Charles coming up my oneonone interview with Vice President mike pence plus Small Businesses expected to get some relief this week as job losses continue to grow. Reaction from former Small Business administrator Linda Mcmahon. All that and so much or an making money. Charles markets stumble out of the gate this morning as investors reacted to sobering news on the potential coronavirus deaths, not so much by selling but many investors are staying on the sideline while the Coronavirus Task force models for a potential peak in the next couple weeks. Wall street is modeling the Lasting Impact of the shutdown to society and it is sure to change in many, many ways. For the most part this is largely a guessing game for the market, beginning with tomorrows initial jobless claims. To be sure there is a school of thought that the market is already oversold and perhaps underestimating the resolve of the American Public and our economy that by the way was a juggernaut before the terrible pandemic reared its ugly head. The biggest losers in todays session are sectors investors normally seek shelter in difficult times. I find it pretty interesting, utilities, real estate, those names are lower. In the meantime new safe havens are big box retailers, supermarkets, soup makers and companies that keep our homes clean from germs. As this virus is distant memory there will be calls for the market to retest the lows of this route. While the white house painting a grim picture of the looming coronavirus death toll over the next two weeks, remember Task Force Says up to 240,000 americans can do. A war of words of those thinking Economic Impact of social distancing makes it a worse thing than the virus and americans who think anticapitalism politics need to say in place. I talk about all of this and much more with Vice President mike pence. All right, sir, as the head of the white house Coronavirus Task force the American Public was hit with some very sobering numbers last night, a minimum range between 100,000 and 240,000 deaths in the ensuing weeks. Can you give us an update from that line of thinking to just really, zero in on how those numbers were, how you arrived at those numbers and what else can be done to perhaps make it less critical, less, to dr. Faucis point, perhaps we dont have to hit those numbers . Charles, it is good to be with you and thank you for the question because i think dr. Fauci touched on what we all hope also came through to the American People. Weve been following the data every single day since the president stood up the white house Coronavirus Task force in january. And when he tapped me to lead it now more than a month ago, we have been working working with dr. Deborah birx, one much the leading doctors on Infectious Diseases in the world to try and model to where we think we are headed in the coronavirus epidemic in this country and late last week looking at the progress weve made because of the mitigation efforts, the millions of americans put into effect over the last 15 days, and because of the strong efforts by states Like Washington and california, new york, and new jersey, she came forward to the president with the very latest numbers. But they are just projections and let me be very clear, we hope for better. And the American People need to know that our future is in their hands. That it is the reason why the president made the decision on the spot saturday, to extend for 30 more days the president s coronavirus guidelines for america. We continue to make it clear that we want the American People to focus, and be attentive to their state and local authorities in areas where there is significant outbreak but the way we hasten the day we put the coronavirus behind us as a nation and the way we lower the number of heartbreaking losses in this country is by putting into practice the 30 days to slow the spread. And the president thought it was important that the American People see the same data that he had seen in making that call and were very confident, just as tens of millions of americans did in the last 15 days, that were going to see families all across this country put the health of America First and recognize that by all of us doing all that we can, that well, well lower the number of losses and we also will reach that, that part of this where we can once again begin to reopen america and put america back to work. Charles i agree with you 100 . It feels like all hands on deck and the American Public is certainly behind you. Im looking at the chris murray model, it suggests that april 16th could be sort of the Highwater Mark if you will. 2600 deaths. How often is the team reevaluating its own modeling to, to give us an update in terms of, again, maybe these projections are too high, maybe theyre too low and also how will it inform, just how much longer the nation has to be shut down . Well, you speak about the murray modeling and what i can tell you is that dr. Deborah birx and her team did modeling that very closely aligned to what, what the murray modeling suggested, charles, an that was the information that was presented to the president over this weekend when he made the decision to call on every american, regardless of whether youre in a community that is impacted by coronavirus, to continue to avoid gatherings of more than 10, work from home if you can, use a drivethrough instead of going into restaurants, if youre sick, stay home, all of those principles are available. Although i must say to you, charles, as youre a great champion much American Free enterprise, im sitting here at the Walmart Distribution Center in virginia. This is one of the, one of the companies that we will refer to as critical infrastructure. These are the folks that are keeping food on the table, you know, from the farmers working in the field to the Distribution Center here, over 1000 strong, people are coming to work every day. Theyre loading those 18 wheelers. I had a truck driver today talk to me how proud all of our truckers justifiably are, theyre keeping the Food Supplies rolling. You saw the president bring the Grocery Store owner more than a month ago, they all committed, all the Grocery Stores are staying open, many have hours for seniors, so we protect those more vulnerable. The food supply in america is strong. Were developing vaccines and therapies at a record level. Weve spun up a whole new approach to testing in america. It is all because President Trump engaged free enterprise, the private sector in america in an unprecedented, all of america Publicprivate Partnership and in conjunction with all of our federal health officials, in conjunction with the great leadership at state levels, in conjunction with all the Incredible Health care workers, working in hospitals, icus and Emergency Rooms every day, i know well get through this, and well get through it together. Charles it is interesting that you brought that up. Again, it is amazing when we talk about essential workers. Neil were talking about workers at a pet shop store, when i suggest to you that i think the fate of freemarket capitalism is on the line right now and the administration and big business have got to show the American People that this is the best system, and youre going to have a lot of folks saying, hey, people are uninsured, people who are being left out, you have private equity saying they want to get paid by the federal government. This to me is the moment of truth when capitalism is being tested and it is your administration, you and President Trump have got to it it is the to prove it is the best way to go about life . I actually think American Business is proving that every day. Other than the pride that we have, for the courageous doctors and nurses and health car workers in this country that are on the front lines, i know President Trump and i couldnt be more proud of the way American Businesses have stepped forward. Literally every business we reached out to and asked us to increase medical supplies, or help us construct more of the n95 masks for Health Care Workers or build ventilators, every business has said, well drop anything, well go to work, well make it happen and companies like, like this Distribution Center that im at here in virginia, im telling you the fact that you have farmers in the field working, you have got Grocery Store clerks working the check out counter, keeping food on the table for every american, what youre seeing is the American People are rising to the challenge, our businesses across the country are rising to the challenge, the president announced this weekend two of the Largest HealthInsurance Companies in america waved all copays on, not coronavirus testing but coronavirus treatment. I mean it is remarkable, i had one company tell me the other day that they were building ventilators and they were going to do it on a notforprofit basis. This is america at its best. We know were all in this together and we have a president , who from very early on has taken one unprecedented step after another. I mean suspending all travel from china. Screening all passengers from south korea and italy. The suspending travel from europe, uk, ireland. But in the midst of all of that, what the president already has done, charles, is bring american industry to the table and say we need you to step up. This is all hands on deck and American Industries has responded as never before in my lifetime. Charles Vice President pence, i want to say thank you for your efforts. We appreciate it. Also thank you for taking the time. I appreciate it. I hope to see you again very soon, sir. Thank you thank you, charles. Charles it was an honor to interview Vice President pence. All america working towards defeating this surge that is destroying us and testing us in ways we have never seen before. I want to get back to the markets, folks. Stocks kicking in the new quarter of the year in the red. We have you covered all throughout the hour. The adp report shows massive Small Business job losses. Coming up at 2 35 i will ask Linda Mcmahon if the Small Business administration is up for its biggest challenge ever. First one doctor, helps to fight the pandemic, what this two weeks of pain really means for all of us. You wouldnt accept an incomplete job from anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. Shbecause xfinity mobilehen ygives you more flexible data. You can choose to share data between lines, mix with unlimited, or switch it up at any time. All on the most reliable wireless network. Which means you can save money without compromising on coverage. Get more flexible data, the most reliable network, and more savings. Plus, get 300 off when you buy a new Samsung Galaxy s20 ultra. Thats simple. 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Hospitals as we know already overwhelmed. So what will the situation look like over these next tough two or three weeks . I want to bring in boardcertified physician, dr. Jen caudill. Dr. Caudill, i looked at other modeling, suggests that april 16th could be a Highwater Mark, where we have 2600 people announced in this country dead and somewhere we see fewer increases as we hit the peak and socalled flattening. Is that how you may think it may work out . Well that is what many of models are actually showing. Last night in the press conference, dr. Birx went through the modeling and sort of showed us what the trend could look like. We heard numbers anywhere from 100,000 to 240,000 deaths potentially with this modeling, even with mitigation efforts. Yes, the apex is sort of around april 16th, the next couple weeks. Charles, we have known, suspected for a while it was going to worse before it gets better. That is what these models are predig. I do want to say though, there is hope because we still, we can have affect this greatly. If anything i feel like these models are even more of a reason to really forge ahead, doing those things we need to do like social distancing, hand washing, things of that nature. Charles yeah i agree with you. If someone hadnt been taken this seriously up to this point, certainly after reading or watching last night they are. To that point also, it is been said one of the biggest issues was the three problems we had. Obviously the health of our society, the health of our economy, and also the health of our medical system that we could not overwhelm it. That is running on a parallel track as well where im reading april 15th, 16th, is the point where we get, we run out of things. Related. Charles so it does add extra sense of urgency, doesnt it . It does and that is actually one of the biggest problems with this model, not only the fact that were having deaths period, because we know any death is a death too many, but also, as we have more people becoming ill and sick which is what these models are predicting, we also have more people going into the health care system, requiring ventilators, requiring beds, requiring icu beds. As you accurately said, the models are predicting we will overwhelm our capacity. One of the reasons why many of our state leaders and National Leaders have been calling on additional supplies. As the health care provider, im a family physician, im seeing patients via telemedicine right now, were talking about the lack of personal protective equipment were experiencing now in hospitals. If this is what is happening now, imagine what might happen in couple weeks when we expect these numbers to be much higher . The need and request for ventilators and for all the machines, all hands on deck, this has to happen now. Something that Anthony Fauci charles, mentioned during the press conference he said about the numbers, yes, we need to anticipate these numbers but we dont need to necessarily accept them as inevitable. We certainly hope the numbers are not inevitable, that well be able to beat this curve but we need to plan for it and that does make me nervous with the numbers we have now in terms of beds and equipment and what we project we could need. Charles dr. Caudill, it also seems like the medical industry, particularly doctors started to change their tune a little bit on nonmedical workers wearing masks. Initially i was told i didnt need one, you know, and then, looks like, maybe we do, certainly, certainly that is what were hearing from Scott Gottlieb and others these days, everyone should be wearing a mask . Yeah. It is such a change in tune. I think i was on your show back in january, february, march, we were talking about this before saying no, these people who are asymptomatic should not be wearing masks. I was saying it too like the rest of the world. Looks like the cdc is in discussions to reevaluate whether that recommendation still stands. One of the ideas driving reconsideration of this principle or the recommendation is this idea we think number about people who are spreading coronavirus may actually be those who are asymptomatic. You may have no symptoms but theyre spreading it. They dont know they have it but spreading through upper respiratory droplets. Masks are intended to keep our stuff to us. If youre sick, not to get other people sick, not the other way around. That is one of the reasons why it is sort of being reconsidered. Maybe there is asymptomatic spread we could mitigate with the masks. However, charles, this cannot be should not be the expense of masked health care providers. We are not talking about masks they use. I think my colleagues would agree about this. It doesnt minimize mitigation efforts we need to put in place. We have to wash our hands, social distance, do all the things weve been talking about all along. Charles i appreciate your help through all of this. I think there has been something of a learning curve for everybody. Dr. Caudill, thank you very much thank you. Charles meanwhile folks, stocks are deep in the red. Coming up next some of my favorite market watchers on what we should be looking for with the market visavis with pandemic and it will be a tough summer but there also could be some interesting opportunities as well. But when youre with fi, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. A partner who makes sure every step is clear, their medicare options. Ere people go to learn about before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . 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Gary, modeling is impossible but certainly feels like a major difference between us hitting socalled apex, flattening the curve this month as opposed to may, as opposed to june, how much of a difference would this all make to your approach to this investing in this market . If we end up going into may or june all bets are off. I worry about the lows that we hit last monday. When i heard the task force meeting, 100, 200,000, ran to the Johns Hopkins site, only already saw 4,000. Were doing and my staff, dont usually do, im a technician first but im also a fundamentalist, looking past the whole thing, man, oh, man, will there be gargantuan opportunities when all said and done. We just normalize things. We dont have to be off to the races. Just normalization of major gains Going Forward but i think we would have what i would call nasty to do first. Charles courtney, a prime example of that of course is a week ago, when the dow rallied out of bear market territory, full 11day bear market. To garys point, there is some amazing opportunities here but the timing on entering them, you may think the coast is clear and we could lose another big leg down to the downside. So how are you managing all of this . I think because you take this in stride, realize there will be ups and downs here. There are opportunities to take advantage of. Last week you bring up a really good example. The markets did really well last week that was in light of us finally getting the first day unemployment, which were not some great numbers. Despite that the markets were up 6 the day we heard the unemployment numbers and they were up almost 13 for the week. That is good reminder the fact that the markets are forwardlooking an theyre pricing in the fact were going to get this data. Seeing more bad data coming out will not necessarily be bad thing for markets. You want to start adding money back in as opportunities arise. There will be opportunities Going Forward. I would keep dry powder here so we can take advantage of it again if there is more opportunity. Charles phil, three weeks ago, last you and i spoke, you really cautious out of last year coming into this year. You made big money and banked it. Certainly the market overall has gotten cheaper since then, so what have you been doing. Right now, im kind of holding on. I have 10 cash in my portfolios but be honest with you im really starting to allocate money around the reason why im seeing three phases of this. Phase one is shock and awe. We saw that. The market sold off dramatically and really had to find its footing. The last six or seven days we found its footing. Well trade sideways for a while, good news, bad news, phase three we capitulate griped higher i believe early may. We see that, we track italy. Were in the same vein but probably better. That is the right timeline. I begin to enter the market in the next week, two weeks, the bad news comes out now, there in lies your opportunity. Charles gary, to that point, it feels like believe it or not to me, as i watch tick by tick, some selling exhaustion if you will, monday through friday, 3 45 last week we saw tremendous resolve. This monday we saw pretty good resolve. Even yesterday we didnt sell, sell, sell off until the last hour of trading. Is this such a thing as sellers running out of sellers . I havent seen that yet, charles. I will see if the big low last week holds. I will start to see it in leadership names that i follow, not just yet. We have been in 100 cash right near since the highs. I lost my mind for one day and bought a couple of things and realized i dont want to wake up with 1000 point drop on the open. So i am just on the outside looking in but i am really frothing at the mouth because you know my favorite names in the growth land, they are priced much lower than where they were and im almost ready, just not there yet. And again were in the most news driven environment ever times 1000, i dont want to be one day too late. Excuse me i would rather be one day too late, not one day too early right now. Charles i dont have a lot of time, so courtney, i want to get you and phil in real quick, where are you looking . You talk about adding over the next couple weeks, courtney. Is there any specific area . Because it feels like leadership is changing here a little bit. It is and were really just making sure with all of our clients this is really the time you need to make sure youre diversified because we are going to see some leaders come out first and foremost. The big question is what is going to happen . A lot of analysis is going i dont know reason right now. Youre seeing people pricing in emotion. You really want to make sure youre not trying to pick and choose any Certain Companies here. We want to be spread out over the Global Markets right now. Neil charles phil are you licking your chops for norwegian cruise lines or looking for something Higher Quality . [inaudible]. Walmart youre getting cheap. Costco getting cheap. Walmart is adding people. You have opportunity to buy great names at discounted price. Regardless what the market does here. Buy cheap, formula for longterm success. Charles we appreciate it. Small businesses as we all know are the backbone of our economy and they are in crisis mode. Coming up i will ask Linda Mcmahon, if the Small Business administration is up for the biggest challenge ever . Thats next. Charles the Coronavirus Relief package sets aside nearly 350 billion to relieve Small Businesses. The loans will be provided at low Interest Rates and sba can also forgive a portion of those loans that cover payroll costs, rent, utilities, mortar interest. Treasury secretary Steve Mnuchin said that he expects to process, the process to begin on friday but folks, there are some concerns about the sba. Will they be able to live up to this, to handle such a significant sum in such a short amount of time and will it be enough to actually help all Small Businesses stay afloat . With me former sba administrator, american first action chairperson, Linda Mcmahon. Linda, thanks so much for joining us. Thank you, charles, for having me. Charles so you know, Small Businesses are worried. The smallest ones are the most concerned. Firstcomefirstserve, 350 billion. There is only 1lending 1800 lending associations, what if you dont have a bank account. You know all the anxieties people are feeling. Walk us through them please. Certainly Small Businesses are the backbone of our economy. There are 30 million Small Businesses in our country. 23 million of those are sole proproprietorships there is a lot of pressure on Small Businesses that have to close their doors. They have no revenue. Some tried to keep employees employed. Others have had to lay off and furloughs. So Small Businesses are at a tough time but i think that what the administration, the president has done along with treasury is to make the loans that are going to be available and to make the process simpler. It is all fdic Lending Institutions are going to be available for these Small Businesses to go to. They can apply on line at treasury. Gov or sba. Gov. Sba has really tried to simplify this process. Ill tell you administrator has got chops. She has a good team there. She is pulling it all together to make sure all cylinders are pumping for friday. Lets not try to minimize the task this is going to be as all Small Businesses around the country are trying to get to their Lending Institution to get these loans. So it is a major task. Sba is really going it is all hands call and theyre going to be working very hard along with treasury to make sure these loans can get distributed as seamlessly and as efficiently as possible. Charles i have read where it is firstcomefirstserve. Also i heard Steve Mnuchin, treasury secretary mnuchin, if 350 billion is not enough, they will reload this thing quickly. So should, because a lot of people feeling if they dont know how to fill out the form, if you have got a business with two employees you dont have the time to do it on friday, there is anxiety and stress that comes along with this. Sure but when youre in a crunch time like this, there will that be anxiety. Treasury and sba, it is a simple form, if you go on treasury. Gov and sba. Gov look at the form it is not that complicated to fill out. Your Lending Institution will have many more of the answers for you but also at treasury, go to treasury. Gov, click on the red banner at the top. Page, it will take you to a site if you need information if youre borrower or lender, it gives you more information for you before you even go to fill out your application. There is a lot of Information Available and i would really advise our Small Businesses look at all of those first before you call your bank. The banks, there will be people in line to get these loans, thats for sure but thank goodness that treasury has put this program in place and that administrator caranze has been working so closely with the secretary mnuchin and president words were get this money out now because Small Businesses have been hurting but this is a lifeline to them. Charles right. Just so everyone knows, last night i printed this out and it is the paycheck protection program. The Application Form from the Small Business administration and it took me five seconds to do it. Linda, thank you for your service. We appreciate you coming on the air because, again, you and i know this, country runs on Small Business and they need us more than ever. We appreciate everything youve done. Thank you. Charles all right. See you soon. Meanwhile, folks, President Trump highlighting the strain that the Energy Industry is under as Oil Prices Continue to tumble. Could a bailout be coming to keep our fracking miracle alive . We are of course bracing for the weekly jobless claims. They will hit another record probably as our economy comes to a standstill. Those numbers are going to shock you. Well share them with you next. e ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. And then what happened . Wheres our family from . Was he my age . So nana and pops eloped . And then what happened, daddy . 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We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Charles oil closing a short time ago, folks, amid bigger than expected rise in u. S. Inventories and continued opec russia rift. Oil prices something weighing really right now heavily on President Trumps mind. It is hurtful to one of our biggest industries, that is the oil industry. It is really, it is not even feasible what is going on. So i spoke to president putin about that. I also spoke to the crown presence about that, saudi arabia. Reporter [inaudible] they will get together, were all going to get together. Well see what we can do. You dont want to lose an industry. You will lose an industry over it, thousands and thousands of jobs. Charles could a fourth stimulus package contain a bailout for Oil Companies . I want to go to Cheryl Casone in our new york newsroom. Cheryl . Charles, the president has been very hands on with regards to the fight between the russians and the saudis. First to the president s remarks. Saudi plan to boost supply to 12 Million Barrels per day to 9. 7barrel per day low which were at right now. This would happen in april. The kingdom loaded several supertankers with crude. The tankers are headed for europe. The saudis are not backing down. President is considering limiting oil imports into the United States that would help domestic oil and gas companies. Call it abailout, call it what you will, but u. S. Refiners imported 6. 7 Million Barrels a day of foreign oil last year, that is average. Were not off of saudi crude to be here. The report that the u. S. Will lease space in the u. S. Strategic Petroleum Reserve for u. S. Oil companies to store their oil. For the companies stockpiling at alarming rate that announcement possibly could come as soon as today. Were waiting for that. Charles, as analysts continue to warn because of the collapse of the oil contract and the Coronavirus Impact we may see consolidation, mergers in the oil industry, especially within that shale oil Company Group but these are certainly as you can see on your screen, stocks to watch. A lot of red across the board except for bp which is slightly ahead. As the market is in a route, Energy Companies are really in a bad rout, charles . Charles Whiting Petroleum filed for bankruptcy. That used toe be a 2, 300dollar stock. I made a lot of money in it. A lot of people lost a lot. Cheryl, thank you very much. You bet. Charles unemployment forecasts set a record for the second straight week. Unemployment websites around the country are still suffering major problems make it nearly impossible to even apply. Breaking it all down Agf Investments greg valliere. Greg, the consensus 3. 5 million americans filing for initial jobless claims but the highest estimate is 6. 5 million. It is almost unfathomable to even consider any of this. Just crazy numbers, charles. I think that it will probably give additional momentum to still another bill. I think a fourth bill is virtually certain. Right now in washington the few people that were still here on capitol hill are talking about what might be in a fourth bill. Charles before we get to the fourth bill, because i think it is going to be a doozy yep. Charles lets talk about the impact. I mean i dont know if you have modeled this, if you have a number yourself, greg, but if six million americans file for initial jobless claims, what does that say for the economy, what does that say for the stock market . I read earlier in the week you were becoming a little more optimistic about maybe us coming out of this . Well, i think obviously were going to get another terrible number on, tomorrow then again on friday with the unemployment number. But i do think the amount of fiscal and monetary stimulus is extraordinary. Money is no object, the sky is the limit and the next bill as you say is going to be a doozy. Charles so lets talk about it. I read a article, where private equity, private equity is saying we want a bite at the apple. The cruise industry, they dont pay american taxes they want a bite at the apple. We talked about the Oil Companies, greg. Theyre strategic. They employ hundreds of thousands of americans, millions of americans indirectly, it is a boom, it is security. They want a bite at the apple. Charities want a bite at the apple. Religious organizations want a bite at the apple. Before we get to liberal agenda on items that have nothing to do with the economy. You have got it, thats right. There is a phrase in washington we call the Christmas Tree bill. This could look like a Christmas Tree bill with lots of or or thatments on it. Democrats wanted new emissions for airplanes. There are lots of sectors in the economy including the oil sector that may get some relief. Charles before i let you go, a lot of people are saying, i told you so whenever, you talked about the amount of money, money being no object. The Federal Reserve printing money and using it in ways they have never done before. Congress coming up with a couple trillion dollars. People who talked about modern monetary theory where the fed can pay off all Student Loans or universal basic income. Theyre saying see, we told you so. This is the country should be doing all the time. My concern is that this becomes an Election Year topic. What is your thinking on that . Maybe a little later than that. I think as we go into this decade weve got a real problem, that is debt servicing costs. How do you service all this debt . For now money is no object. There are few republicans especially in the house who are getting a little concerned about this but i think the republican who makes all the difference is donald trump. I think he will spend money like there is no tomorrow. Charles you know what, i keep telling people, maybe it was prescient but america elected President Trump at the right time because other republicans probably wouldnt have done some of these things and who knows where we would be. Greg, thank you very much, my friend. Take care. Charles folks we have tough breaking news to share with you right now. As of this moment, the United States is now surpassed 200,000 coronavirus cases. It took only five days to go from 100,000 to 200,000. The cdc had predicted we would cross that line today and tomorrow night we could see a million cases around the world. Well the market is in full sell off mode at this moment and what it means for you as we head into the final and most volatile hour of trading. Well be right back. Charles stocks off the session lows but not by a lot as we head into the final hour of trading. We are all, of course, waiting with baited breath for the march jobs report on friday but more importantly, the initial jobless claims tomorrow. Adp, by the way, did come out with their report today. Did better than expected, but we know a lot of things have changed and thats why the market not responding. I want to bring in nicholas wealth managements president david nicholas. Thanks for joining. Great to be here, charles. Charles lets just talk about the market in general. So the last couple of weeks, we saw amazing market resolve. You can see theres pentup buying demand because we made one heck of a rally. Technically the market came out of bear market territory, one of the shortest bear markets in history, i think it was 11 days, but led by things like cruise ships, casino stocks, oil stocks, names that were the most broken. It felt more like bottom fishers and traders were there. Who do we need, what kind of leadership would we need to see before we felt like okay, this rally, the next rally attempt is the one investors watching this show want to participate in . Yeah. I think youre right. I think we did see a lot of bottom feeding. We saw a lot of names that shot up in value that are names to be cautious on. I think for wall street, theres just so much unknown about what the postcrisis environment looks like. I think we got to look at the stable the companies that have consistent, steady earnings growth, consistent, steady cash flow names. If you look at a company like google, you know, when you look at a company that has strong leadership, good balance sheets, good cash flow, when we see those Companies Start to take off, that gives me more certainty that this market is possibly seeing some type of certainty at a bottom. Were just not there yet. I think we will continue to see volatility in the coming weeks. Charles were not there yet. Does that mean you are in the camp that weve got to retest and hold the low, that weve got to form this double bottom, so to speak . I still dont know how we dont retest the lows. I would be shocked if we didnt. Some of it is because the earnings story will be ugly. I know wall street is forward looking but we also have to understand whats the next quarter look like after this. We dont know that. Thats where the question mark is. I think we all have to be ready, that we should retest the bottom. We may not stay there for very long and i think everyone will be looking at that 2200 number on the s p, that 2180 number, right in there. I think it will be very telling. But i just think as an investor these unknowns right now are too great. Wall street doesnt know how to price that. This is why we are trying to figure out, are we going to go back to normal, in two months from now if we get back to market levels we were a month ago, does that mean the world as we know it is back to normal . I dont know if we can say that. I dont know what the changes mean for the global economy, what does that look like, what do supply chains look like, what does travel look like two months out, what does retail sales look like. The market doesnt know that. To try to put a price on this at this point is i think premature. We are taking more of a cautious approach. We have been raising cash over the last few weeks. I feel very strongly there will be a better buying opportunity around the corner for some really good longterm valuations. Charles the market is supposed to be a sixmonth discount mechanism. In other words, you buy now for what may happen six months from now. Is it too early to assume we will get a handle on the coronavirus situation, that the new cases will plateau, that we will bend the curve or trend will start to flatten a little bit, that we will get some good news on vaccines . Because i get it, we dont know what the e is in pe but i always tell folks now, the e shouldnt set a standard for earnings, it should maybe stand for existence. Price to existence. Will google be in business six months, a year from now, six years from now and if so, is it possible that its oversold here . Yeah. Where is our case study. If you can tell me a country that has a case study, china is the one case study we have thats giving us some numbers. I dont think any of us can put any weight in the numbers coming out of china. I think its really just an unknown. A company like google, i have absolute confidence that a company like google will not be affected in what we are dealing with right now. But what does it mean for most u. S. Businesses and employers . We just dont know that yet. So i just think theres really nothing to compare to what this other side is going to look like. In a perfect scenario these are great valuations. In an unknown scenario, we could be overpaying for stocks right now. I know thats not comforting to hear but thats the reality that we are dealing with at this point. This is where i say you got to cautiously move into this market. If you dont want to be allin or allout, thats the best path forward. Charles all right. David, you know, we talk about life changing in so many ways on main street, how we are going to socialize, and you got to wonder if some things should change also on the street. Maybe passive investing, the ability to short without an uptick and some of the other actions out there. Its really, it feels like there should also be some changes that make these downside swoons so much more dramatic than they have to be. I agree, charles. I actually could not agree more. I think we have to really sit down with leaders in business like yourself charles my time is up, david. I got to hand it over to my dear friend liz claman. Liz, im buckled up because if we are down 900 points now, i know your hour is going to be another treacherous one. Liz yeah, i know. The nasdaq just hit a new session low, down about 327 points. We are watching all of this. The markets are really kicking off the Second Quarter with a kick to the ribs. Pretty much an unfunny april fools joke playing out as investors toggle between confusing economic headlines and news that the death toll from the virus is actually continuing to spike and in some cases, double over just a few days. Dow jones industrials right now down 942 points. You can check the