Everything is in green across the screen right now joe, were talking this is basically the growth value trade conversation but it takes on a little bit of a different face because were talking about this recovery trade i want to go through some stocks with you i want you to decide whether these things have come too far, too fast whether its the airlines, american, delta, united delta, southwest. You know what the gains are over the last two weeks alone thats just a representation of what were talking about here. Clearly skots, what we have witnessed is we had what i would call the v recovery stocks. Those stocks are the Growth Stocks those are the quality momentum stocks and you have more recently the stocks that are the u stocks the l stocks the dash for trash stocks. Im going to stay positioned with my growth name, my nasdaq names. Theres clear exuberance and when we look back upon this, well realize it was a rational kp exuberan exuberance im not going to bite. Im going to stay with my growth, my quality momentum. This is not necessarily a question as to whether youll bite and buy these stocks today. Its time to think they were short lived. Its time to take profits and put it back with what got you here in first place. Thats the conversation we need to have. The answer to that would be yes. Thats what i would be doing i would be taking those stocks and putting them back into the quality names. The dow is up 120 points now. Ive been sitting in manhattan this whole time. I welcome a safe reopen. Lets go back to the point about specific stocks versus the broad index. There are stocks that have done well and sectors that have done well that have been unloved and theyve done pretty well over the last couple of weeks im not necessarily surprised about that theres still 95 of the s p 500 that is trading above its 50day moving average i dont think this is matter of just a handful of stocks getting a little ahead of themselves you could argue that the entire index is slightly ahead of itself that doesnt mean that were going to have a huge pull back here i am more optimistic about seeing a v shaped recovery for the rest of the year it does mean there is some exuberance in the market there is a lot of positivity still on things that are yet to be seen. Jim, to that point, i was selective. I only read you the airline names. Royal caribbean, past two weeks alone, up 52 . Norweigan, 60. Carnival, 37. 5 bank of america is up 17 in the past two weeks citi is up 22. Wells, 15, goldman 18. 5. Ill go on after this. Have these stocks come too far, too fast is it time to go back to what got you here in first place because its worked every time to answer that question i think we have to go to the heart of the matter which is the virus and the case count right now theres no indication of a second wave the longer that continues, the lower the intensity, that issue will be in every ones mind. Youll see people start to up tick their amount of travel, their amount of willingness to come out of the house, go to restaurants, travel, go to hotels, things like that if you believe theres going be second wave then you should get out of the airline name, the cruise name, the hotels, et cetera until you see evidence of that second wave, i think that given where these stocks are relative to where they started the year, that what youre seeing today is just a pause that refreshes. These stocks, and i dont care if its financials or airlines, theyve been brutalized when you measure them from the start of the year if you dont get that second wave, theres still a lot of room for them to grow after a pause like today pete, youve got a nice mix of stocks have value and growth. You bought calls in bank of new york barclays and wynn and uber ta talk to me one of the things we have been talking about since the pandemic began and we started focusing more and more on specific names within and where we think some of the movement will be, we talked about volatility as well when volatility was extremely high, you want to be buying stocks and selling premiums against that thats what you need to do when you see it at the levels we have seen after we started to pull back and get in under 40, that changed for me suddenly, i was seeing more opportunity once again in the option side of things. Just to put a button on that whole thing, there was a point in time i was down to six option positions total, which for me is ridiculously low now that we have been down here hanging around this 30 level for a while, its nothing but options for me i dont know how many stocks ive added but its very few now im close to 35 different option positions a lot of what we have been seeing is in all different names across the board everything from the cruise lines to airlines and you name it. I already had some Bank Exposure i had a big disagreement with mr. Wonderful about this a week or so ago about why do you want to own the banks we still had some premium week to sell against the banks. The bank still had an implied volatility and still do thats high ill just sell premium every single month against that. If i can do that, in Something Like a citi at the end of the year if i can collect 12 to 15, i look at that as my own personal dividend yield if the stock does nothing i think theres a lot of different opportunities out there now. I think the opportunities that were seeing now are definitely trading opportunities. Joe was talk about quality and all the the rest of that, yes, quality, those are in the stocks but the names are a bit sub quality. I think those are in the trading category and i think its a great opportunity to trade those. Were seeing more and more scott, our volumes that im seeing, we talk aboutthis all the time and Goldman Sachs will say volumes have increased in the derivative markets they are on fire the last two days we were about 31. 5 million volume is there. When volume is there, that gives you a bit more support when you get a thousands point move in two days and all of a sudden we start to extend today as well. If you listen to tom lee, not his most recent appearance but the one prior, were pushing three, four weeks ago when he urged investors to buy the so called epicenter stocks. Boy, was that a good call. The question today is whether you think it has legs and part of this is obviously going to play into whether, as jim talked about, the course of the virus here forward if you think these stocks still have legs, there are those who are talking about megacap growth Like Deutsche Bank is today being fully priced and maybe this is the place to be and it will be more lasting than its proven to be in the past a couple of things. Pete, i appreciate your call option on bank of new york, very much there are a lot of things that will appear fully priced right now. Valuations dont mean as much in this environment as they normally do. We have so much of a backstop from the fed we have Interest Rates at the floor that we dont see going anywhere any time soon i dont know that i would put as much weight on the absolute valuation level or the relative valuation level if looking at lift as far as does this have leg, some of the things i was worried about in may and i was wrong about some of this, i was worried the rally would run out of steam because it was based on policy support and not on fundamentals and not on better expectations of growth and earnings those expectations still havent changed. Now whats happening is were able to start making the bold case come true it is tied to continued doses of hope on both the treatment and the vaccine and we continue to get those little doses week by week as we go along. If umt to make a cocktail and you put together, you mix in more reopenings and lets assume it goes better than people initially feared and you combine a couple of shots of policy into that, thats pretty powerful as we approach the month end its going to accelerate its going to reach a rescendo i believe the risk to reward relationship is not in your favor to remain in those stocks. I dont know, joe thats kind of obvious why did rates remain so low for the last decade plus you had an overwhelming policy response to the great recession. Youve had an even bigger global one to this. Thats why. That was very brief absolutely. I said to you on secular basis, youre correct theres not a concurrent cyclical move that were seeing in the treasury market additionally, ill ask pete this question why is it we still have the vix trading north of 25 if were returning to what is being described as normalcy . Were still in midst of pandemic, joe. Right, pete . Were just starting the opening process. We weve started. Now were starting to accelerate take a look at what weve been doing. Take a look even today some of the movement we had. I think its justified right now. I think it makes sense were still in midst of this thing. Were opening up but we dont know the answer a week from now, a month from now, two months from now were still talking about sports teams that have no clue when they will absolutely open. Youd feel better if rates were going up . Absolutely. What pete is saying a dose of reality. Are we returning to normal or still in the middle of a pandemic i dont want you trading out of your apple or microsofts and buying airlines and buying entertainment and travel related stocks at this point with the s p at 3050. The evidence is not there just yet that we are in a return to normal those are very fair points you made i want to go to jim. I think they are fair pointed. Do you want to go into the banks . I have the banks this week alone. This week alone. Its up 16 regionals are up 17. Over the last two weeks i read you numbers before everything is mid, 15 higher, 17 higher in the past two weeks but i gave you the week to date numbers. What about this group . I think its a great place to focus right now because i think you can see two trends developing there one is technical and one is fundamental. Theres a lot more room to run there. Its only to going to run if the fundamentals support it. This is where the virus really matters. Restaurants open and they hire the waiters andbusiness owners that scenario is new highs. You dont were talking about the financials now im suggesting if everything happens as you just said, then as this happens thats happening right now. They dont go away they become smaller. Reserve losses at the big banks for the Second Quarter thats been a big worry. Thats whats held them back as we start to reopen and continuing claims continue to decli decline. They are already declining then those reserve worries start to go down and the banks can perform from a fundamental point of view. The key here is, ive got to stress it is continuing to not get the second wave in the viral infections liz young, retailers in the last two weeks alone gap up 40 k kohls up 25 nordstrom up 18 and macys up 43 retail is a sector of the market that got beaten down badly because there was no foot photographic i traffic we tail will get tighter as we start to reopen, people can go back into stores. They may will reopen but they may not be profitable. That becomes a bigger threat it does depend on the virus. Where i disagree is i think well have a second we have a no matter what. Were probably going to have one in fall. Its a matter of how bad is it is it something we can live with or is it something we have to revert and go back into shutdown leaves you a heck of a runway june, july runway is a pun. For airlines, restaurants or whatever i agree with you though. You cant suggest the runway is clear between now and september, can you we cant just declare a clear runway. Right i dont know that jim was necessarily im not suggesting he is. Im not suggesting he is im just making a broader point that lets not get ahead of ourselves in the way we are thinking about where we truly are. Theres a will the of Different Reasons why i think some of the retail names have movedto the upside at a ridiculous pace. I think there are good reasons why some of these names are trading where they are trading are they starting to get a little inflatinflated how about home depot hitting highs today. I love those names theyve been open and able to navigate through this whole thing this entire time its been great for them its been great for business tractor supply, thats another one of those names its very, very strong akros cross the board theres various pockets to put them in nothing is easy about runways as far as the time frame. I think we all got to be corresponden conscious of what you said what about the data . We need to see the data over time we know when we talk about restaurants and retail but the restaurants and the bars and the rest of that, all the social distancing, are they going to be able to make money will they be able to survive thats the question we dont have the exact answers for sure on that. Thats going out a month, two months, three months from now. Where are we then . Theres a lot of questions unanswered right now. We cant make money at 50 . 50 sounded aggressive to what many restaurants will be able to do in many of the cities around this country the other area i want to hit too, which we didnt get to yet in terms of value versus growth, cyclical all based on economic recovery, industrials. United pacific, Union Pacific is up 13. 5 honeywell is up. Cat, 14 over the last two weeks. What do you do with the industrials here i dont think those have performed all that well even relative to the value trade. You know, you look at those. Everybody is right to push back on the clear runway. I dont want to give that impression there are still risks out there. What my point is though is that the market tends to anticipate whats to come it doesnt see anything other than a v shape recovery now. Thats why were having this conversation in the first place as to whether the market and participants with minders on or too complacent or looking through rose colored glasses down this road that may not be as rosy as it assumes right now. Great. Guess what, thats going to place heavy demand on transportation, on industrials, materials, energy, you name it you think the fangs have come too far, too fast. I do. I think if you stuck in those trade, which obviously a value guy like me has, im not looking at the last two or three days and saying its time to ring the bell i really see more fundamental reasons for these to continue after a pause that i think today is it plays right into the center of this conversation. This stock over the last couple of weeks is over 12. 5. Its up 40 off of the mat on march 23rd got downgraded today to an underperform at a firm called imperial thats a sell. Price target goes to 105 they basically say, like, look, this is happened way too quickly. Take profits disney now looks like a name that should be traded rather than owned its an interesting perspective on a stock that has broad ownership among our viewership and on this desk today with three of you gentlemen owning it ill sprieds youurprise you y answer i couldnt find anybody to like disney at 100 bucks a share. Now its 120 all of that, we all know that. Those were knowns. Thats something we all had a fairly good understanding of they will be opening up in china. Were going to be able to get a little feel for that well see what happens in europe well start to see what happens here pretty soon theres a lot of different elements that go into this its a process we talked about a clear runway its not a clear runway. We dont know whats going to happen if they have to shutdown again, obviously that stock will get lit. Its going to push to the down side espn has got to open up again. They got to get live sports again. They will but when thats the problem as well joe, the theme parks in general are maybe going to be the very best tell on truly where we are in terms of business roping and Consumer Behavior and the fact that they would have opened up in enough time now down the road of the state of florida itself opening up youll have a pretty good indication on where case load is and where the numbers are by the time those theme parks reopen so we get a really interesting and realtime look at what business is doing and the Consumer Attitude is doing and how it all goes maybe thats the most realistic look were going to have in the very near term future of where we truly are are they willing to quickly go out and take disposable income and spend it on what would be a vacation. I would argue pete is correct that in youre trading the stock, maybe 120 to 135 is rich. We g bao back to 105, the same reasons i bought it at 100 is the same reason ill buy it again. Its a quality stock. You talk about pent up depend. Theres pents up demand times a thousands for professional sports to come back. We hope its onthe runway of doing that joe, tell me about another move. Twilio you sold it. Sure. Tell me why i did i bought it post earnings at 150. Im tryi ining to stay discipli. Youre out. Got out of intuit ahead of earnings i did that last week i hnts been on the show to discuss that going into earnings, i want concerned the expectations for it were particular high. Out ahead of earnings, i was concerned the expectation was too high pete, lets wrap up this block here before we take a break. Twitter and facebook the president s expected to sign this executive order regardless of his, the pen on the paper its not going to mean anything right now. As kramer said today, this is more like the beginning rather than the end in terms of the impact on twitter and facebook and who knows what will happen what do you do with these stocks, if anything, as a result of what may happen at some point today. Yeah. I still am a believer in facebook i understand whats going on very, very well in depth im out of twitter not because of this. I sold out of twitter. I had a great move in that stock. I decided to take it off if i see options come right back in there, id buy all again in twitter. I still think no matter how this unfolds, were still going to see the addiction that people seem to have to these products when i look at facebook, its not just about facebook. I still look at facebook now as hey, look, im looking at something completely different im looking at instagram, messenger, marketplace and all the other area, including the competition theyve got for zoom. I continue tone it and i have no thoughts about selling it. Joe, what about twitter what do you do listen, ive never been a believer in twitter. I think i lost and made my contribution to twitter about a year and a half ago and i swore off it in terms of social media, they have significantly understand performed in the last five years. They should have clearly participated in the significant appreciation and the love that investors had for the sector i stay away from it then and i stay away from it going forward. Man, we cut through a lot i appreciate that. Well take a quick break next, well do our weekly check in with marc lasry as we ahead to break, take a look at the s p sectors. S p is good for 19 you got only two sectors financials and energy pulling the upper rear today stocks are just modestly off lelsr highest ve were back in two. 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 to the Halftime Report you shouldnt be giving them government cash and then they lay off workers and then the taxpayer has to pay unemployment for the workers they laid off. That would be a scandal, right virginia senator says he and his wife have tested positive for coronavirus antibodies he said they experienced symptoms in early april. He said they didnt get tested at the time. You can go to cnbc. Com for more on that story. France will allow restaurants, bars and beaches to reopen starting next tuesday the alert level is also being lowered for the region which includes paris allowing parks in the city to reopen next week for now, bars and restaurants in and around paris will be allowed to open their outdoor seating areas only little bit back to normal. Another marquee name files for bank rupts si in that time period now were talking about hertz. Im wondering what you make of that i think its tale of two cities, two worlds when you look at it, equity market keeps going up, sort of my world keeps having issues i think every time we talk well continue to have issues. We bought a little bit of hertz. If you think about it three months ago pfs trading 25 bips over treasury. Today its in bankruptcy you have a lot of issues out there. At the same time, the stock market keeps going up and i know you have individual cases that make it, its horrible talking about these big name brands with a lot of employees and a lot of residual impact of bank bankruptcy. Is it possible the worst may not happen its going to better than the worst of the fears at the beginning of all of this that we may not get as bad of a second wave if we get one at all. Dr. Fauci said its not necessarily inevitable that we do it would be the best thing possible the problem at the end of the day, its not whether you have a second wave, its whether people go out and start spending market the market is telling you everything will be fine in two years. What everybody is saying is dont Pay Attention to whats going on today things will be better. Well, i actually agree with that assessment that makes sense the problem is, for a lot of companies, they cant wait those two years. They cant wait a year that was a problem with hertz. What youre seeing now and you saw it first on the retail side. Now youre going to see it on the travel and leisure side that companies that were depending on that are going to have problems mainly because people arent there. Companies that dont have the luxury of time, theyre going to have issues. All right are you surprised at the ability of some companies that may have been, not necessarily teetering yet, have been able to access the credit markets as easily as they have been able to and whether that changes the calculus at all in the way you think about the future no. I havent been surprised at that once the fed came in, it provided the liquidity if you sort of look at macys, they were able to access the credit market and borrowed money and those bonds actually, they were price of par moved up they were trading today at 102 the reason they were able to do that is because they had collateral if you dont have collateral, they already bow rowborrowed thx they could im not surprised. I dont think its that complicated. What are some others . What are you looking at next we bought frontier. A Cable Company that filed for bankruptcy every woke we find a new name. Did you think you were going to find many more names . I guess part of my prior question is alludesing to that very issue in that what may have looked like you would have had a field full of potential things to buy maybe was diminished by this unprecedented amount of liquidity thats come in i think youre right about that as you keep on having more and more liquidity, people will access it. I think youre still going to have, maybe we dont have as Many Companies that will be in trouble. Mip vi my view you still will i think well find out over the course of the next three months as the nation reopens do people spend money and bring things back to normal and how quickly you get back to normal our view is it will take a while. As were having this conversation, were moving more into the higher levels of the market for the day too we are at the highs of the day i want to note it for our viewers as we discuss all of this the dow right now is higher by 180. 180 points were not that far away now from 26,000 the dow was getting back at 20,000 a day after the lows. The nasdaq which has been the laggard for the last few sessions is at 9504. A gain approaching triple digits today. Are they surprised about how far the stock market has come . Are they believers or doubters i think inexctellecintellect understand why the markets are up they are doubters, as am i because when you look at companies that are private, so not public but companies that are private and you see that in essence their ebitda or revenue numbers are down greater than 50 , youve got issues i hope the market is right you want the best for the country. Macys is raising money yet they havent reopened the stores. Theres lag to optimism and the reality. I hope the optimism turn out to be correct i gist have to deal with reality. Lets hope the reality is were playing basketball again soon we talk about this every time youre on because it changes by the day sometimes. We do whats going to happen . I think you had an Advisory Board meeting yesterday. Tomorrow we have the board of governors. I think what will happen tomorrow is adam will recommend to the board the different options that were going to have about reopening. I think well think about it over the weekend and then hopefully have another meeting early next week to vote on what we all feel will be the reopening of the nba whats the most likely scenario, do you think i dont know yet. Ill find out tomorrow i think well be in orlando in disney the question will be will we have all 30 teams, whatever the number will end up being stay well talk to you next week. Thank you take care. Keep your questions coming to us because we will answer them next on ask halftime you can still reach us too go to cnbc. Com halftime. On the exchange today, dont Miss National economic counsel larry kudlow thats at 1 50 eastern right here on cnbc were back in two minutes. Ever since weve gone mobile on the now platform, somethings gotten into the office. I hear you. Feels like theres no barriers between departments now. Servicenow. The smarter way to workflow. Were back time to answer your questions now. Joe, im going to go to you first. Joe, should i increase my position in amazon during this dip . Well, you missed the dip. The dip, i believe, occurred yesterday. Were pressing towards back towards the highs. Im comfortable with taking a position here in amazon at 24, 25 i think ultimately it gets above 2500 its like rocky in those great movies it keeps taking the punches and moving forward even though you say he missed the dip, youre comfortable buying at these levels yeah, i would buy it here but if were talk about a dip, i think it was yesterday and maybe the day before and the day before jimmy. Is tractor supply, funny how you got that one is it a buy . Its up 50 . 50 percent from march low can you still buy it here . I think its tricky to buy it here i would not buy it on valuation. Its mid20s multiple. The momentum is clearly behind it that could propel it up towards 130. Thats not a game i want to play i think its too expensive to buy now. Pete, to you. Casino stocks are far off from their highs. I want to buy one for long term. Any recommendations . Yeah. You know what, my favorite gambling stock right now is draft kings. In terms of the casino stock themselves, las vegas sands. I own that stock yesterday by bought some wynn. Liz young dividend versus price. From andrew in new york. When evaluated some of the value stocks that have been hit hard, how much weight should we be putting on dividend yield versus stock price Growth Potential right now i would weigh stock price Growth Potential much more a lot of the reason youre seeing high dividend yields is because the price went down not because the dividend we understand up. The dividend is probably under pressure in those names. Joe how many average stocks should the average Retail Investor thats a good question what do you think . Thats a great question for me, i try never to go above 29 or below 9. Somewhere in the range of 20 to 25 i think that dpigives you a nice concentration and the ability the focus on the companies, to look at Conference Calls and read the transcripts i think thats important how did you get to 29 and 9 why not 24 and 7 about 30 years ago, we ran some Statistical Analysis and thats what ive stuck with. Okay. Whatever works for you, my man whatever works pete im still here. Yes pete, from green ridge, i couldnt see from green ridge. What do you think about altria group . The current dividend sustainable . , you kno you know, thats a y tough one, scott i very rarely am in those kind of names im more in the pot stock names than i am in the cigarette names. So i dont pay as much attention to that, so i dont want to give an unfair answer i steer clear usually of those names. Ill trade them once in a while, but most often, im not in any of those names in that space last one, liz young, have been in some smallcap value funds for several years and they cannot perform well. So should i get out and where would you put those assets now hi, mike. I feel your pain i wouldnt leave the market cap space. I still like small cap, but i think you could rotate in some of those growth names. The largest sector in small cap growth is health care and the largest sector is financials i would be betting on health care versus financials thanks for the questions, everybody. Love that segment. Dom chu has a market flash on u. P. S dom, whats happening with u. P. S. We got some intraday activity to the upside here a bit of a pop its still red on the day, but the reason why is because u. P. S. Is announcing a new set of surcharges, additional fees. It will be charging some of the Big Companies that ship through it and ship large amounts of volume so what they are doing is they are adding a peak surcharge to their ground packages starting may 31st theyre also going to apply these fees to Online Sellers that do a lot of volume. Think of amazon, walmarts, those types of people. They say that the surcharge for oversized packages will start on may 1331st, as well. And one more thing they are adding these new fees because of the massive surge in online fulfillment and shipping because of covid19. So u. P. S. Taking some steps to up its fees that it charges for peak demand. And by the way, you can expect, scott, those will flow through to customers at some point back over to you you know they will. Pete, you own u. P. S. Dom, thank you yep, quality name abney is an unbelievable ceo they do a great job. And obviously, theyre in the right space. We know it how many times have we seen all of these trucks going around and all of the different trucks out there. But i think u. P. S. , quality name its why i own them. I dont have the calls i have had the stock in here for a couple of years. I really like this name and i think that they are just so efficiently run. I like their Business Model a little bit better than fedex, and thats why im in that name. Well take a quick break and will be back with pete because he has unusual activity today. We also have some key earnings after the ll rvel, which pete owns. Well talk about that. Costco, salesforce, lots to get to next. Dad, im scared. Its only human to care for those we love. And also help light their way. Its why last year chevron invested over 10 billion to bring affordable, reliable, ever cleaner energy to america. 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 will it be familiar streets . Or perhaps unknown roads . Wherever you may go, lexus will welcome you back with exceptional offers. Find a lexus for every road at lexus. Com. No payments for up to 90 days on all 2020 lexus models. Experience amazing at your lexus dealer. A reminder, please join me tonight for a special report at 7 00 eastern time, right here on cnbc we look forward to seeing everybody then options bulls seeing unusual activity, we mentioned, in shares of snap today that stock is up 9 this year. So pete, tell me what youre seeing a couple of weeks ago, june 12th, theyre the 18 1 2 strike calls. Theyre pretty aggressively buying these they bought 12,000 of these for professional an average price of 50 cents that was pretty that was a pretty good trigger, because weve seen activity in here many times before its generally been right, so i had to jump on all along ill be in this for call it two weeks. Then comscope. This is one of those names that does not hit very frequently for us this is pretty massive, because when i first shot it over to cnbc, the stock was trading for about 9 1 2. They bought about 9,400 of the those calls. I was told a little while ago in my ear that number has absolutely exploded to the upside keep an eye on this name fiber optics, a very hot space to be. I like this name a lot i jumped in at the right time, i guess, because it was earlier in the day and now its starting to really take off to the upside. Marvel, costco, sales force all have calls after the bell. You sold your marvel calls i did i thought the run was so fast, i better hit the exits and thats exactly what i did costco salesforce is highly anticipated for both of those companies. Lets do final trades. Liz young, what do you have for us u. S. Industrials, i think they have a chance to catch up in the next three months until we start to get some more data in the economy in the third quarter. Okay. Farmer jim i mentioned it earlier. Citigroup has a long way to catch up todays move is a buying opportunity. 299. What have you got for me home depot. Buy high, sell higher. There you go. Pete . Ill give you skechers. Its a very interesting name i think theres definitely some upside based upon some of the options were seeing right now, scott. Its good seeing everybody. Its been a fun hour stocks just off the highs of the day. Keep your eye right there. Kelly will right now thank you, scott. Larry kudlow joins us exclusively. Well talk job losses, the state of reopenings, ppe changes and potential up in sanctions against china. Its all on the agenda today speaking of china, the country tightening its grip on hong kong at what point should u. S. Companies begin to worry about doing business there and believe it or not, more shoppers are going to stores than expected. Well tell you the names where the traffic has surprised the analysts to the upside but we begin with todays markets. Some interesting rotation underway, shall we say, dom . We can talk about