What do you think . I dont think its that bad you have plenty of tech stocks up today that have in the green. I guess i dont see it as quite a tech wreck i feel like we have seen actual tech wrecks this year. These are stocks up 100 or more give or take from march giving back like 12 , 8 in some cases. Im not with you on the premise. These stocks are off their highs but theyve been making new highs relentlessly for months. Good point. Let me come back at you and say what about the premise being, stocks were up 100 in whatever they were since march. Was it normal they were up 100 or whatever since march. They were up on multiple expansion. If they were up on all of that and some of the air is coming out of it, doesnt that say they have a lot more room to fall i think its tough to generalize some of them have more air to come out than others and some will continue to report out standing fundamentals without playing any games and see even higher levels than what they are seeing today i think the real interesting question is whether or not this spreads to the rest of the market and we have an s p 500 wide correction which i dont think would be the worst thing on earth to be down 10 from a record high after going up 50 i dont think its that bad. If that ends up happening, i think thats the most interesting question we dont know yet, of course i would keep my eye out for that possibility. I do know a lot of people who would make the case thats what we need to move higher we need some of the excess speculative fervor to come out we need some of those surveys to calm down. Some of those investor polls maybe we need a bit of the robinhood activity to chill out. That could set the stage for a better fundamental advance for the whole market not just Consumer Discretionary and tech im okay with that outcome if thats what happens. Steph, where do we do from here does it spread into the Broader Market as josh was potentially talk about here . What do you think . September is always so volatile now especially so because of what you said. These stocks are up 100, 200, 300 from the march lows its not just all multiple expansion, scott numbers might higher after apple reported, nvidia reported, after amazon reported. There were some companies that had pure multiple expansions but these companies saw higher after they were reported i totally agree with josh and with what you were just saying they were up a lot theyre not down enough. Apple is only off 15 after it gained 132 from the march lows. Nvidia is only off 13 you get my point you said theyre not down enough are you building case for the stocks needing to come in a lot more than they are by vir which you of how much they ran up on the other side yeah. I would agree with that. I think you can see down 20, 25 in many of these names here are the names i want to be buying i want to be buying apple or adding to it its a large position to me. Amazon, we know about ecommerce i sold some of that stock about 50 points ago. If they were to pull back, i would add. Sales force. I think sass cloud is the most compelling to me they just put up a monster quarter. I know the stock rallied but its given back 15 . You have to keep an eye on some of these names if it broadens out, okay maybe it does. We had a nice run from the lows. I would still advocate for a barbell approach secular growth technology, cyclical cyclicals because the economy is gradually recovering including jobs last week which i thought its on the right path of seeing improvement. Still ways to go but theres certain pockets that are seeing a v recovery i want to have cyclical exposure bauds because of that. Which are the ones most at risk is it the faangs apple up 134 from the low microsoft, 70 facebook, 104. Are those the ones that are most at risk are we talking about the shopifys and the wayfair, cloud flairs, ones that are really getting hit over the last few days and the ones that were really up. Were talking 1, 2, 300 , if not more the latter. Just as you said, it is the spotifys it is the zoom video it is ive owned many of these stocks on that run up. I think those are much more likely to give it back and much more like loi to see stephanie stepping in there and buying those names. Just as stephanie said, shes looking the buy some apple and some of these others that do have, that did justify with their last Earnings Announcement scott. The others, many of those others, those moves were a little too extreme we never knew when it would end. From some of these reports, it ends with this fizzle over at soft bank. I have lots of say about that. Ill hold off. You dont have to hold off. You dont have to hold off because i wanted to ask you and go there if we think that a fairly substantial part, a meaningful part of the run up was due to this call buying activity in soft bank and counter parties having to buy the underlying stocks to hedge that risk, if we think that had a meaningful role to play in all of this and that unwinds to the degree it does, we just dont know doesnt that suggest you could have an air pocket going down to some degree . I think we saw that over the last couple of days. One of the key things when you were out last week when this story first broke on friday, i believe, was that people said it was soft bank that was purchasing these particular derivatives. They called it a gamma gambit. They with throwing a turbo onto those particular stocks. Notice i didnt say spotify. I didnt say z scaler or any of those others they had specific bets in amazon, microsoft, in most of the faang names. That boost provided and many of those people had to hedge that exposure because they get shorter and shorter from selling those calls. They get shorter and shorter as the market runs up its similar sort of thing that we have seen from this trader that we call 50 cent in the vxx. When you see that thing start to move, people need to actively hedge and they cant always do that what i would point out, scott, it could be those people that wr doing the hedging that were probably having to buy stock aggressively to cover their exposure to those derivatives they sold. Some of which may have been over the counter. A lot of them could have been over the counter derivatives those could be the folks that were getting flushed to the downside you lose a lot faster on stocks to the downside than you do on options. Obviously, you buy a 2. 50 option in mike crmicrosoft, for instance, two months ago and that starts running to the upside you have to keep hedging to protect yourself against that run. When the thing turns around like it did on thursday last week, dramatically, friday and today, the third day of this sell off, many of the folks that are getting clocked could be those same people who are getting clocked on the way up. They were scrambling the buy that protection. Many times in my career ive seen exactly that play out where those folks that then have to flush, have to sell those stocks as they are going down so quickly. That would seem to play out to more of what were seeing right now much more than that gamma gambit of buying upside calls and doing it over and over again since march which allegedly soft bank had been doing. Literately on a week ly, if not monthly basis. What does it mean from here i think the large cap mega, the faangs they come back to valuations i think they become attractive for us long term investors especially if you have new capital on the side. This is, i agree with josh that this is we need this. We were going up too fast. The market was up over 50 at the tech stocks were up 100 again, if one could know how much down we go, that would be much better. We dont i think when that happens, as long as the whole market does not go into bare market territory but we get a 10 correction, i think its really good for the market especially given the uncertainty coming ahead and then we can get some more opportunities to deploy new capital. Part of the problem i have is a lot of people didnt have any problem when we were on the way up they didnt have a problem in the wap that we were going up. Analysts just, as their price targets got blown through, what did they do . They just raised their price targets. People werent copping o icomint suggesting the market needed a correction joe suggested stocks could have a 10 correction and he wasnt adding any new positions that felt it was in the minority of views there werent a lot of alarm bells going off in places as the stock market continues to go up, were there no. I was in joes camp in the last month. I was not adding new capital to clients. I was trimming and waiting for an opportunity especially with clients that were fully invested it did look like we were fairly valued, if not over valued on a lot of the parts of the market i do think there were people out there, maybe in minority but this will give you an opportunity to buy some really High Quality Companies im still in the barbell strategy you have the covid stocks and the post covid stocks. I think were getting closer to that point i dont know when it will happen but cyclicals and the industrials and financials are some areas that i think one can add capital to because eventually money will flow to those areas and you should still say in the faangs. I like them. I just dont like them in the proportion they are in the s p what about the robinhood phenomenon youre well versed on that robinhood goes from four million users invested in the s p before the pandemic to 12 million in may. If they look at the market now and suggested it is a good time to take some profits even if they would have gotten hammered a bit in the tech names over the last three days, whats the role play there first, i think thats who is getting smoked right now its the property typical robin hood stock thats getting hit much harder than anything else in the market. Thats because the soft bank thing is very, very small. Whats really happening is retail kwacall buying has been explosive since march. It built into april and june 40 billion a month at last call was how many upside contracts robinhood traders were buying in small amounts but large numbers of people and on large numbers of mostly Technology Stocks and that is really a much bigger story than anything the nasdaq whale or whatever. We know that because a lot of whats happening is happening in weekly options trades as john would tell you and a lot of that is happening in contracts that are expiring in a week or two. Thats not what soft bank is alleged to have done soft bank is alleged to have been doing the types of trades that are looking out to next month, the month after and they are opening call strpreads which doesnt require quite as much hedging because of the nature of that set up. Its not quite the same as the robinhood folks saying tesla reports earnings in two days let me get long some options here thats worrisome. Youre making the case of why its i was on the show scott, scott i was on the show screaming about stock splits and how thats the wrong reason to be buying stock and the worst you and i debated this the worst possible catalyst for new highs was this stock split mania. All of the gains from before they announced these stock splits in apple an tesla that juiced the price, all of those gains are being washed out now people that bought after the split announcement and leading up to it, are absolutely dest y destroyed. That is what should happen this is how you learn. I did those stupid trades when i was 22 this is how you learn how the market works unfortunately, its the only way. I could tell you five books to read but if youre a kid that just made 300 on your money on an app over the last two months, youre not going to read any book you think youre george soros. I understand that. Ive been there. This wont be the last generation to learn this lesson the hard way here is the good news. Were getting close to the end of this wash out in some of the bigger tech stocks a lot of the boxes are starting to be checked. I saw David Rosenburg was on the air. Maybe you guys will do a markets in turmoil later this week steph, are there things that have come down too much . Not the spotifys and the other names that josh references but the faang names. If you believe in the reasons why they were up in the first place, in balance, why wouldnt you buy some in this moment of extreme pull back if you think thats the end of it nasdaq down about 10 or so or got close to it from the highs its hard to time i think you pick your spots. Jim cramer used to make me make a list and put a price of what i would buy the stock. We would ask me every single day. Whats the level that you really have confidence in i still do that. Its been very helpful i cant time it. You can average cost into it especially if you believe in the total Addressable Market story last week i did sell a few things and bought a few things i sold paypal and brought more of broadcomm. Stock trades at a realistic valuation. Those two names i bought in the sale of paypal i sold home depot. These stocks have been the laggards i feel more comfortable with terninth earnings power as you see recovery, they should see operating leverage thooe these other names im holding. Im not selling. Probably my favorite of the faang and put in cloud names in there as well with salesforce. Com because they blew it away again on the quarter numbers are going higher its not just multiple expansion. I still think that stock is under appreciated. Really Good Management team. Great Free Cash Flow awesome margins too. Thats name i would put on the list but not just yet. They are only down 8 to 10 to 15 . Thats the thing. Mike wilson, morgan stanley, something we like hearing from says they think theres more downside over the next month but that it leads to further broad ping out of the bull market. Goldman today ten reasons why the bull market has further to run. Im not going to list you all reasons but theres the idea of a vaccine out there. Youre going to get a vaccine at some point what do you make of that as you think about where we could go . I do agree with that. When we were on the show six months ago or five months ago, we were talking about how far is the vaccine. Were not have any trials. Were getting closer and closer. If you can see a bit of clarity, maybe earnings start improving its the future cash flow a lot of these companies i think these, they are all on point in the the sense you need to be in the areas where earnings are lackluster. They have been hit hard. Companies that are very kind of been hit by covid. It does make sense to start getting out there. The question is when do you do it i think starting when you get a 10 correction is normal its healthy you can start putting money back into the market at that point. Sdp john, how much is tesla judge, real quick you know what looks worse than tech energy today destroyed. Look how bad the banks look. Its not a tech wreck. Look whats working. The itb, Home Builders the Mortgage Banks Association came out this morning and told us ta between april and june, the second quarter, 1. 1 trillion dollars worth of both new mortgages and refinancings a trillion one in mortgage activity in three months its no surprise why the itb is up. The money comes out of tech its not going in. People thought there would be rotation in two. On the day after that same Holiday Weekend. In other words, trillion of dollars that we see on the sidelines. It was 2. 8 trillion in february, scott at the market highs back then then as we sold off, then rallied back, now its 4. 6 trillion in cash to see some of that start to roll back into the markets wont surprise any of the four of us, i dont think. To see that committed on thursday, friday, into this Holiday Weekend or today, i would say it would be a fantasy to see it starting to come in after this three day sell off which is now carried many of those stocks as youve accurately said to 10 , 15 mr correction or more, i think thats where you want to go shopping i think most of that, scott, comes tuesday, rather wednesday, thursday friday rather than the tuesday right after that i wonder, i was going to steer the conversation this way towards the tesla conversation mike has been looking into sort of whats gone on with tesla and how the s p has judged it, not putting it into the 500 and whether its a moment of this sort of dont believe the hype, the s p didnt believe the hype about this incredible run that tesla had and what that says perhaps about the Way Investors need the view the market in their own right. The s p doesnt tell us why it didnt admit a company but we can surmise. When you have a 450 billion dollar market cap which tesla was, its a decision not to place it in the index when its shown the four quarters consecutively of positive everyonin earnings it would seem they were in position, do i defer to the market momentum here and its judgment these companies are for real and going to own the future in a huge way or do we feel like its a bit over heated an maybe not in the short term worth unsettling the rest of the index because thats what would be required probably to place it in there as one of the top dozen stocks we know it got completed in three days five billion dollar is less than 5 of the volume still, maybe coincidence but probably not, it was the top in the stock opinion clearly, if the stock can go down as much as it has on a noninclusion in the index and relatively incremental equity offer while good for the companys books, maybe it does tell you in a short term, super over extended. I think its an kpexaggerated version of whatever which is an over shoot which dates right to august 11th which is the day that tesla announced a split the nasdaq 100 is not back down to the level of august 11th. Tesla shares arent back down to that level yet we had this mean reversion move to the downside after we had this upside kind of over shoot i dont think you can necessarily say much more is going on there but when it comes to tesla, i think that maybe s p saying we can wait it out this time see if the fever breaks and lets sfee if this is a genuine profitable Business Model as opposed to this four quarter window steph, you take what mike said and i wonder how you process all of that in the way you think about other parts of market, if not other names that have had similar run ups like tesla did. I just never understood tesla and move it made its still up 370 from the march lows its down a quick 28 from its highs. Thats the volatile. If youre going to get into this fwam, you have to be prepared for it theres no way you can value this thing ive looked at it in many different ways is it a battery company, a car company. I couldnt get my hands around it let me jeapologize for interrutting you this isnt a tesla specific story, perhaps its not about the company or the stock. I think it is make its emblematic of the way certain stocks were judged by certain groups of people and the way it ran up. Partly its a tesla thing but not a debate of whether you should get sbo tesla today or not. Let me jump in. Its a momentum go ahead its Earnings Quality the first half of this year they did 782 million in revenues from selling regulatory credits. The majority of which is for cars they havent delivered yet. When they sell a regulatory credit, its almost 100 profit. People did get this right. Nicholas at data track said its not a shoo in for inclusion because of Earnings Quality. Its not about momentum. The whole point is i think a committee i think is it momentum. I think its all about the factor of momentum i believe it i think zoom got carried away in there. Even apple and faang and tech in general. Its the robinhoods. Were talking about index inclusion. Some names that you can justify because of the fundamentals my point is, you cannot justify this valuation in any way, shape or form. Its about what factor is working in this marketplace at the point in time. Up until a week ago it was the growth momentum factor thats where this got caught up in doesnt matter if its in the s p 500 or not every one wanted to look at where are stocks going higher . Looking at the charts. Theyre not looking at fundamentals i can list you ten different names that do have good fundamentals that are extended those are the ones i want to buy on the pull back its not necessarily about index inclusion. Its about mike, perhaps the reasons bhie it wasnt included. Thats what this all comes down to steph is saying tesla, so to speak. I think tesla is almost its its own species in terms of how much market value has been added. The fact the prospect of tesla going into the s p was even on the list of bullish factors for anybody bayi inbuying the stock absurd its a fleeting effect at best the fact if tesla was put in on friday, everybody would say thats the top there its a sell the news event now its a mainstream stock. These are high Free Cash Flow generating businesses in a very low yield, low growth world that getting revalued higher. Josh, i didnt want to cut you off earlier. Did you want to come back into the conversation here . No. I agree with mike. I think stephanie was kind of saying the same thing. This is its own world. What happened with apple has nothing to do with what happened with tesla even though they both announced splits this summer and carried them out on the same day. The story why tesla didnt get included, its nothing to do with what the market cap was thats the only reason they were in the conversation. What the issue might have been is probably something about the way they got to that profitability. Is this company that makes cars and sells them profitably . Not yet. Some day they will be. Thats not how they are getting the four quarters worth of profits that they got. My belief is the committee looks at that. Which is why i want our committee to look at what else could be out there as a flag of saying this just doesnt make sense that the stock was up that much the s p is not putting tesla into its index and my Investment Committee is not putting x, y, z stock into their index because a lot of these names were up onra onraon rampant multiple expansion alone. Its our job to identify the names that need to come back to earth like tesla is having its own moment of. You have five mini teslas now in various states of spaking or doing public or having come public you have lucid motors. You have canoe nikola, which i guess is tesla junior those will be the battlegrounds and these stocks are wild. Mike, you get the last word and im going to take a break. I will continue to say tesla is kind of its own thing and the fact they punted it means we can talk about other stuff its not back to where it was august 11th. Keep that in mind how much it was up good stuff. Thanks for being here. Well take a quick break well come back. r have bullish call out on dieywee back in just two minutes l not covered by my health insurance. And this is the aflac duck who helped me cover it. Aflac. These are all the cab rides to my physical therapy. And aflac paid me directly to help. Aflac. What he said. And this unexpected bill is from. The twothousanddollar specialist. Thanks. Aflac. When youre sick or injured, aflac is there. We can help with Expenses Health insurance doesnt cover. Get to know us at aflac dot com. Doesn cover. Get to know us at you can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save 400 a year on your wireless bill. Plus, get 400 off when you buy the new Samsung Galaxy note20 ultra 5g. Welcome back here is your cnbc news update at this hour. The top general in the army says the u. S. Only sends soldiers into combat to protect National Security interests or as a last recourt. This after President Trump suggested that military leaders wanted to fight wars to keep weapons makers happy u. S. Army chief of staff general james declined to respond directly to the president s remarks. The British Government is facing pressure to contain new coronavirus outbreaks that are being blamed on young people disregarding social distancing guidelines daily new infections rising to nearly 3,000 on sunday and monday before dipping to about 2400 today japans minister of the olympics says the rescheduled tokyo games must be held at any cost regardless of the challenges of pandemic he says the games must be held for the sake of the athletes you are up to date thats the news update at this hour back to you. We have a bullish call on disney top got upgraded at Deutsche Bank from buy to hold they take the price target from 163 to 128 not a big shock on the thesis behind here of streaming as we have reported on and talked about recently dan citing why hes a huge believer in disney sg right the stock drop down to the high 80s in march. They have really done well at some point disney has to do something with that. If you carve it out and look to the future add we talked about it before in the show, with the vaccine hopefully coming ahead, the theme parks earnings will start improouing too i do agree with this the stocks had a good bounce on the back its still not back to where it was. In february its down about 5 of the year. I owned it its a good position i bought a lot in march and april. I would keep it and add it to any new accounts steph, you sold it in february i did i made good money on it. I totally believer everything that hooe saying you can own this stock it should do well. Youre looking at back to trough earnings my issue with these guys is i have to spend a ton of money on disney plus. Theres still a lot of concern in terms of whats happening in sports what that will be. Its already are flereflecting o good news. We have some other interesting calls today. That should benefit verizon connectivity is more important than ever. That too benefits the company. They also like verizon spending nearly 2 billion in a government auction to build out 5g worth noting the stock has out performed the market during this recent sell off. Morgan stanley initiating coverage on a slew of airlines the firm does admit its more bullish than consensus on airline demand returning to precovid levels they expect that to happen in late 2021, early 2022. They like the low Cost Carriers and the ultra low Cost Carriers and did order of preference. Other than united, all the airlines are showing solid performance. One of the analyst appears in just a few hours scott. Appreciate that you have teed us up well for a conversation about united. Youre trimming it and getting out of it. I am. Im trimming it on my way out. I open delta thats the blue ship of the airlines if im going to have a reopening story. Its going to be delta, strong balance sheet, Strong Management Team i do really like the way they have proceeded through this. If i own one, its going to be delta. Uniteds oscar munoz will be part of a special show tomorrow. It continues this evening as well on cnbc you can watch our special program at 7 00 eastern tonight. The path forward, race and opportunity in america well hear ideas and solutions from some fantastic guests coming up, we have unusual activity with jon. You can watch or listen to us live on the go on the cnbc app wee ckft ts. rba aerhi he same. The rx, crafted by lexus. Lease the 2020 rx 350 for 409 a month for 36 months. Experience amazing at your lexus dealer. You should be mad they gave this guy a promotion. Experience amazing you should be mad at forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. Our Retirement Plan with voya gives us confidence. So we can spend a bit today, knowing were prepared for tomorrow. Wow, do you think you overdid it maybe . Overdid what . Well planned, well invested, well protected. Voya. Be confident to and through retirement. That helps you master your backhand. Then you should be able to get a bank account that helps you master your budget. Virtual wallet® for Digital Banking from pnc. Its time to get more from your bank. Makes it beautiful. Stateoftheart Technology Makes it brilliant. The visionary lexus nx. Lease the 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. Welcome back jon is always tracking the Options Market after a 15 direction the stock was 92 bucks just a little over a week ago its made a huge drop back down to 80 bucks. Then they came in and they sold the 77 put those are options that expire this friday, the 11th. They sold those from 2 all the way down to 1. 25 i sold these puts as well. Thats deep end of the pool. Its short term and b youre obligating yourself to buy the stock if you sell the put. Youre doing what warren buffet does be careful you need to understand that before you do any trade like that we appreciate it. Also, im in the agnc which is a reit. There was upside call buying in this one they bought the september 11th 14 calls and they made just 15 cents. A very cheap shot. I joined them in this. Again, another trade that ill probably be in just a couple of days but this one your risk is defined on entry because youre only paying 15 cents for these calls. Thanks for that double dose of unusual activity. Coming up, were ready to answer your questions amid this sell off you still have time to reach us. Go to cnbc. Com halftime. Well answer them, next. Look here, its your very own allinone Entertainment Experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Welcome back were answering your questions first up, stephanie. What are some bio tech stocks to consider for my portfolio . What else do you like . I like abbvie they have allergan that they bought last year it expands their pipelines pretty substantially with the yield of 5. 2 , i think its great quality stock for the long term. Josh. Im a new investor wondering if i should buy more barrick gold or sell i dont know your personal situation. Makes it hard to answer. I own the stock. Im looking for more opportunities the buy it into the mid20s if we see gold pull back further i think the company will have a profitable couple of years ago given how low Energy Prices are and elevated gold and copper have become. The spread in between is where they make money. What about jpmorgan is it a buy . Yes i think of all the u. S. Banks, this is one that you absolutely want to buy especially on dips i think you can trade them because i think youll get that up and down back and forth with Interest Rates and what peoples outlook is as far as when the fed will move next thats not the only drooier but a significant one. Id say keep an eye on jpmorgan. Id buy it on dips lastly, anthony in North Carolina lowes has not been moving with the market has it peaked, topped out or room to grow lowes is up 30 for the year you not only have earnings expansion but multiple expansion. I still like the stock i trimmed it back as it became too large a position this is company you want to buy. Josh, mentioned the mortgage numbers. People are spending a lot of money in their homes and lowes is right in the sweet spot i would pick a spot. Okay. Thank you all. Oil is near three month lows getting smoked right now more than 7 for wti where does it go from here futures crew will tell you next on the half. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. At morgan stanley, a global collective of thought leaders offers investors a broader view. We see companies protecting the bottom line by putting people first. We see a bright future, still hungry for the ingenuity of those ready for the next challenge. Today, we are translating decades of experience into strategies for the road ahead. We are morgan stanley. Into strategies for the road ahead. music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Lets do the futures outlook now. Crude oil is getting hammered on fears of demand. Here we have jim iuorio and bill baruch bill, whats your take first it stayed buoyant weakness in the u. S. Dollar, six weeks of drawdowns in the inventories and hopes that china would increase purchases of u. S. Oil from a record high in july it was really waiting for a shoe to drop as crude did not track equities higher. Over the weekend you had news that china had a sharp drop in imports over august, so that was a complete fallback on that story. It opens the door for more selling. Im looking for 35 to be a good area to be a buyer jim, are we technically in trouble here or what yes, and this is so irritating to me two weeks ago when it looked like it was breaking out to the upside and it traded at 43. 05 on the upside and i should have got in then. It traded at ample times allowing me to get out now the trade is down, some april highs in june. Lows are between 35. 90 and 35. 60. 35. 90 is the low in tracement. I think 35, i think your risk reward then becomes to the upside bill baruch, jim iuorio, appreciate it. Well take a break and do final trades on the other side we got no free pass. Everything we have, weve earned. The unmistakable lexus is. Get zero percent financing on the 2020 is 300. Experience amazing at your lexus dealer. Experience amazing i cant wiat to share at ts big 5g news. shouting through the glass at t has nationwide 5g . Yup and thats faster . Faster, yea but is it reliable . Ah huh and secure you should consider making a big deal about it bigger . I said bigger oh, bigbigger deal bigger than what im doing . Its not complicated. A 5g Network Needs a 5g device. Now everyone including existing customers can get a free Samsung Galaxy note20 after tradein. We are back. I want to do final trades in a moment steph, though, all right buffetts trimming wells what do we do now . Yes, he is. I dont do much, right i think the reason he sold some wells, and he still owns a position size in it, i think he did it because he wanted to have room for bank of america remember last month he was buying bank of america for Something Like 14 straight consecutive days wells is a turnaround story, bank of america is a strong execution story. Theyve already gone through the construction phase, right . I think charlie south is a great ceo for wells fargo. He is a new ce o. He has signed on six executive team leaders i think its going to happen at some point in the meantime, in the. 16 times book, i think its not bad. Patience is needed here patience. What do you got, buddy . Xpo logistics this company has done well, but it will do really well when we open josh brown . In a housing boom, you want to be long in Title Insurance. I have a new position in stc, stewart information services, which is the fourth largest title insurer in america be careful, its a small cap, but im in there so youre a big believer, still n the housing play youre still into homes, too, right . Yeah. I just think there is going to be a generational boom in housing with all the millennials choosing homes versus the city i dont think a vaccine changes that its a shift in mindset. And when you have this many homes turning over, that plays directly into companies that supply that. So home depot and lowes have already been big winners the next phase is people are going to look at Mortgage Companies that will look at Title Insurance as another opportunity to play that good stuff. Doc j. Docusign. I sold my trades and put it into mcdonalds. They have a great drivethru business and i like the management team. Good stuff, everybody the exchange starts right now. Thank you, scott, and welcome to the exchange, everybody. We are monitoring another big selloff today. In fact, the nasdaq is down nearly 10 right now from its recent highs to hit that level we would need to trade down to 10,850. That should be a squiggly line because were not there yet. Were at 11,832 right now, but look at the action where we got pretty close to there. We opened up substantially lower than we are right now, just above the