Transcripts For FBC Making Money With Charles Payne 20240713

And Michael Mccaul from texas if theyre singing from the same hymn sheets. As we are increasing coronavirus cases where are we on possible vaccines . I have answers for you and so much more on making money. Charles all right, so the market is up. Were off the highs of the session, off the lows of the session. There is optimism, however, possibly russia, saudi arabia and Oil Production cuts. It started earlier this morning when President Trump tweeting, just spoke to my friend mbs, of saudi arabia and who spoke to russian president Vladmir Putin and i expect we hope they will be cutting back approximately 10 million barrels, maybe substantially more if we get it will be great for the oil and gas industry. Congress works on phase four of the coronavirus funding package very shortly. Initial jobless claims spiking to 6. 6 million added your again to that. I want to bring in clear stead managing director, jim awad, on the phone, Francis Newton stacy. Jim awad, let me start with you first. Everything is oversold you could argue to a degree and the market looking for leadership, certainly oil stocks used to drive this market higher. How important is it that we get some sort of a truce in the oil patch and we get these oil stocks up and maybe stave off some of the economic damage in this country . Right, it would be very helpful because usually Oil Prices Going down helpful to the consumer but the consumer isnt driving and you hurt equity to debt. A lot of debt market is to shale oil companies. You stablize the equity valuations of the Energy Sector and improve the high yield debt market which would flow through the rest of the debt market which would be helpful to the economy and the debt market f they can do it it would be terrific the key will be the execution. That is a big cut back the president is talking about. Charles in fact, Francis Newton stacy, President Trump added additional tweet, maybe 15 million in cuts. Im not sure that the number is whats important but as much as them ending what has been a suicidallal mission for all countries involved. West tex intermediate got up to 25. We were at 65 a barrel not long ago. How critical this important sector of our economy gets some relief . The disappointment in the oil and disagreement between the saudis and russia is conflated with the coronavirus. Now it is looking like conflating with the end of massive bull run and role over in the deb cycle. Taking pressure off this would be huge. Oil Companies Take Interest Rate dividend and stocks are battered. That being said that will help things tremendously. I dont know if saudi and russia come to the table i think there may be offhand thing where theyre joining with the u. S. Feeling some pain, feeling that trump gotten our production efforts to overtake that of the world and i think weve seen, so far one bankruptcy in the whiting exploration, which is a tiny little oil company. So just remains to be seen what their real tactic is. Theyre also feeling pain. How long can they endure Lower Oil Prices versus how much pressure do they put on the u. S. . I expect it to get resolved because i dont think the saudis and russians can with stand this very long but i dont know it will happen in the next 24 or 48 hours. Trump production i expect oil stocks to hang in there for the moment. Charles whiting is a Small Company now but a few years ago it was almost a 300dollar stock. I should know, i was in it on the way down. Let me ask both of you, i start with you, jim, we talk all the time on the show about sentiment, often referring to individual investor sentiment, but im reading word that a lot of folks think the professionals, institutional Money Managers are too optimistic. A new report out says institutions, 11 are very bullish about the market over the next year. 47 are bullish about the market over the next year. That is a clear sign that the market has to go lower. Do you buy into that . Yeah, no, i think it is too early to get bullish. You need further clarity on the virus and and on its effect on the economy. Youre not going to know that for at least another 30 days. Then the second debate is going to be, what kind of a recovery is it . Goldman put out a estimate earlier this week that Second Quarter gnp would be down 34 but rebound 19 in the Third Quarter but today bank of america said Second Quarter down 30 , Third Quarter downtown 1 . You some consensus what it will look like on the other side. We need information on the virus, effect, the depth of the recession and the shape of the recovery. So i do think a year or two from now, this will have been a good buying opportunity. But it could take several more months to gain the kind of confidence that youre referring to. Charles francis, i will give you the last word, is it too early . Yeah, it is too early. Lets put this into the context of recessions, when they accompany bear markets sell off on average 42 . A 45 sell off would put the s p at 1859. A 50 sell off, we got 57 in 08, would put it at 1640. We were in the 96 percentile of valuation. And anytime were in the 96 percentile of valuation you have about a 50 sell off that occurs in the dotcom era. That is what occurs in the Global Financial crisis. Charles right. Other thing that hasnt been baked in, we expect unemployment 10 times worse than the Global Financial crisis. So i agree with your other guest. This is not the bottom. And we have some more pain, more bad news to bake in. Charles okay. Jim and stacy, thank you both very, very much. For more on the initial jobless claims report today, brings in Kings College manhattan chair of business brian brenberg. Brian, it is really tough. We look at numbers like this. Obviously we were referencing some of the big bear markets. Those are associated with some of the worst recessions in this country. That is essentially what were looking at right now with the numbers today, arent we . These are brutal numbers, charles. There is no sugar coating that but it is important for us to talk what are we going to do about this . And i think the conversation in this country, charles, is so split between those who say all we can think about the health side of this problem and those who are saying all we can think about the economic side of this problem. We need to talk about both. This is not an issue of inconvenience for workers. This is an issue of being able to do everyday fundamental things, pay their bills. So we need political leaders and we need businesses to step up in ways that they havent yet to show americans that capitalism can survive this situation and we can thrive once we get through it. But these numbers are very scary for people right now. Charles no doubt but, okay, when you talk about this issue, we want to save as many lives as possible, we want to save our health care system, make sure the Hospital System doesnt break down, and we want to save our economy. It is a heck of a juggling act. What would you suggest, for instance, to these big businesses that they arent doing now they could probably step up more, brian. Well look, this is an opportunity, the 2008, 2009, recession capitalism took a huge hit, no question about it, justified or not. I look at this situation, i think it is a moment where big businesses especially can step up to the plate say, you know what . We know were going to get through this. We know it is temporary. We know it is hard now but instead of immediately looking at the job cut, were going to look at alternatives. Instead of immediately looking at furloughing workers, well talk about ways to keep people on the payroll, we can pivot. You have got to be creative, charles a moment for creativity. Im concerned too many businesses looking at stimulus packages you know what . Well drop employees, well cut our losses, wait this thing out. When they do that, they do damage to their brand and to the brand of capitalism. We need something more creative than that right now. Charles yeah, i agree. Listen, they have been doing damage to the brand of capitalism for a long time, getting away with it. I think this is the moment of truth, to your point. What about companies, for instance, are still buying back stock but laying people off . We just talked about whiting petroleum, one of the guests referenced that. A few days before they filed for bankruptcy, they paid executives 15 million of bonuses. That is madness. How can you bail out the oil industry, not a major player but a known player doing hijinks and shenanigans like that . Absolutely. It is a pr disaster but more fundamentally it is a disaster of Decision Making an a total absence much leadership among the business community. Now some businesses are stepping up, lets be clear. Weve seen many of them up there on the podium talking about ways theyre fulfilling important needs right now. Lets not forget that, but i got to tell you, im talking to Small Business owners. They really want to keep people on their payroll. Theyre looking for access to capital to make sure they can get through this. The government has a responsibility, sba has a responsibility to make sure they do that but im seeing that out of Small Businesses. I want to see the same thing out of some of these larger businesses, these big employers. I want to see them dig deep here. It is shot a shortterm play, charles, it will be shortterm play for them but the longterm to do business in free market, capitalistic economy, right now we need those kind of defenders. Charles youre right. But the Small Businesses, know folks that work for them on personal level, i remember in the tech bubble crash, i had over 50 employees, i ended up going down to 10. It was heart breaking to lay the people off, brian. One worked for me. She was high school intern. After high school i hired her. I cried when i had to lay her off. It is hard. Small businesses are doing that. So ironic when Large Business immediately fire everyone and want them to get on government programs. It is really tough. No, i think Small Businesses right now are looking for a bridge, charles. I have people calling me all the time, how do i get access to going . I dont want to lay people off. I want to keep them here. I want to keep them moving forward. We need to have clear instruction how to do that. Part of the stimulus bill supported them for that. To me this is one of those moments where businesses have to try to play the long game. It is big businesses that have the capital, should have the capital, should have the wherewithal to dig a little bit deeper say, im going to take a bigger hit short term, it will hurt earnings, hurt my profile short term but long term it will give me reputation in the market and benefit me and i am willing to do that right now. Charles i hope theyre listening, brian that would be a wonderful thing in many ways. That would be great. Good to see you. Charles florida facing a stayathome order after heavy scrutiny. Is china covering up their part in the spread of the virus . Well cover that next. Nah. Not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. 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Gordon, more and more people are wondering, questioning china, questioning their numbers, questioning their intent. You saw a lot of this ahead of time, so put it all in perspective . Where are we now and more importantly which could or should be done . Right now, charles, china is reporting infections, like 36 for instance, yesterday, but theyre saying all of these cases are imported. In other words chinese nationals returning to china. In the last two weeks they have reported only three in country transmissions and two of those were from imported cases but the problem right now i think china is going through a second wave of infections. We see that because theyre closing down attractions, parks, all sorts of things, canceling events. That is an indication they believe there are a substantial number of incountry transmissions that do not involve imported cases. As we to forward, weve got to be concerned that we do not, for instance, start lifting travel restrictions on china, because on our theory there is no, no problem there anymore. Charles yeah, well, i have seen those reports and thats always been the question, but you know, what people are saying even going just a little bit deeper than that, the idea maybe they recognized this problem sooner. Maybe they kept it under wraps too long. Maybe they could have shared more information with the United States. By the way, how culpable is the World Health Organization did not call this a pandemic until it appeared china had it under control . Most important aspect of that, charles, which is absolutely critical, im glad you raised it, chinese doctors in wuhan knew there were humantohuman transmissions as early as the second week in december but china did not talk about this until january 20, when they had a famous virologist go on state tv. There was no formal acknowledgment of that until the 21st, the following day. But in the interim, countries like the United States were lulled into believing there were no Community Transmissions and World Health Organization on january 14th, issued a infamous tweet, based on the information from china, there appears to be no humantohuman transmissions. That i think lulled a lot of countries into not taking precautions. Charles where do we go from here . The postmortem on this will have a lot of people looking back to say, okay, now what do we do . How do we address the level of, of chinas culpability, if you will . I think the most important thing, you know, people talking about reparations and all sorts of things, seizures of treasurys, lets put that aside for the moment. I think the most important thing weve got to realize that the communist system has not reformed since the sars epidemic of 20032003. As a matter of fact its behavior this time is been worse. Were probably reduce the size and volume of trade we have with china and nature of our relations because the only way we can protect ourselves really Going Forward is to have less contact with china. I know people dont want to do that. There is a lot of reasons not to do it but when you look at the, epidemic potential and also some of the other things Going Forward, weve got to be really concerned. Charles at least america as the where with all to do that. Italy may be too far over the rubicon having almost sold themselves to china. Gordon, youve been spot on for these things. Market more or less sideways right now. Well be right back. 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. Which most pills dont. Charles lots of news coming out of the state of florida which has now ordered a stayathome order with the governor there but just a lot of confusion this week whether it was stayathome order, which many believe is late. The unemployment website crashing, and a lot of other issues. I want to bring in florida senator rick scott. Senator, thanks for joining us. Hey, charles. Yeah, there is a lot of things going on here. We have to figure out how to get the tests out. We have to figure out how to get people quarantined and get everybody safe. Charles well, whats, there was a lot of confidence for a few weeks there. All of sudden feels like the whole place is imploding. I saw a digital map earlier today of all kids there for spring break, all the places they went to afterwards. Essentially covers all the east coast, most of the midwest and most southern states. A lot of this obviously is hindsight but you were governor. You understand the parts, rigors of all of this, how do you turn this around . By the way well the unemployment sites be working . People need of course to get those section . Well, first off, we have a plan. We have to take this seriously everybody. We can stop this, because if it doesnt infect another body it stops. So isolate yourself if you can. Weve got to get this testing up, got to get results quickly. Probably my biggest frustration right now it is hard to get a test, and if you get a test, you might take 10 or 12 days to get results. Thats wrong. Next, if you get a test, youre positive, you have to quarantine, everybody around you has to quarantine f we do that, were going to stop this as you know under the cares act we put in more money and the on unempl. Its a record levels, i know the individual runs it in florida ken lawson will work his tail off to make sure people get the unemployment. Just record numbers of people getting on all of a sudden. Charles right, right. Listen, i understand, there are Large Technology companies that have new products and new websites crash when there is big demand. There has never been this kind of the strain on the state. We do understand that. People are worried, they are panicking, they are desperate. They need to hear when these things could be resolved, i think more than anything else. Well, i know, i know in the case of ken lawson who runs the department of economic opportunity, he will work his tail off and he will organize the resources to get it done but what weve got to do is figure out how do we get out of this . How we get out of this, we have to stop the spread of this. We all want to get back to work. Im a business guy. People want to work in this country and so my focus is, how do we stop the spread, then how do we reopen our businesses . Weve got to figure out how to reopen our businesses. Charles there is no doubt about that. That is one of the reasons driven home of course this morning by the 6. 6 million unemployment claims, about a phase four rescue package. We all hesitate to call it stimulus because it is about keeping us alive. Small businesses, mediumsized businesses, gig workers where are you on this . Because the wishlist is long. If there were fiscal conservatives upset with phase three, they will go nuts when they see everything on the fable for phase four. Where are you right now . First off, we have got to understand, we already have 23 trillion worth of debt. Were running trillion dollar deficits. Now the last bill well run multitrillion dollar deficit this year. Well focus our time who is getting hurt. Make sure people that have lost their jobs, we help them. Make sure the Small Businesses, weve got to help them stay afloat and get this behind us. So im glad with the last bill, we helped unemployed and we helped the Small Businesses. Im not out for bailouts of big companies. Charles would you support another bill, sir . Im sorry, senator scott, with all due respect, there is time delay, would you be in favor of additional aid . If there was, charles if there was something that we, didnt, werent able to help person unemployed or Small Businesses im allin. If it is just going to be a liberal bill going to do things, more money for the kennedy center, more none any for National Endowment of the arts, im not in. Weve got to get a return on dollars we spent. It is somebodys money or future taxes. Charles senator rick scott, always appreciate you coming on. I know it is a difficult time. We appreciate when anytime you can share it with us. Well talk to you real soon. Thanks, charles. The other side of all of this, the big question marks that keep coming out, vaccines. Everyone is talking about vaccines. Dr. Fauci always talking about it and there is news every day on this trend. There i want to bring cheryl casone, cheryl . Those were his exact words last night. U. S. Officials have been working as you know with moderna to develop a vaccine. Human trials begin march 16th. He seems pretty bullish about it, we could have vaccine in production in 12 months. That is at earliest but that is fast in fda land. Additionally dr. Deborah birx is reaching out to companies and universities to work on rapid testing. We have smartest minds out there trying to find vaccines and trippets for covid19. Also on vaccines, brittish american tobacco, believe it or not make lucky strike and dunhill cigarettes be they are working on a vaccines. They found a antibody that fights covid19. Theyre using genetically modified tobacco plants. They may show progress. Well see. The company came up with a drug that treated ebola a few years ago. They have a u. S. Decision that works on this type of thing. That is something to watch from that company. There is a new study from the new York Institute of technology that look at countries that have mandatory tuberculosis vaccines in place. They found that those countries had relatively low numbers of cases. Guess who two of those countries are, charles . Japan and south korea. In contrast u. S. And italy only recommend vaccines for only those considered highrisk for contracting tuberculosis. There is research happening. We need to find the right cure at the end. Day, charles. Charles absolutely. Cheryl, thank you so, so much. For more on this i want to bring in dr. Janette nesheiwat, one much my favorite physicians in this area. Dr. Neshiwat, first of all moderna, this could be the ultimate gamechanger. The we heard a lot about this. Stock market seen the stock go up pretty nicely. How do you feel or what do you know about this . Hey, charles, i feel great about this vaccine because vaccines historically, we know, as a medical doctor, they save lives and it is affecting in particular will save thousands if not millions of lives around the globe. The only problem is, i wish we had it now. It will be about a year or so, but the good news there is no evidence that this strain of coronavirus is mutating in such a way that the vaccine will not work. So it is already under trial. It is just a matter of getting it on the market and weve already volunteers. I would be a volunteer to take it right now but it has to go through itses to check for safety, efficacy. Will it cause sideeffects, harmful sideeffects to cause disability . It is definitely on track. This is very reassuring. It gives us hope. We need it now. We cant rush the process more than we already are. It will truly save a lot of lives. That is a blessing. This vaccine, charles, in addition to this therapeutics and medications under trial, we have so many antiviral medications and antibiotics that have Antiviral Properties that will help save lives. Charles right. You know, doc, it is interesting, long before this, this crisis reared its ugly head there was some complaint about the drug approval process in america that we had the longest one in the world. That it could cost one to two billion dollars, three phases, new drug application, and sometimes even drill a dry hole. So british america, they say they can produce three million doses after vaccine theyre working on. It will go into human trials by june. I dont know if the rules are more lax in the uk or in europe but theyre talking about producing a vaccine in a couple of months. Hey, good for them. Here in the United States our priority is not causing harm and not giving and injecting substance that might cause death in some people. We have to check for safety and efficacy. Otherwise we have people dying from coronavirus. We dont want people dying from vaccines that are not properly tested, that might cause severe disability and disease in certain patients. So that is important. Thats great that they, you know have one coming out in june. I dont think they are as stringent with their rules and guidelines as we are in the United States but ours is still underway. If they will come out with one in june, that is fantastic. I hope it works and maybe well take a look to see what theyre using and take that into consideration to be used here in our country as well. Charles all right. Well always great talking to you, doc. Well see you again real soon. Appreciate it. Market is more or less sideways trying to find a spark here. Well talk about that. Also technical analysis, is that the key to when you should be buying this market . Well be right back. Heading in a new direction. 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A chart formation i agree the most bullish chart formation out there, however i disagree on the idea you must get down to a doublebottom. Great recession bear market, there the s p 500 hit a bottom on march 9th at 676. Then it moved higher, it moved higher and never looked back. Later in 2009 i could argue, reverse head and shoulders, cup and handle formation, bicycles, but certainly no doublebottom. This is what im looking for, on the upside, there are key numbers, 2262 and 2711 for me are huge on the downside. Yes i agree we could retest the doublebottom. I have dont think we have to. I will bring one of the best chartists out there. He is technician. Dr barton. Known for your technical work. I gave you my version of it all. What do you think . Well, charles, i was just sitting here like, like a pig in slop while youre talking about cups and handles and heads and shoulders and doublebottoms. It was a beautiful thing. You know a lot of the stuff you said was so very good and we dont have to go back and test that bottom again. I think to get constructively move up, however, this, this time and you rarely, never hear me say this, this time is different because were not dealing just with the technicals. We got an outside force that we have to overcome. The first time, charles, that we get some good news, that were starting to bend this curve over, here in the u. S. And in europe i think all of the other bets are off and this market is going to be like a rocket ship. Charles do you glean anything out of the spurts we get to the upside occasionally . There was a week ago where we had those major three sessions in a row that were absolutely phenomenal . Even doctor, dr, when President Trump put out the tweets about oil and saudi arabia and russia, the Dow Jones Industrial average made a 600 point reversal to the upside in a blink of an eye. Does that just speak to how oversold we are, or does that speak how much dry powder there is on the sidelines that could rush into this market if they got the allclear . Perfect. I do think, charles, there is a lot of cash on the sidelines that will do that but there is also a lot of new cash coming in with monetary stimulus weve seen, a fed with a Balance Sheet that is north of five trillion now, 2 trillion coming in through fiscal stimulus, thats going to hit the markets sometime and when it does, that is when well get the rocket ship. I think number you talked about, 2192, the low in the s p 500, regardless, pretty much about Everything Else that is going on, i would be amazed if we dont get a bounce off of that the first time we see it and get some sort of upside. But i think between now and then this balance of, we dont know what is happening with the virus and fear of missing out, that all of that money will take this market higher will keep us in highly volatile neck snapping environment for the next weeks and months until we get some more clarity on the health issue. Charles on the health issue, dr, what are you looking at . Im looking at globally if the trend are flattening with major countries in europe now. Some of them are showing fewer new cases, fewer new deaths. Obviously i think we want to get to the a apex here in country. Say it es next week, april 15th or 16th like some models suggest, could the market take something from that if the numbers start to drift lower and lower . I believe that would be a very huge key, charles, if we do start to see that, that curve turn over, the rate of growth curve, not just the number of new cases but the rate of growth curve start to, start to turn down here, that would be huge but the other things that im looking at very closely right now, are some of the places that havent been hit yet, that are starting to grow. They probably havent been doing enough testing. Im talking about huge populations in india, indonesia and bangladesh. Turkey is starting to grow right now. We have to keep a close eye on those. Theyre already doing some real quarantine stuff especially in india, but im watching those multiple times a day. Charles dr, i have got just 30 seconds but have you been buying anything, have you been selling . What are some things youre doing in the volatility . There are ways to make quick money on both the up and downside . Boeing gave us a gift. Ive been short going that i just took off before i got on the show here, charles, that has been a huge gift. I think were going to see that kind of volatility in all these potential, these potential bailout candidates. But i do like ehealth and teledock Going Forward. Our health care is going to change. I like them as paradigm shifters and those are some stocks im in. Charles i played both of them in the last month. Im out of both of them and theyre both on my watch list. Dr barton, you are the best. Hey, folks, if you own Luckin Coffee this aint your lucky day. I know. I own Luckin Coffee. Im upset at the major New York Stock Exchange and other changes for lack of scrutiny. Why do they keep allowing chinese names to list when they have not done their due diligence. Were paying a heavy price for it folks. I will tell you more when i come back. I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Charles shares of china based Luckin Coffee sinking after an internal investigation found that its coo fabricated sales. Lauren simonetti has more. Lauren, maybe it was always too good to be true . Lauren hey, charles, this is chinas biggest rival, starbucks biggest rival, luckin could havefy. Yeah, they found last year their coo and some other executives fabricated transactions to the tune of 310 million. Muddy waters research, actually shorted the stock back in january and at the time, this is what they tweeted. We saw a report alleging fraud on the number of items sold per store inflated by at least 69 in the Third Quarter and 88 in the fourth quarter. Well, charles, it turned out that that report that they received at the time was accurate, after Luckin Coffee investigation. In fact luckin he telling investors dont rely on the Financial Statements for the first nine months of 2019. Remember they ipod in may of 2019 at 17 a share. They hit a high of 40 in january. Now today, they went as low as 4. 91, charles. So that is how serious this downfall has been after this report of fake transactions. But it raises the question, as we look at scrutiny of Chinese Companies and Foreign Companies that are listed here in the United States there is about 150 Chinese Companies listed in the u. S. , do they undergo the same scrutiny as u. S. And other Companies Listed here and the answer is, not really. If you remember two senators, both van hollen and kennedy urged the u. S. Trade representative as part of the trade deal to make audit access imperative to list here in the u. S. In fact i will quote something from senator marco rubio, that he wrote over the sumner in the wall street journal, while u. S. Regulators inspect audits of u. S. Listed firms, beijing consistently challenges these efforts and restricts access to their data citing National Security concerns. So after this story, out of Luckin Coffee, will we see the Trump Administration consider delisting some Chinese Listed Companies here in the u. S. . Charles . Charles i remember they actively talked about slowing down at least making them adhere to the same scrutiny as u. S. Companies which seems logical. Not xenophobic. Lauren, thank you very much. What a crazy story. By the way i do own some Luckin Coffee. Not too lucky. Speaking much not too lucky, the number of couples filing divorce in china are through the roof after long periods of covid19 confinement this could be warning for United States and countries anywhere else because of isolation at home. We have wall street journal jillian melchior. Is jillian with us . Well be right back. Announcer there are everyday actions to help prevent the spread of respiratory diseases. Wash your hands. Avoid close contact with people who are sick. Avoid touching your eyes, nose and mouth. Stay home when you are sick. Cover your cough or sneeze. Clean and disinfect frequently touched objects with household cleaning spray. For more information, visit cdc. Gov covid19. This message brought to you by the National Association of broadcasters and this station. Of broadcasters new fixodent ultra dual power provides you with an unbeatable hold and strong seal against food infiltrations. Fixodent. And forget it. Charles folks, i am excited to announce that im hosting a virtual town hall, America Works together. Its going to be on april 9th, 2 00 p. M. Eastern with the help of a panel of experts. We will navigate through your biggest financial questions during this pandemic. So if you are an individual or Small Business owner with questions, email your questions at invested in you f you foxbusiness. Com or tweet me with hash tag America Works together. We will get through this together. The number of couples filing for divorce in china has reportedly gone through the roof. This after long periods of covid19 confinement. Of course, this trend could be a warning for couples in the United States and anywhere else that are in the early stages of isolation. Here to discuss, the wall street journal opinion writer jillian melchior. On the phone hello. Thanks for having me. Charles i saw this thing and im saying to myself golly, i thought this was going to rekindle the flame but obviously its done the exact opposite. People spend a couple months together, say you know what, this just aint working out. Yeah. I think this is the kind of crisis that has the potential to make or break a marriage. Im skyping right now from my backyard. My husband is giving a teleconference. I think those compromises have potential to save a marriage during crises like this, being considerate about the people we are going through this weird situation with. Charles so interesting. A week or two ago in the uk they told people who were dating, either get married now or break up. This is amazing. There are going to be so many societal changes. I would think because im a rosecolored glasses guy, maybe it would bring couples together. It might just actually expose problems just as the covid19 shutdown is exposing any vulnerabilities we had in this economy, it could expose any sort of problems we were living with day to day but perhaps ignoring. Yeah. I mean, i think one of the weirder societal elements of this is its giving us all a moment to pause, think about whats important, to have those long conversations and if you are in a relationship right now, its a good time to be deliberate about that. Take the time you are given and use it to your advantage. Charles im going to have to let you go. Its great seeing you. Wish you the very best. We will talk again real soon. Thanks. Charles folks, the markets been in a real tight trading range. Stocks and oil were down, then up huge, and we will go to the final hour of trading and we have the jobs report tomorrow. How do we hash all of this out . I want to bring in point wealthview management david dietze. One thing about this session so far, david, is that we have been in a narrow trading range. It hasnt been 1,000 point swings on the dow. Two weeks ago, we were actually seeing 2,000 points in a single session. So to me, even the lower volatility is a good sign. Obviously, though the wouldbe buyers are looking for some symbols they are not getting just yet. I dont think david dietze hears me yet, do you . Okay. Little delay. David, how you feeling about this market . Charles, its so faint, i cant hear him. I can hear you. Charles okay. You know what . Lets work on davids thing for a moment. Let me talk a little about todays session, because again, we were down early in the session and now we were up big, now we are just up slightly. While we work on david, i want to bring in cheryl casone. You know, i do like the session in the sense that we are in a very tight trading range and we havent been in a range like this, believe it or not, 600 points on the dow is tight compared to 2,000, it feels a little more orderly and it feels like we are accepting things, right . Cheryl well, look what we saw last week. Remember we had, what, three straight sessions, i think it was out of six sessions we had five to the upside for the dow. Youre right, the range wasnt so dramatic. There was still a lot of volatility in the market but at the same time, to see those up arrows, you could see people kind of searching for the bottom. Not that we wont have rough days but look, the dow is up 164, 168 right now, charles. We knew that unemployment report, initial claims report was going to be rough. It was worse than estimates, almost double what the estimates were, but at the end of the day, it seems to me especially looking at the notes from the banks, talking to analysts like you, experts like you, we really i think at this point are trying to find kind of that new normal for the market. Its not pretty, its painful, people are losing their jobs, businesses are shut, but these markets, you have said it before, we have hope, we know we will come back. Its not going to be tomorrow, its not going to be next week, but eventually these markets will come back. Its probably the Third Quarter. Charles all right. Lets go back to david dietze for a moment. On that note, the markets, if things are like they have always been, will come back before the nation officially comes back. It will sense that we are on the cusp of a recovery of sorts. What are you looking for . So you know, fundamentally, this is a health care disaster. I think really, as an analyst, you want to be looking at the progression of the virus and youre looking for some signs of stabilization and ultimately abatement. One thing thats giving Institutional Investors hope here is of course looking over in asia, we have definitely seen that. I know everyone is skeptical about the information coming out of china but we have seen a number of American Companies reopen their stores, even in hardhit italy and spain, we are seeing some sort of stabilization. Of course, here, the eye of the storm is just approaching. But we do know there is an eye and there is going to be some abatement on the other side. I would like to see the number of recoveries start to approach the number of new infections but as you point out, the markets going to move well ahead of the headlines. Charles david, are you buying anything . Have you done anything in this market . Does anything look attractive to you enough despite the nearterm risk to buy anything yet . Absolutely. We are basically conservative but we have a constructive Asset Allocation with each of our clients and quite frankly, say they were 70 30, they are coming in at 62 stocks, we are of course checking with them to make sure they still have a long term horizon, no surprise withdrawals required but we are bouncing right back up to that equity target. We are looking at chevron, anheuser busch, general electric, capital one. Charles all right, my friend. I love that you give us names and we always hold you to account. Im really surprised about general electric. We will pick up on that a little later. Folks, the dow is back up. We are up 219 points. Believe me, we will take it. We know a lot is going to change over the next 60 minutes. Thats when my friend liz claman will take you through the final, most exciting hour of trading. Liz . Liz i hope it doesnt change, charles. Lets keep green on the screen. Charles i hope it gets better. Liz we do i know. I know. Exactly. Thats the way i take the change. All right, my friend. See you in a bit. Two fronts to the bull and bear battle have opened up as we head into this final hour of trade. Oil moonshot. More than 23 , outweighing the devastating rise in weekly jobless claims. The bulls have an edge on both fronts. Crude oil right now in the aftermarket session Still Holding on to 22 gains. The Dow Jones Industrials up 269. Weve got the s p up 32 and the nasdaq is up 55. Russell showing a little bit of weakness now for the small caps but theres still tha s