Moderna Coronavirus Vaccine trial. Youre said youre kouscautiousy optimistic tell us about your reflection on that data. There are various landmarks along the trial that could actually derail it at any given time the first that we saw was we went into a phase one trial very quickly, really with record speed. We did it with three doses and the first thing you look at is it safe . Clearly it was is it inducing the kind of response you would predict would be protected when the company and our investigators looked at the data in the first two doses of the phase one study in normal volunteers we found something that was really quite encouraging in that the immu y immunizations induces antibodies if this were the virus here and you had an antibody that bound to one part, it would bind like maybe to this part here which is not neutralizing because the business end of the virus is here the antibodies that were induced were ones that block the component of the virus that binds to your cells. Thats really good news because not only is it the right antibody but the tighter of the antibody induced was really very good with the standpoint of what you predict might be predicted even though its a small number of individuals and its the first step in a multistep process, it was still very encouraging. We still have a long way to go, obviously. Theres so many things that need to be done well go quickly into a phase three trial probably in the beginning of the summer sometime in july and then the proof of the pudding will be is it effective. Does it really protect against infection. The first stage has really been encouraging. The data youre talking about, the neutralizing antibodies, there were only eight peoples Data Available as of this cut of this data the can you tell us anymore about those people some folks pointed out if they were young, relatively robust that might be different than if they were older folks. The phase one trial has certain constraints in it. You want to do it were young, relatively, but more than relatively, healthy individuals. They were from the age of 18 to 55 i c i cant tell you the age of the individual people but it was 18 to 55 years old. As we go further, well be doing older individual and then children and other subpopulations but the first shop at the phase one were individuals who were young and otherwise healthy. This data from moderna wasnt the only vaccine data. We have seen animal data we saw data published out of china from a human phase all of that combined, how has your confidence level changed this week, if at all, that we will have a successful vaccine for covid19 well, when ever youre dealing with vaccines you have to be conservative about it because the history is one that is punctuated by as many failures as there are successes. We have what i call multiple shots on goal. It isnt just one candidate. The one i mentioned was moderna but by no means are they alone theres the oxford chimp ad that you just mentioned and theres other companies in various stages of develop. The United States government, my institute i direct will be involved one way or the other facilitating many of those trials either by getting and allowing our Clinical Trial states a and the apparatus that we set up over many years to make i available to these companies. Im always cautiously optimistic when ip see a number of companis that are good. You have the backing of the federal government and the early results look encouraging again, i dont want to jump ahead of myself but those are the kind of things that make me feel cautiously optimistic that within that time frame that i spoken that we will have a safe and effective vaccine. With no guarantees you never know if its going to work or not. We have some cautious optimism these timelines are faster than pretty much anything we have ever seen in history. That being said, what threshold are you looking for in terms of how much information is needed on efficacy and safety the benchmarks and the things youre looking for, you want an efficacy signal. You see if you get an efficacy signal well be doing a lot of people in each arm of a trial dwroyoul have tens of thousands of people per arm of a trial in fact, if you do that, hopefully, that youll get enough information quickly enough that youll be able to make a determination not only of the safety but of the efficacy of this. The sooner we do it, the better. One of the things i want to bring up is the reason were able to do this more quickly than weve done in other situations without compromising safety and without compromising the scientific integrity of the study is that were doing things at risk. In other words, rather than the standard way of you go from step one and you dont make an investment for the next until youre sure of the step one then you get to step dutwo, you dont prepare sites and start making enough doses until you know it works. When you proceed at risk, you make the Financial Investment assuming that youre going to be successful so when we say at risk, we dont mean at risk to the patient. We mean at risk to the Financial Investment, so that it could be if youre not successful, you made major investment in resources that you may not be able to recover. If you are successful, those investments that you made in the resources to produce and prepare sites actually be put you months ahead of where you normally would be i want to make sure that the public understands when we talk about that, were not compromising any safety nor are we compromising the scientific integrity of the study dr. Fauci, its scott wapner. Id like to welcome you to our program today. Is there a likelihood we would have more than one vaccine ready at the same time and how would you handle that . Well, i only wish that we had more than one vaccine thats ready and available at the same time as i said, were going to do a number of trials with a number of candidates. Other countries, other groups may be doing even more than that, im sure they are. Thats what i mean by multiple shots on goals you would want more than one candidate thats effective what youd like to be able to do in your vaccine trials, youll have a vaccine that might be more suited for Young Healthy people, a vaccine that might be more suited for individual who is are in risk categories such as age and underlying condition. As far as im concerned, the more the merrier if we get an approved, safe and effective, more than one vaccine, that would be wonderful not only for our own country but for the availability of these vaccines for the rest of the world. Are you comfortable, dr. Fauci, at the pace in which the moderna news was released publicly given it is such a small study and so early in the trials thats what companies do. They have an interim look at the da they are enthusiastic about it so they make it public the ultimate data of which people in my institute and group have been involved in the scientific aspects of that, when that data is complete and examined carefully, that will be submitted for a peer review publication which every one can look at. That im very comfortable with that ultimately and sooner, rather than later, every one and anyone can take a look at the data theres a growing debate about the pace and progress of reopening. Id like to read you a tweet from the former ceo of goldman a sachs. Twheeted hospitals are not overwhelmed. Most of us will be exposed any way and we know which groups need protection from the worst outcomes is the Public Health benefit worth such extreme damage to livelihoods. There are also people who argue for herd immunity. How do you address what mr. Blankfine is saying today and what others have said that its time to open this country open and protect the most vulnerable . Well, a, i have no disagreement we must protect the most vulnerable b, yes, depending upon the dynamics of the infection in the particular state, city, region, county that youre in, we want to in a cautious way reopen. We cant stay locked down for such a considerable period of time that you might do irreparable damage and have unintended consequences, including consequences for health its that reason why the guidelines are basic put forward so the states and cities can start to reenter and reopen. We are enthusiastic about reopening. I think we can do it in pace that would be reasonable and would get us back as a society from a morale standpoint as well as the economy i dont want people to think that any of us feel that staying locked down for prolonged period of time is the way to go we had to do that when we had the explosion of cases but now is the time depending upon where you are and what your situation is to look at roping the economy, reopening the country to try to get back to some degree of normal im totally in favor of that if the done in the proper way in the appropriate setting. There are areas of the country that are opening even though cases continue to rise. Are you comfortable with that . Well, ive been very clear that i have concerns if cases are continuing to go up and youre actually jumping over some of the benchmarks that we put in the recommends dagss, if states and cities and counties are going to do that no matter what, i would recommend they take significant precautions in doing that the idea about physical separation s separation, about wearing mask, about not getting involved in crowds you can still proceed to open so long as you do those fundamental baseline things. In general, i think most of the country is doing it in a prudent way. We talked a lot about vaccines but on therapeutics theres a lot in the pop linipes what do you look for when you look at the drug landscape for covid19 there was a Clinical Trial with hospitalize individuals it was special group of people people in the hospital and document of lung involvement the study that was the first placebo control trial of almost 1100 individuals show there was an advantage in diminishing the time it took to recovery it was significant from a statistic standpoint but the effect was modest. It was about a 31 diminution in the time to recovery theres a number of drug, antivirals that have been developed for other infections that can be repurposed the things were looking at very carefully is the use of convalescent plasma. It was an individual who was recovered and passing that to an individual infected or prevent infection. Theres therapies against parts of the disease that we didnt fully recognize until relatively recently like these little clots that were seeing in the lungs and in other organ systems. There are many things right now that are in various stages of trial. Hopefully, well be able to get one or two or more of these which will show to be quite effective. We know that you need to get on with some other things. Ill ask you one last question we just wanted to ask how are you personally holding up through all of this . Well, thank you for asking. Im doing fine im trying to pace myself to the extent we have 18, 19 hour days thats what we do. Thats the job i have. I willingly accept it. Other than that im doing fine i could use a little more sleep but then, again, a lot of people could use a bit more sleep were in situation right now that so important that ill worry about catching up on sleep at a later time. We really appreciate your time today thank you for being with us. Its good to be with you. Thank you for having me. Scott, back to you. We appreciate you bringing us that big interview on the halftime report. Lets bring in our Investment Committee now. Interesting to hear from fauci its great he was on our air discussing things he did an interesting week for stocks s p, nasdaq up 2. 5, 3 the Leadership Groups are interesting. The industrial sector up 6 this week financials 3. 5 some of the banks up nicely. Transport is up 8 maybe in part its on optimism about the reopening that dr. Fauci was talk about take us to next week how to we look at this now next week will be into the heart of the National Peoples congress in china. To me thats one of the biggest risks in the market. Its interesting is you point out leadership, you didnt mention semis which have been there for a long time. They hit a rough patch although recovery today my view is going into next week. Earnings behind us except for retail earnings that were in a consolidation phase. I dont see any nay major down side absent something happening on the trend front if somebody said were going to get maybe a delisting of some megacap companies on the u. S. Exchanges and a acrimony and the tensions rising in trade, you wouldnt think the market would be up particularly the backdrop of an economy that is two worlds, as you pointed out correctly so one is the market and the other is the real economy. I think we tread water here without a big break either way absent the china tensions and them coming back at us which i dont think theyll do because its not in the urge to do so. Shannon, im wondering how you view the market and where you think the best money will made now you have a change in leadership, at least for a few days. Im he has tansitant to put a lf long term stock. It hasnt been worth betting on but is there going to be a sea change where you see staying power for some of the beaten down group which is have come to life i think from a technical perspective were seeing that. You had jonathan on the Program Monday talking about this value rotation we talked about this four or five times in the last year or so i think there hasnt been legs behind it. Theres a lot of cash on the sidelines. Theres investors who havent fully bought into this rally theres probably more winners than losers there. It will be becoming increasingly constructive on that we still like health care. We think theres legs to that trade. I think rotating out of some of the larger meg cap names and leaders will happen over the course of the next month or so i do think cash will go to work first before we see the rotations out of those names jim has some cash hes looking to put to work they point at a federal reserve. The unpredented amount of liquidity thats been pumped into the system. Bank of america says tactically bullish even though they are structurally bearish they still think positioning is bearish and policy makers are causing an immoral hazard forcing investors to buy stocks. Ubs says they believe a relief rally can get a second wind over the blast of 2020. Tom leeghs coming this year. We have grown incrementally and more bullish thats a wide range of opinions we have been in this range for the last five weeks of about 27. 90 on the low side of the s p 500 to about 29. 60 on the upside i dont see anything that will break us out of that range, at least to the up side because i look at the earnings estimates for next year. S p 500age i agag agnalysts havn were at 15037 we think they have 10 lower to go that is a u shaped recovery. Thats not a v shaped recovery thats the debate were having were talking about this value trade we agree might be another head fake. Probably is. Its a catch up trade. It may be people saying were going to get a v shaped recovery i dont think thats the case but here is the important point. This is a stock pickers market right now. I dont care if youre a Value Investor which i am, or a growth investor find the reasons to own the stocks you like. General motors has found a bid they started production. People are driving more. Theres going to be less emphasis on Public Transportation more emphasis on individual commuters. Stories like that or the own suring of production that will favor a company like scatt caterpillar. To your point, there is money continuing to go into technology they say monday of this week saw the fifth largest single day in flow to tech since 2011. Megan, the bets continue to be made along technology. Do you think its there to stay or is there going to be a longer, lasting rotation into a beaten down, if not cyclical areas of the stock market . Its a great question this is typically the time you would expect that rotation to occur meaning youre at the v of the recession youre at the worst of the economic da ta in the bottoming process you see the lower quality name, value type of stocks tend to out perform. I dont think its an either or. Its important to have the High Growth Companies that are generating their organic growth and long term is likely to be a low term environment as well as those cheaper, names the leadership is still narrow were likely to see if this is durab durable. Some of those name will pick up the ball and run with it the chasing is dangerous thats from citi today tell our viewers what to do if youre theyre financial adviser. Theres time to play defense i think this is one of those times where you need to play a complete game and you probably have to play it smarter than you ever have. When you look at all the conflicting signals out there, you look at all the uncertainty we see in a short run, markets are driven by three things they are driven by fundamental, inv investor position and sentiment. Theres an e mormty of cash on the sidelines. Youre saying thats smart because the fundamentals but on the other side youre saying thats a catalyzer for positive performance. Its hard to find anything thats not negative when you look at all the polls. You have select people that point to reasons we could be positive the reality is the fundamentalists arent saying this. They are playing offense by getting this cyclical optionalty in mid cap, in dividend stocks and things that will be dragged along because they really underperformed in this latest recovery i think you have to have both in this i think you have to, at an allocation level maybe be positioned a little more defensively but have some of that, those offensive characteristics in case youre wrong and certainly have a pl playbook to get invested because the lows have been seen. 100 chance, from my perspective, were not retesting the lows with the level of stimulus we seen come in here. Shannon, ill make ilts mot e difficult on you guys now. Say youre watching our program. Youre look for one stock to buy right now. You say, well, you know, everybody is talking about these marquee names like facebook which has hit an all time high this week, including yesterday im looking at jpmorgan and trying to decide should i buy the winner or the recent laggard from a sector thats been unloved or over loved . What do you tell that person i think first of all, i think its important you differentiate between buying the full sector. I did i told you i was going to make it hard on you guys. This is not going to be an easy exercise mate it may not be comfortable but facebook or jpmorgan you get the point im trying to make right i think theres opportunity in those underloved sectors they may take a little while to get there. You have plenty of facebook in your portfolio theres opportunities to go down into some of these Higher Quality companies that have been under loved and likely to do well if we see this reacceleration in the back half of the year which is fed is setting us up for. Steve weiss, i give you the same question. You know the spirit of the question a stock like facebook or a stock like jpmorgan. Well, assuming you have a tolerance for volatility, which i dont equate with risk, im going with facebook. As look out a year, two years, three years, facebook will be higher because its got greater growth the banks are really a regulated Business Rates will continue to be low. What happens if we get the moratorium like Elizabeth Warren wants. I think its ridiculous. If you get that, that generates lots of fees i wouldnt go with sectors id go with individual securities as jip jim points out. Amazon or Goldman Sachs thats my choice. Im playing the game youre offering the answer is intel. Theres where you have the growth but you have this decent valuation. We see whats going on with the stocks we see nvidia. If youre saying this market feels top heavy, ill take in intel. Its got a pretty safe balance sheet. I think you have to have a little context within the nature of the discussion. Everybodys in a different position as it relates to how their portfolios are built im not going to run away from the things that have worked. The tailwinds are so strong. From that perspective, i agree with steve im not going to ignore, im going to take some of that winning and move it over to the dividend stocks. I think you have to have some of that would i pivot completely, the answer is no im still bias toward the sectors that are winners the communication service, the health care. I think the tail winds are so, so powerful. You cant ignore them. I want to buy and ill use the stock because we own it. I want to buy the jpmorgan type securities and the chevrons that are a little beaten down but still very financially sound yeah. I want to talk about some of the moves you all are making individually too shannon, you trimmed home depot. Tell our viewers why you did that i did im a port fefolio manager, we e to think about portfolio construction this isnt a great stock for us. We have been very overweight in it we saw a bit of pull back on earnings this week we continue to like the space from a retail perspective. Theres not an ecommerce alternative to go into home depot and getting stuff to work on your house. We felt like there was some gains in both of these stock and we added to valero im not an energy bull i own three energy stocks. Valero being one of them thinking about portfolio construction, trimming some of these winners going into things that maybe have a bit more appreciation opportunity and selecting to robs point companies that have committed to paying their dividend. Thats really critical for us right now. Valero is in that camp weiss, you couldnt stay away from moderna, could you . No. It really got crushed yesterday. I said, let me go back in. The wild card here is when the next set of data comes out theres no timetable while dr. Fauci talked about july remember july is not that far away, but you will be getting results of the remaining 37 patients or trial subjects that were in there. I think its going to be positive based upon the initial data i dont want to be out of it completely i think it pays to have a bookmark position in there and just cause you never know when its going to work. We dont know how it will turn out and having litigated against Chinese Companies based in the caymans, its not fun thing to do id still sale shannon, you want to take the other side of baba absolutely. We just bought the stock i want to give steve credit. He has a lot of experience many this space i dont discount his caution to any extent we feel like with the ecommerce platform and with crowd up 58 year over year, these are Great Results for baba i think there will be a bit of near term pressure on the stock because of whats happening with the senate bill. We really like this company and if we hadnt just bought it, we would be buying on this. Weiss i agree that, by the way. Fundamental are phenomenal its thats its a headline risk kind of a thing its a functional risk. If they go pink sheet, it doesnt abide by the Audit Standards they are looking for if it does go pink sheet, would the institutions own it . No i dont believe they would okay. Interesting. Well take a quick break and come back. Nvidia shares are trading at all time highs today well see what the number one analyst has to say about that run. You can watch our listen to us live on the go on the cnpc app were back after this. Thats why were expanding your range of choices. 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Lets get to sue who has the headlines for us good afternoon, every one new jersey is easing more of its restrictions just in time for the memorial day weekend the limb has been raised from 10 people to 25 people for many types of activities. The governor says masks and social distancing will still be required new jersey is not allows all out door dining but some parts of the country are easing restrictions some states and cities are simplifying the process to get approval to set up tables outside. Cnbc. Com has more on the story the World Health Organization says more than 800 million has been pledged to support its ongoing response to the pandemic, but the group says it needs another 900 million, roughly the same as the annual funding from the u. S President Trump has threatened to stop payments unless the organization commits to major changes. Youre up to date. Back to you. Thank you. Nvidia hitting a new all time high after beating estimates forecasting strong Second Quarter revenue. What do you do now its had a huge run. Thats true the only complaint is it is expensive. They didnt give any reason to sell the the story is well intact we have two distinct products. We have a situation that Data Center Segment is by far the lrjelr e largest segment. It really is a Data Center AcceleratedComputing Company which i think can help support the growth as well as the multiple i think this has room to run the chips have had a nice run, for sure. How are you taking into context the huwei news with china. The fact the space itself has had a good move. Ive been a little surprised. People really do seem to be looking through that i guess i kind of get that i would argue everything were seeing would be an argument for more semiconductors and not less its clear how important it really is. Lets be honest, i dont know what will happen for nvidia or anybody on the cyclical front. What people are doing is to look through this if they will be invested in the safety you have to look at things you would want to own on the other side theres no structural reason why demand shouldnt be structured lower. Its interesting. No one on my panel, today, just today, owns nvidia you need to get your research in the hands of my peeps. Theyre missing the boat, apparently i recall, i think im right about this the last time you were on our program, we teed up a conversation with you and jim laventhal who is on our show today. When i asked our investment economy whether our viewers should buy leaders or laggards, jim made the case for intel, which if i recall correctly, you either had a sell on the last time you were on or negative on it, am i correct we probably did have a sell we upgraded it about six or eight weeks ago in the middle of all this we have been making a structural bear case. I think that case still exists but our feeling was in the middle of a pandemic maybe you worry about other things it may be temporary but thats where they are exposed if you were going to short it, at that point the call would have been a broader call which maybe that would have been like buying but why would you pick intel to be your guinea pig to execute that on. Well see where it goes from here are you neutral on a it were neutral jim, go ahead im going to change the topic just slightly. Im looking at nvida, great call its going fabulous. Do you say they could digest c micron they should use that and go buy somebody they already have they didnt use the currency that was small. Small but youre talking about using however, whatever currency youre using toyota eie transformational they dont need to buy something. Theyre buying things to invest. Five years out, ten years out, what is the nature of the structural changes that will be happening in the industry. What are the asset we need in order to capitalize it theyre not looking too buy stuff just to get bigger interesting, jim, did you think i wasnt going to notice you changed the subject or topic . Why did you do that . Ive got to choose my time slots wisely i asked to ask that. Im glad to hear youre becoming more warm to it. I thought, i cant remember the company. Move it something. The Auto Technology company. Stacy gave what i accurately was halfhearted endorsement of intel, right you gave a full throated endorsement of intel tell me why you have a different view than stacy does because of the context. I said i think this market is top heavy. The question was would in this market would you want to take one of the laggards from the leaders and my answer is yes i dont want to take one of the leaders of the leaders i worry in a down trending further that its got further to fall okay. Stacy, i appreciate it well see you soon thank you our experts are ready to answer your questions next in ask halftime you sdil hatill have time to res go do cnbc. Com were back in two. And right now, is a time for action. So, for a second time were giving members a credit on their auto insurance. Because its the right thing to do. Were also giving Payment Relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. Right now is the time to take care of what matters most. Like weve done together, so many times before. Discover all the ways were helping members at usaa. Com coronavirus discover all the ways were helping members there are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Welcome back lets answer your questions. Pa, florida, jim l. , it looks like green briar might finally be breaking out are you still bullish . Is the dividend safe im still bullish this week the ceo bought 100,000 shares, almost 2 million of stock. This management really knows how to get through crises like this. I think that the dividend is safe but let me be frank i wouldnt buy this for the dividend maybe they have to cut it. The price appreciation is extreme. The farmer jim effect in full effect on the screen right now theyre getting a little lift. You still got it tie management there is terrific. The management there is terrific. From jeet in canada, what about microsoft . Are they overpriced to buy now do you see potential for further growth i do. I see tremendous potential for growth what i put new money into or added to is endfy and play both of those, particularly microsoft. Almost 20 of the revenues from microsoft cloud and by far microsoft is the best fundamentally positioned company in the stock shannon, grant in michigan wants to know is ibm a good buy or wait until its above the 200day moving average. I think its a good buy here. Its a strong dividend yield trading at a pretty cheap valuation and opportunities to monetize for them in ai and cloud so i would buy here and not wait too long to find that perfect price. Megan to you from chris in philadelphia, as a longterm investor you hear that index funds are better and stocks on the side is there a percentage breakdown in the portfolio that i should have its a great question theres no one specific answer theres no magic number. For our client we advise around 75 active management akroscros diversified portfolio. You want to look into the inefficient small caps, emerging markets, and then on the passive side thats evolved a lot. It is not just an etf for a broad emerging market. Theres smart data to have a more passive vehicle lower fee and strategy, as well. Greg in falls church, virginia, looking at the oil refiners, they pay pretty good dividends also thoughts on the group . Like it they have strong Balance Sheets and i think oil prices are as unsustain bring low levels right now so weve started to add some of that exposure as an example of some of the laggards that you talked about earlier that give you optionality to a cyclical recovery. Good stuff. Well be right back. More names to talk about roku, interesting call veo k m outhat. Oh yeah, we gotta take off. You downloaded the Td Ameritrade mobile app so you can quickly check the markets . Yeah, actually im taking one last look at my dashboard before we board. Excellent. And you have thinkorswim mobile so i can finish analyzing the risk on this position. You two are all set. Have a great flight. Thanks. Well see ya. Ah, theyre getting so smart. Choose the app that fits your investing style. And wells fargo employees are assisting millions of customers never before across america through fee waivers and payment deferrals, helping people stay in their homes through mortgage Payment Relief efforts and donating 175 Million Dollars to help hundreds of local organizations provide food and other critical needs. When you need us, wells fargo is here to help. Our breaking News Coverage continues this evening with the special report 7 00 eastern time please do join us on this friday night. Have a number of calls to get to jim, i mentioned roku. Today downgraded to equal weight thats at stevens. You sold it. When would you get back in roku, jimmy . Ill throw out 80 a share. The problem here is valuing sounds specific what do you mean its sort of if you would have said im thinking between 65 and 95 id say, thats vague, jim, but 80 is specific. Heres whats going on with the stock, scott momentum is lost in the name and i had so much fun playing the momentum but its gone now look at valuation. Eight times this years sales. Bring it down towards six, five times and find a way to justify valuing it there. Shannon that was jpmorgan. Yeah. This is an infrastructure play certainly if we see traction there as far as infrastructure build and just this is a completely cyclical call by jpm on the expectations for an economic recovery but this could be a good name to own if youre interested in trying to play an infrastructure build hoar in the u. S. Over the next couple of years. You own salesforce and costco, shannon. Both reporting next week give me a word on each. Sure. Costco, joe said earlier this week he is concerned of home depot. I feel the same on costco. They raised the dividend and i feel like they will have great numbers but could be disappointment with profit taking in the stock. As far as crm, this is an interesting quarter for them theres a lot to be said for the expansion of the cloud as we move to this work from home environment so this is a High Conviction name for us and looking forward to seeing the guidance over the next year or so. Weiss, quickly, i got Toll Brothers next week, as well. You sold out of that a while ago. That thing has ripped, hasnt it yeah. It has. But i have it a pretty big position in thats a better way to play it i like it. One thing. I miss being on the desk and jim moments like that. That was a lot of fun. Right right. That was a good one. That was a good one. Well make sure he remembers that a long time Toll Brothers up 82 in 2 months you have extra time not that this talkative group needs that. I shouldnt told you that. Rob go first. Iwr, russell mid cap. I think you have to keep some of the cyclical exposure in the mix. We have all talked about being slightly overbought but if you want to play catch up what we have seen this week is a lot of performance on that side of the equation and i think this is one of the best ways to play that. All right good stuff you have an enjoyable long week. Megan . You, too. Emerging market equities. We are underweight so this isnt necessarily a buy. We are underweight to emerging market if we have higher volatility it is probably a stronger dollar environment and china trade tensions and some potential oil weakness. Quickly, shannon . Cme group like the exchanges here. Weiss, a quick name. Xbi i think goes higher. Jim pfizer. One of dr. Faucis shots on goals. Theyre in the vaccine race. Everybody, have a good, long weekend well see you on the other side i want a big shout to all of the veterans, as well. And you and your families please have a good, long weekend. Have a look at the major averages the nasdaq is modestly in the green. Barely the dow, s p and russell all negative that does it for us. Have a good weekend. See you on the other side. Kell kelly evans picks it up. Thank you, scott. Welcome, everybody we have milestones to consider stocks in doinger of giving up the may gains today. The dow a fraction away from turning negative on the month. The dow down 97. It by far the underperformer of the group. The s p is down just a tenth of a percent and the nasdaq turned positive by about ten points its a relatively strong start to the week and were still on pace for the best in six lets dig in to todays moves with rober