonable to say it can go that way. By the way, one of things that makes an economy go is something called animal spirits. Optimism, aspirations, risk taking all these things contribute to the growth of the economy in the start of business, the making of risks and et cetera. To the extent those things are deterred and they could be theres nothing wrong with your question that would have the affect, you described of slower Economic Growth and by the way, we have been in a slow growth era for the last 20 years. You cant argue against that ill bring that back around to say if you believe that, then should the stock market at present be within 15 of its all time high. Right i think younts make the argument that the onnous is on the economy to prove the question that i asked you from the friend, isnt it on the economy to prove that thesis wrong doesnt it sound like a more likely scenario . Yeah. Were not going to know for some time if theres this risk on the horizon, and it is i ask how can we be within 15 of the all time high yeah. How dwroup so you see the reopen how should this work out what are your own thought ons that oak tree is a big firm how is this going to happen . Most people who have a choice are not going to rush back to work people who have capital to live off, your guest talked about managing from home hes not going to run back into the office that fast i think that different states should go back at different times. You shouldnt rush in there. I think lit be a very grads yul process. As dr. Fauci said on today, its not like a light switch that something will flip and its going to all be okay i trust that well return gradually and prudently over time and when we do, my guess is that the cases of infection will kick back up and well reshelter. Its process and not the flipping of the light switch i think thats probably the more realistic view a this point. We appreciate your time. Youre generous with today we thank you for that. Thanks to you, scott and to steve and josh all right we appreciate it thats howard marks. Crude prices, you know what they are doing today below eight bucks right now. Lets get to bob hes tracking the etfs talk to us about the etf the may one expiring at the market and obviously you have a situation they own its been reported about 25 of the contracts there. They cant take possession of oil, obviously they have to be selling it theres a lot of pressure on that contracts, this may contract that is expiring. Its close to 8 right now the june contract is close to 22. You have a lot of people playing around in this etf theres a lot of creation last week this is all happening with oil and tan goe. You have a demand collapse a lot kocof complicated things going on they have been collapsing and selg off the s p is down 12 on a year. Most of these etfs like sdy only own dividend payers that are increasing dividends or maintaining high levels. Only if theres a complete collapse, which i dont see. Leets get to sue here is what we know at this hour new yorks governor says the number of patients hospitalized for coronavirus has fallen slightly but hospitals remain above capacity hes calling for more staid aid in the next stimulus plan and warns severe cuts may be necessary unless theres more help if they exclude states again, you would be cutting schools 20 , local governments 20 and hospitals 20 . This is the worst time to do this tapestry is laying off 2100 parttime workers from its north american Retail Operations the company is extending salary and benefits for most north american retail employees until may 30th april 20th is an unofficial holiday for marijuana smokers but most of the big celebrations isnt taking place in San Francisco this year. Hippie hill has been fenced off as the city remains under a stay at home order. Look for more on the coronavirus coverage here at cnbc. Scott, back the you. We appreciate that very much. Ask halftime is next keep sending your questions to us cnbc. Com halftime you can tweet us as well i know that every single time that i suit up, there is a chance that thats the last time. 300 miles an hour, thats where i feel normal. I might be crazy but im not stupid. Having an annuity tells me that im protected. During turbulent times, consider protected Lifetime Income from an annuity as part of your retirement plan. This can help you cover your essential monthly expenses. Learn more at protectedincome. Org. Weve worked to provide you with the financial strength, stability, and online tools you need. And now its no different. Because helping you through this crisis is what were made for. Welcome back l lets do some questions now. Josh brown coming to you first from david havent heard much about shopify during this crisis what are your thoughts, josh this is one of the best stocks on the planet classic, classic, deal value Berkshire Hathaway at 40 times sales. What you do is a function of what i dont want to say investor what type of market player you are. If you seek out strength and uses a very tight moving average as a stop loss and really controls risk, can you be here of course you can. The cto came out and said they are doing black friday like numbers every day of the week. If youre someone that looks at valuations and thinks about return on cash flow, et cetera, youre obviously not buying the stock up here. Thats really a personality driven answer to that question its not a catch all answer to every one. Jim, from fred. Ask halftime, im an old guy i dont understand why utilities are getting lit hard are they dividend safe its a good question. I think its realtive question they are not getting hit heart relative to the rest of the market thats because the dividends are mostly safe. Fp y if you look at the xlu its only off 6 per date. Most of the utilities in there have regulated arms which means they are allowed to charge prices to cover their cost to capital plus a return to shareholders i think xlu is a safe place to hang out steve i got out of the market near the bottom and stayed out waiting for the retest of the lows i have missed this huge rally. What do i do now i dont know what your stage in life, what your savings are, your income is, how long you have to retirement those are relevant factors taking all those being equal, what id say is you missed the rally. At there point, i agree the market is very extended and if i were a better person, which i am every day, the likely direction is lower although not tremendously low. Id wait and see how things shake out. Theres major disequity between valuation and the direction of earnings that driver markets pete to you from cory what are your thoughts on otis it trades about 23 times if you can go off of what the projected earnings will be i like the fact they are getting the majority of their earnings from the Services Side of their business i think thats pretty important. That makes them a stable, solid company. I did own this for a period. Just got rid of it last week i wanted to free up even more cash i like the company i think its solid like i say, it trades at what seems to be an okay valuation, i like the Services Side but im looking elsewhere for different types of reasons i think this is still too new for us to fully understand it has a price target of 53 bucks share. Theres some up side if youre listening tussa. Just for our viewers. Shannon, whats your opinion on Freeport Macmoran . Ive owned freeports since about 2016 have really low cost basis on this stock freeport generally trades with commodities and more importantly with china if were seeing reacceleration the upside is limited. Given the fact we see Lower Oil Prices theres not a lot of investors piling into commodities as an asset class. I think freeport will be grouped in as a deep cyclical. We have a round two as well jim, because we just did freeport, i got another one coming in that i want to hit yo. Someone wants to know about the favorite cleveland cliffs, clf. Yeah, well, i will hang in there on this one. Yep. The problem is theres absolutely no demand for steel right now. Right . With whats gone on in the economy. The financials of cliff will make it through this barely positive cash flow and then recover and im sticking with it. That was from tom i appreciate the question, jim thank you for answering that josh, back to you. From david seems like the lowcost producers created by wall street underperform when markets crash please explain lowcost products. I think i understand what hes trying to say that doesnt make sense. The lowcost products, indexes, they cant underperform. They do what the index does and has not done anything good in march and in april incredible. If youre buying an index fund, lowcost product, you are saying i dont want the extra costs associated with the possibility that i might hire a manager who does better and undoubtedly well find active managers that did better than the index, meaning they had more cash going into the crash and put the money to work toward the bottom and enjoyed the ride up. Can they repeat it can they do it reliably, by a mar yin thats worth the additional cost of fees and taxes . My answer is over long periods of time, no, they cant. A quick question before moving on. Does anybody care that crude is now below 6 a barrel . This is an unbelievable move. Lets take a quick look at where the june contract is. I know that i know people are suggesting thats what really matters. Nobody it doesnt matter what front month is when its expiring but more important to look out next month where actual commerce is happening. Whats happening today in hey, scott. I care. A technical steve weiss, i mean, 72 declines five bucks im also looking a tt a headline the cmi says may futures can trade negatively thats where were going look. Demand is nonexistent. I come to the Office Every Day nobody else is in the building you know my analysts work elsewhere but theres nobody on the road heres why i care. I cant imagine working in the oil patch, what those people are going through. Shrinkage. Despite the total dry power of private equity, it is horrendous what happened to those people and then the aftermath of this bridgewater said that the cost to break even for saudi arabia is 70 to 80 a share we are nowhere near there. We have seen what putin does in reaction to Lower Oil Prices, goes to war. We are going to see that affect the global geopolitical situation as this continues so its just a terrible, terrible thing on so many fronts. The human toll most important. It is not like, jim, the june contract is i mean, obviously it is better than down 75 but its still down 11 . You are still you oar doing the opposite way on crude. I get you have these, you know, kind of black swanish events in both supply and demand i understand that. Theres no question, scott. Thes no question, scott, that the oil market is in disarray right now. Apparently 16 super tankers loaded in saudi arabia before the deal was struck an theyre scheduled to land on the gulf coast sometime this week which is just going to pile in to storage thats already at capacity so please dont mistake what im saying. The oil market is disarray but i think the contract to expire tomorrow is not a good indicator of information the other thing to watch out for is who in the financial market, what players, what firms caught offside . Does somebody blow up in the space . Thats what troubles me. Banks, regional banks in texas and oklahoma, bankers to shale companies, there are half a dozen i can think of off the top of my head that i dont think when they were working on their 2020 budget they counted on both social distancing and all the health aspects, plus the price of the commodity collapsing south of 20 a barrel i agree that the ramifications of this are a little bit further out in the future than looking at one months contract expiring i think it gets a loss worse. I totally get your point but im wonder why its not having a greater impact on the stock market then, josh. There was one academic study done after the crash in oil prices from 2015 and 2016 and they wanted to determine was it a net negative or positive for the United States economy. And it turns out it was a wash you lost employment in texas and oklahoma and louisiana and that led to ancillary other jobs in the economy but half the country doesnt have any savings. They live hand to mouth. Check to check when you lower the price of fueling the home and the automobile it turns out they have excess money to spend elsewhere in the economy like at restaurants or Grocery Stores so i think the way the market looks at this is it gives with one hand, takes away with the other. We have to see if this is much worse than a previous instance. Shannon, do you want to give me your thoughts as we watch this absolutely. The biggest challenge with this and i couldnt disagree with anything anybody else said but the biggest challenge is that after the 2008, 2009 financial crisis many jobs created allowed for skill workers to come back into the u. S. Economy so we lose that and you look back over the course of the last ten years and you are like, what have we done to allow for businesses and industries that require skilled workers that can give above these low wage jobs that we lose right now. Theres a broader impact on where do we go from here as far as training. The newnew deal to incorporate parts of the economy that are disadvantaged by whats happening right now. We are almost at the end of the road here, gang. You want to mention something for the viewers . Yeah. I teased it earlier. Its in the chip space i look at intel. Thats a name that stands out for me because this is a name thats recovered very well off the lows and trading just urn 60 and buying the june calls. Theyre going out a little bit further than normal and marvel we looked and theres august 33 calls bought we are seeing the chips bought yet on friday amd. Again, they keep on rolling and playing this upside so i like this Semiconductor Space and seeing great paper in there thats been very right and bullish and something im going to continue to ride so i not only like intel but wabltnted a excuse to be back in and marvel is a name thats inexpensive and great upside there. We appreciate you rolling with us on the fly there. All good. Lets get some final trades shannon . Dividend stocks, great points about them selling off theres opportunities, theres companys that are growing the dividend like costco look for value there. Jim just going to do an audible off of what pete said off the chip space i think you can dorelltive value trades within there. Now i like intel but the idea of taking money out of intel to qualcomm which underer formed relative to intel is a good idea for me i like them both and move money from intel to qualcomm. Steve weiss i would steal store even at this level and buy adc just did a great financing last night. Their second one in a couple of weeks. Josh brown, you want to respond to that . Them fighting words. Its reality. Just different Business Models. Wheres josh . Is he gone i dont care at all literally, no. Im here no i dont even know the stock hes talking about. I dont give a i look at it like i look at it like health care, health care is really ill give you my final trade health care the only sector up 20 over a year and only sector flat year to date where the winners are. Id be focused on xlv names. Okay. I want to remind you, as well, we have the breaking news continuing 7 00 eastern with the cnbc special report markets in turmoil includes a special panel of Financial Advisers 7 30 eastern hosted by josh brown tweet your questions to cnbc using cnbc adviser. Good to have you guys with us and howard marx on today dow barely holding on to 24,000. Kelly picks up our coverage right now. Good stuff thank you, scott hi, everybody. Stocks are mixed today an off the lows investors remain at odds of an economic recovery and oil weighing big time on sentiment dow down 243 look at the nasdaq which has now turned positive. Thats been a theme of several weeks. I mentioned oil. Plunging to its lowest level since futures contracts introduced in 1983 may contract just above