Transcripts For FBC Making Money With Charles Payne 20240713

Comeback next meant. All that and so much more on making money. Charles stocks popping pretty nice for the second straight stay, in part due to better news on the coronavirus. Also moments ago, treasury secretary Steve Mnuchin tweets at the president s direction, the direction of president real donald trump, i spoke with senator schumer, Speaker Pelosi and gop leader to secure additional 250 billion for the ppp loan program to make sure Small Businesses get money they need. Of course this rally too, is just oldfashioned, buying begets buying. Maybe some pros trying to catch up. Now after breaking key resistance early this morning, folks, i want you to take a look because the dow 50 day moving average, even the 200day moving average are well within range. Could 25,000 actually be back in play this soon . I want to bring in our experts right now, bellpointe Asset Management chief Market Strategist david nelson, Divine Capital dani hughes. Let me start with you, my man. A lot of resolve. The market is doing pretty good. This jump out of the gate is remarkable. While we saw better coronavirus news around the world, this feels like it is more panic buying and we havent seen panic buying in a long time. It has been a couple weeks since the last round of panic buying. Today some of the more challenged companies are up the most, Carnival Cruises of the world. Kohls im looking at. Macys is having a good day here. I would still caution investors, you need to scrub your Balance Sheet for a lot of these companies. Some of these companies will not make it on the other side. That is what weve done. Im focused on areas Like Technology that are cashrich. Charles i get that, dani, i look at quality of these names, kohls up 27 , capri up 18 . Van heusen up 16 . I find it hard to believe this is just ma and pa investors doing this someone is making a lot of money on these broken names. That is very true, even action in broadly held names like boeing has been wild, it has been absolutely wild. We live in a World Without reliable earnings intelligence and that is a big reason why were seeing these kinds of swings and a lot of that is driven by algorithms and smart money and fear. Looks like the market completed first leg down in this correction but two things to keep in mind. For every downtrend you get a relief rally. For every high directional move, it is convoluted and timeconsuming t will take time for the market to regain consensus after this shock. What this shock entails dealing with a storm of downward earnings revisions. Charles dani, the first leg down. How many legs should we be bracing for . I, it is an unknown, charles. This is really are ground we have not tread on before. The entire economy has taken a sharp stop. Were really, in market were looking ahead four to six months and were seeing the light at the end of the tunnel. But a lot of that is moving target. We dont know what is in store for us after we come out of the shutdown. Charles but, david, we do know we will come out of this whole period at some point. While you could argue we dont know what the e is in pe, the earnings are, we know the, there are a lot of companies that will exist, that will dominate. There are companies that were already taking market share. There were Companies Even yesterday, last night, samsung reported earnings. Looking phenomenal. Making internet faster, wider, gaming so there are even, even among this carnage if you will some names that are standing out but on a before then would you assume that Great Companies prior to the coronavirus would be Great Companies coming out of the coronavirus . I would agree with that. I think the other side of this is going to be different. You know, certainly some industries will be more challenged. Obviously hotels, cruise lines. Travel will be a lot different. I think once we have viral testing that could give a lot of confidence to the economy. Clearly Great Companies, apples of the world, microsoft, amazon, these companies will survive. Why im focused in that area. Even those companies with debt on their Balance Sheet they have another cash to weather the storm, they could pay of the debt tomorrow. Charles right. Challenged companies with a lot of debt, you know, suddenly if youve been cut in half in the market cap, youre not two times levered. Youre significantly higher than that. Charles for both of you, i start with you, danny, are you making adjustments . I tell you there are stocks i put out there the last three or four weeks potentially buy and holds taken them off the table. One was uber. I got lucky, made 20 . Uber eats, with the big contracts theyre getting. The stock doesnt look that great. I thought i was lucky but a big gain. Are you doing anything, dani, with the approach, considering how wild the swings are, there is a lot of money to be made . Youre absolutely right. Were looking at Balance Sheets. Were looking at companies that will be able to pay dividends over time that will come out of this, if not stronger, at least a lot more with an eye towards the forward future. You know, a lot of companies have actually suspended or cut their dividend entirely. So there has been change in our portfolios because of that. And were looking at the opportunity, too, in places like energy. I know i keep harping on this every time we talk but you got to look at the price of oil, think, well if were in complete shutdown right now, what will happen when things turn back up . Were looking at companies with great Balance Sheets that well be able to take advantage. Charles all right. Dani, david, thank you both very much, appreciate it. Now the stimulus hasnt been out there long enough or solid enough for some of these larger names like a nissan for instance. The Company Announced theyre following 10,000 workers at plants in mississippi and tennessee. Theyre looking for loan funding increase on thursday. I want to bring in congressman mark green. Thanks for joining us. I thought about you with the nissan news. It is hitting every single state, some differently than others. How do you feel about where we are now, potentially extra 200 billion to this fund. Well, charles, thanks for having me on your show. It is really sad when, we put the economy at a full stop, that decreased the demand for services and companies are having to do these layoffs. It is unfortunate, it is tragic but it is kind of where we are. We need the economy going again as quickly as possible. The stimulus package, the cares act was part of that, the Small Business association loans, weve seen just billions of dollars being applied for. Weve seen a little bit of a, you know, slowdown in some of that today. Well kind up getting through the money pretty quickly, it was roughly 3,350,000,000,000. Charles right. As long as we stay targeted on payroll protection piece im comfortable with it but we have to be careful. If Speaker Pelosi gets involved, throwing more work at this thing, it will be more harm to the economy and market than what we need to happen. We make sure anything they do is targeted. That piece of this cares act is the best part of the act and we should, you know, once that down payment is out the door charles yet, sir, with all due respect some would argue if it was the best part, why there was 500 billion for larger businesses, yadayada goes on. With all due respect i think nancy pelosi has handled the republicans. Whatever is out there is being pushed into the bill. I think it should be more than 350 billion out the gate. At least the administration recognizes that, making some adjustments but there is talk about phase four package that could have everything that hasnt been include and were talking the kitchen sink and Everything Else. Sure. Charles would you be willing to oppose Something Like that . Absolutely. Well push back on all the additional pork she tries to put in it. We cannot tolerate that, markets economy, debt, will not work for the country. The other day when we voted with this particular plan we pull ad lot of stuff she had in there, Green New Deal stuff, we pulled all of that out and got, we still had to heat a little bit of pork to get help both checks to the public and businesses their loans. Hopefully this next piece will be very targeted and focused on that, small bus business portion. Charles talk about oversight. This is major debate. President trump removing glen fine. I read where nancy pelosi wants to appoint some one from elizabeth warrens campaign to be part of an oversight commission. I thought oversight was already built into this plan . Absolutely. We not only have a House Oversight committee, we put three additional oversight mechanisms into the care act. We dont need anymore government oversight. We certainly dont need what nancy pelosi wants it to be, more impeachment, mueller stuff. All theyre doing is trying to detract from the president s job. Thats it. That is the purpose of whatever she has got going now because there is plenty of oversight already built into the house of representatives. We dont need it. Charles youve been pretty critical of china and whats happened there. Of course in addition to, in the beginning of this, now apparently they have gone on a full offensive with this Public Relations Campaign Around the world. Some would call it a misinformation Campaign Around the world. What has you most upset about all of this . I think, you know, the most egregious thing is, you take a look at italy, they actually donated ppe to china early on and then when they needed it china charged them for the same ppe back. If you can believe that. It is unconscionable. The virus came from their wet markets which we insisted that they close down after the sars infection. And yet here we are again. They basically kept the data from the world and we have had this massive impact, not only the health of the world but the global economy. And then theyre rushing in to be the rescuer . Its pretty egregious and frustrating. Honestly they need to own it. This is their virus and they need to pay for it. Charles well i know that you wont, you will be relentless as well, you will stay on top of it. We appreciate your time. Congressman green, thank you very much. Thanks, charles. Have a good day. Charles folks if youre an individual or Small Business ownwer a question about layoffs, unemployment loans, rent Everything Else involving this whole crisis and trying to live through it on thursday im hosting a virtual town hall, America Works together, with panel of experts well navigate through your biggest financial challenges. Plus were looking for questions to ask President Trumps top economic advisor, larry kudlow. Email questions to invested in you foxbusiness. Com. Send us a video on the fox business facebook page. I want to hear from you. You can be part of the show. The u. S. Is gearing up to import millions of n95 respirators from overseas. Im getting reaction from former trump trade advisor curtis ellis after the break. Morgan ortegas will bring update on bringing stranded americans home from around the world. Trelegy the power of 1,2,3 trelegy 1,2,3 trelegy man with trelegy and the power of 1, 2, 3, im breathing better. 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We have reached an agreement very amicable agreement with 3m for the delivery of an additional 55. 5 million high quality face masks, facemaskses each month so that were going to be getting over the next couple of months 166. 5 Million Masks for our Front Line Health Care workers. So the 3m saga ends. Charles President Trump expressing gratitude to 3m after a public spat over that company producing p pppes. This as governors around the country put out urgent call for ventilators and masks, many looking to china for help. Here to join me, former trump trade advisor curtis ellis, curtis, i was frustrated with the whole thing involved with 3m. Then they put out a communique they were trying to do humanitarian things. I thought it was, they made it even worse suggesting that the white house didnt want them to help other parts of the country or the world, but this underscores a problem that you have talked about for so long, these big businesses, manufacturing things in china, and we have to go begging for hate in hand in the middle of a crisis. Yeah, it is really more than unfortunate, it is despicable, it is unacceptable. 48 countries around the world have put export restrictions in place on medical equipment, on medical goods like this, which goes to show the globalist fantasy of we can have Global Supply chains and nothing could possibly go wrong, is just that a fantasy. When push comes to shove, National Governments will look out for what is good for their own citizens and they will, they dont give a fig about Global Supply chains, globalism, et cetera. We sue unfortunately in the case of 3m. They are so invested of their Global Supply chains they jettisoned the needs of american people, it who then they were selling distributors who were exporting the goods. Theyre not entirely to blame all themselves. China was sending out its agents to scour the globe and buy up a lot of this equipment on a global scale and then hoard it in china to really, basically cripple the worlds response to the pandemic but this whole fantasy we can have Global Supply chains for critical goods, the coronavirus pandemic exposed the danger of that governing philosophy of multinational companies. Charles curtis, though you have to wonder, if it is too late to undo this . There was talk of perhaps putting a tariff on Saudi Arabia Oil to help save our oil producers. It makes no sense to be importing that much oil when were sitting on such a glut but it feels like, but some people in that industry, in that industry said no, we cant do it because of the supply chain. It feels this whole supply chain is the gordion knot, that it cant be undone. That is ridiculous. Global supply chains built last 20 or 30 years. Maybe 40 years if you look that far back. Mostly last 20 years. Last antibiotic plant in the United States closed in 2004. So we had supply chains in this country. There is no reason we cant do it again. And ill just give them their own medicine right back to them. They have keep telling Us Manufacturing is a very small part of the economy. We are mostly a service economy. If that is the case, we can afford to pay a little bit more to manufacture in this country because manufacturing is a very small part of the economy. So if you add a little bit to a little part of the economy it is quite affordable. We absolutely must do it. Charles touche, my trend, touche, curtis ellis, very much appreciate it. Thank you, charles. Keep up the good work. Charles coming up, folks, i have one ceo who will share how his companies workers theyre taking voluntary pay cuts to avoid laying off 20 of the staff. We are watching this market for you. Stocks up for a second day in a row. The dow pulling back show a little bit. There will be a tugofwar as the bears are beginning to pounce. Well be right back. But when youre with fidelity, 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, there are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. 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. Charles the constitution identifies we the people as ones who determine our fate. Charles you might remember dan price, that was the boss who cut his own salary and paid all of his workers a minimum of 70,000 a year . Well now, his company, gravity payments facing an uncertain future amid the coronavirus crisis. He has cut his salary now even more, to zero. Plus his employees are giving back as well, with 98 taking voluntary pay cuts to prevent lay offs. Some of these cuts as high as 50 . With me gravity payments ceo dan price. Dan, you really shocked the world, the business world, i guess it has been a couple years ago now when you initially made this move. You had big frictions within the company, i think your brother quit. You have the situation where all Small Businesses are facing a serious dilemma, you, these folks working for you are making serious sacrifices. Tell us more . Yeah, so three weeks ago, seemingly overnight we lost over half of our revenue because our clients are your restaurants, your dentists, your coffee shops, your veterinarians, all these businesses have been decimated by the coronavirus by the stayathome order. So we lost over half of our business but we took that to our employees, we shared that with them, the employees came up with something, rather than have something mandatory, lay off or pay cut. See if we organize. 98 . People. 10 people stepped up to work for free. We told them they couldnt. We had over two dozen people wanted to take at least a 50 pay cut. So it has been a very humbling moment for me as ceo. Not humbling i got an award. Like this is a really tough time to get through. Charles do you think or do you hear the echoes of maybe your brother in your ear saying these are the moments i talked about . We should have maybe paid people less, kept more cash, that rainy day became a hurricane, a deluge . Do you think about that . When business is good you can be, you were very kind and thats fine but businesses do turn from time to time . You know, i do hear that. I think thats definitely something that needs to be considered but one of the options that our industry will take, because we support all those main street Small Businesses, and because we charge half the margin to process credit cards of other companies, all of our competitors said look, you just raise your prices by 20 or 30 per client, you have 20,000 clients that youre helping, you can solve this gap. Our employees said, were not going to Small Business as dime more because theyre hurting more than any of us right now. We would rather take a cut. I do think some of our more egalitarian policies that have been controversial allow to us support the Small Businesses. In order to recover we need to go from serving 20,000 Small Businesses to 35,000 Small Businesses. That is daunting. We have never grown like that. But what we do, we give emthis technology and the tools to be able to compete in 2020 and to be able to cope with this new normal. Charles right. So we feel like we have a chance to really grow in that way. Charles dan, we want to keep watching your story. We appreciate you sharing it with us. It is a unique and it is a fantastic tale of a different way of doing business. It is obvious that the people who work for you appreciate it. Well see you again real soon, dan. Thanks. It is always a pleasure to be on with one of the kindest gentlemen on tv, thank you, charles. Charles thank you, man. Major League Baseball considering a new plan to start the season in early may now teams would have games at stadiums, but heres the thing, there is no fans. Would use robotic umpires at home plate. Grady trimble is live at Wrigley Field with more. Grady, it is intriguing reporter it is and it is hard for some people to believe, charles. The chicago cubs, theyre used to playing in arizona for spring training but under this plan all 30 of the mlbs teams would be playing their games in arizona. Well see if it actually happens there are some skeptics but as you said, the stadiums would be empty. It would be spring Training Facilities and the air southern diamondbacks field. The teams would essentially be sequestered in hotels and they would follow social distancing guidelines. That is part of the reason for the electronic umpires, so the actual umpire could stand back at least six feet from the catcher t would be interesting to see, no doubt, and fans are eager to get any sort of live sports on tv right now. So they like the idea. I know the players want to play and the fans want to watch them play so if they have to make other arrangements i think thats fine. Reporter this is from espn but the mlb is pushing back on their report a little bit. Though put out this statement that said we have not sought or received approval of any plan from federal, state or local officials and we are not ready at this time to endorse any particular format for staging games. So well have to wait and see if this happens. One thing we know for sure is that if games are played in empty stadiums, the league and the teams would lose out on a lot of revenue. About 1 3 of their revenue, charles, comes from selling tickets. Charles yeah. All right, grady, cannot wait to see the first argument between one of the players and that robotic umpire. Thanks a lot. Well see you soon. Well the state Department Working overtime to get americans home for overseas. Morgan ortegas will tell us about the massive milestone that they just hit to keep us all safe from the virus abroad. Thats coming next. Also while states to push to treat coronavirus patients with hydroxychlorquine there is another drug flying under the radar. Find out how it could also help turn the tide. Well be right back. Isnt just a department. Its a voice on the other end of the phone. A note to say youre on our mind. A willingness to come to you. The world and how we interact with each other is changing. But that will never change who we are at lexus. Now, more than ever, you and your needs come first. Find out what Service Options are available in your area at lexus. Com people first. The state Department Faces a Monumental Task getting americans home from abroad. Were talking about 45,000 americans brought back thus far but there is it still more out there and more work to be done. I would like to welcome state Department Spokesperson morgan ortegas. Thank you for joining us. Hello charles. Good to be back with you. Charles thats a lot of people. I dont think a lot of folks, americans, out there, feel like how Many Americans were sort of stranded out there. Big milestone. How many more to go . Charles, we have a little bit more than you said. We have just over 46,302 americans that have been repatriated from around the world. These are on 390 different flights and over 81 countries. So the United States state department has never seen anything of this magnitude. Often as you and i talked about when we have to repatriate people home because there has been earthquake, a Natural Disaster or violence maybe in a particular country or region but never globally. So secretary pompeo enabled this team to get 46,000 americans home. We still have another 20 to 25,000 looking to get home. Mostly from southcentral asia or from latin america from this hemisphere. Were looking to get those remaining people home this has been an unprecedented and historic effort by secretary pompeos state department. Charles speaking of your boss, secretary pompeo, you know, of course the United States has accused iran, china, russia, all spreading disinformation about the virus and trying to take advantage of this but earlier today secretary pompeo also seemed to be extending something of an olive branch. Didnt mention china by name. He did sort of allude to the wuhan labs where more people are convinced could be where the coronavirus originated from, or combination with these wet markets. Is there a different tact to get china to be a better Global Citizen considering arresting the coronavirus . Secretary pompeo has been transparent or consistent, calling for china to be transparent as well and all the other countries in the world dealing with the covid19 crisis. The Chinese Ambassador to the United States wrote an epoped yesterday in the New York Times how nations need to Work Together on this i just tweeted a few hours ago. We agreed with that sentiment, that nations do need to Work Together and we need to start a place from getting clear and accurate data. This is not about the blame game. We know this is the nos the first pan demobbing or the last pandemic the world will face together. This is devastating dealing with peoples lives and the economy. We faced ebola, we faced sars, now we have covid19. There will be a another pandemic. That is inevitable. So what we need is the truth. We need real and accurate data so all of these institutions, health organizations, cdc and others looking at this information know how to stop the pandemic in the future. Charles morgan ortegas, always great to have you on the show. We appreciate you keeping us updated on all of that. Thank you. Thank you, charles. Good to see you. Coming up in the next hour, folks, President Trump is participating in a Small Business relief update to find out how Business Owners are coping amid the latest round of stimulus relief effort and if you are a Small Business owner with a financial question, this thursday im hosting a virtual town hall. America works together, it is here 2 00 p. M. With a panel of experts well navigate through the biggest financial challenges and questions and frustrations. Send me email or video question at investedinyou foxbusiness. Com. You can send us a video at the fox business facebook page. Either way i want you to be part of the show. Meanwhile the hunt is on for a coronavirus vaccine. We have the latest developments there. Plus can an hiv drug be the answer to fighting this deadly virus . More making money after the break. music beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. 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 more than 11,000 americans have died from covid19 dr. Anthony fauci that the virus could be seasonal. Want to go to fbn am host cheryl casone. There is fevered rush to get vaccines and treatments into the pipeline. Goldman sachs has a great round of companies showing promise against the fight of the pandemic. These companies could save lives but also investment opportunities. At the top of the list gill idea sciences and regeneron. That is the patient side of. The market points to moderna, j j. Abbott labs, roche, feverishly working on a vaccine. Dr. Fauci says there will be future waves of the virus vaccines will be important down the line. Look at glaxosmithkline. They took a stake in vir biotechnology. Theyre working on antibody treatments for those afflicted. There is glaxo right now. Antibods are proceed teens that protect the body and boost the immunity of the sick. They have treed the hiv aids, other inflammatory diseases, cholera for example. A lot of promise with that one. Finally, charles, there is also a general fund to invest in the hunt for vaccines and treatments. The watkin trust which has the support of bill and medical lindh Melinda Gates and pop star madonna. Theyre asking Large Businesses to donatebillion dollars to fund through coindividual zero campaign. The Research Group is working with the World Economic forum. They will appeal to 500 business leaders, wef, world he can forerum have weekly call. They will appeal to leaders this week. To see if they get more funding to see where all of this goes. Hopefully it is to a treatment and some day a cure. Charles, back to you. Charles cheryl, thank you very much. That is a great, great news. While hydroxychlorquine is getting a lot of attention right now in the fight against the virus there is another drug that is showing promise. A drug from a company that is typically used to treat hiv and certain cancers. Now it entered into clinical trials, second round of clinical trials, phase three. It is a critical stop obviously for getting approval in the use of coronavirus patients. Bring in the president and ceo of the company. Thanks for joining us. Thank you for having me, charles. Charles tell us about this drug which right now is being used before this being studied for hiv and certain types of cancers . Who came up with this idea that maybe it could be effective against the coronavirus . Dr. Bruce harrison was the one that told us, he is our Senior Science advisor and we were fortunate that we saw hero doctor, dr. Riju from the Medical Center from university of hospital of Albert Einstein college of medicine, he reached out to us and he said that he believes in what dr. Bruce patterson is saying about the mechanism of action. I wrote four patients immediately and everything started going from there. Charles now there, is some criticism, some are saying it is a placebo study. And for a virus that is as risky as this one, it may be irresponsible, is it because of time constraints and urgency factor . The good thing about the leronlimab, it had 840 patients use i had with hiv with zero symptoms related to the product. Were about to get final application for final approval. We have patients with hiv five 1 2 years on this product without any serious adverse events related to the product. When we went forward with the coronavirus we were very surprised police andly the first two patients, one of them extubated, selfextubated immediately within three days. Results coming out right now is first 10 patients of a doctor enrolled weve seen very spectacular result. Were sending that to the fda for the first seven patients that have gone seven days. We took all of their blood samples at day zero and day seven. We saw the cd4 count as low as four. Below 200 is hiv aids they had four. They made a compact within three days. We have sevenday data really strong. So were sending to the fda asking for emergency approval perhaps. Charles now from what i understand this is for folks with mild to moderate symptoms. And what would it take to be able to, because, you know, the hydroxychlorquine criticism is that we know that it is efficacy part has been answered because it has been used for so long, and to your point perhaps this wont have the efficacy problems but how do we, how did you get it out to a broad and wider range, array of patients . So we definitely want to get fda to give us guidance but i want to make something very clear, we have 15 patients on emergency imd. They were severely sick. They were severest of severe parents according to our doctors. Now we have a phase two randomized from mild to moderate patients. That is phase two we already enrolled two patients last friday and enrolling very quickly. Fda given as you phase three, phase three for severely covid population. So the agency is working with us very strongly and very nicely. Charles cytodyn. Well keep eye on it. Were looking for some miracles here. We appreciate what is happening with your drug and product so far. Hopefully you come back on, nader, give us a little bit of an update. This is promising news. Thank you for sharing with us. Thank you for having me. Appreciate it. Want to get back to the markets. The rally fading a little bit here now. It was tested early. We were up 900 points. Came all the way back. Were being tested again. Well see if the cp effect can turn it around yet again. A lot of forces are trying to hold us back. Well tell you what you should look for at the last hour of trading so stay with us. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. In this world where people are staying at home, helpimany of lifes moments are being put on hold. At carvana, we understand that for some getting a car just cant wait. Thats why the new way to buy and sell a car is also the safer way. At carvana, you can do it all 100 online from home with a touchless delivery and pickup process to keep you safe. And for even Greater Peace of mind, all carvana cars come with a 7day return policy. So if you need to keep moving, its our goal to keep you safe. Check out carvana, the safer way to buy a car. Charles all right, folks, the market for the second straight day in a row is up, in large part on hopes the virus is slowing down around the world, also as the session began we got news of another stimulus package being in the works. Now, in fact, in moments we are about to hear from President Trump on Small Business relief efforts. Thats coming right in the very next hour. Right now, i want to get a read on these markets from key adviser group, eddie gabbhour. I think its interesting because this is one of these rallies that i think kind of caught wall street off guard a little bit when we gapped open so much this morning. A lot of the most famous bears out there have been able to opine and help push it down. Theres no, listen, when you move like these swings, we know they dont stay up. We expect more volatility. But is there anything that you see positive out of the fact that the market has been able to climb off the canvas i think in a way that would have shocked a lot of people if you said this two weeks ago . Charles i agree. I think a lot of people really, when we look at two mondays ago, they were extremely bearish and were driving those markets down even further. I think one of the positives, to your point, is looking at the vix. The vix being in the 40s is all about half of where it was. Thats a really good sign in regards to some stability in the market. But i agree with you, i think the volatility is going to continue. Its nice to see these 20 bounces. I think its unrealistic shortterm to expect that type of acceleration only because my concern of what the Economic Data is going to be and more importantly, how long this economic shutdown is going to be in place. So i think the markets going to stay on shaky ground here in the short term and any bad news, there will be selling, will be accelerated and any time you see risks higher, in my opinion, anyone that is overweight equities and thats a little out of their risk should probably look to raise cash on weeks like we have seen. Charles by the way, i want to bring in now also mahoney Asset Management ceo ken mahoney. Thanks for joining us. Your thoughts on this session and this market as we came out of one of the craziest months and one of the toughest months ever in march. I think today is interesting. You find those stocks down 70 , 80 , i think are short squeezes, frankly, airlines, cruises. I think we will see a twotiered market. I think we will see the haves and havenots. The haves will be technology. Technology led before the crisis, technology, we will use more of it now in our home work, so to speak, and we will see more of that happening. We will see the other tier i think its too early for travel, for cruise, even though we have seen encouraging numbers with flattening the curve, at the end of the day, i think its a short squeeze we are seeing today but again, i think technology is going to lead but we have had a nice rally yesterday and today. Nothing wrong with taking some chips off the table. This market will have a lot of fits and starts, plenty of opportunity down the road. Charles you know, on that note, eddie, i found that ironic that Technology Today has been the one thats been trailing. Its actually just slipped into the red before the other major indices. Its one of those kind of things thats hard to wrap my head around, i see wing stop shares shooting through the roof, Darden Restaurants every now and then gets super hot, when there is buying and you made the point earlier, the quality, the names, these arent the names you would think about buying, the brick and mortar retailers. Royal caribbean, that stock is through the roof. Carnival cruise lines. I think for me, thats my major misgiving with these efforts is that they are being led by names that i know arent really there, they dont have the fundamentals to carry this market, and im looking for better quality leadership. Absolutely. I wouldnt touch those companies at all because as you well know, these companies that are overleveraged and the demand is not going to be there, they are going to be the ones that are in the most trouble because a lot of this Collateral Damage thats happening right now because of this shutdown is not in the numbers yet. Its going to be coming down farther down the road. So the microsofts of the world, apples of the world, some people thought i was crazy last week when i made the call that i actually like Home Builders in the second half of this year because of where Interest Rates are going to be. Then in the health care space, you look at names like Johnson Johnson and United Health care group. These companies have cash, they are going to be here, and consolidation in those spaces are actually going to benefit those companies. Charles gentlemen, we talk about quality but i will say the most money on the upside, Carnival Cruise lines of the world. Gentlemen, thank you both very much. Liz claman, the market is struggling to hold on to monumental gains out the gate. We will see what happens in the last hour of trading. Liz what did you do, charles . We had such a great rally. Charles i pushed the wrong button. Liz fat fingered trades. Thats what they call it, right . Thank you very much. This morning it sure looked like the bear would retreat but just about four minutes ago, the s p lost half of the points it needed to climb out of the bear cave. We are still left, there is still green on the screen. However, todays rally is quickly evaporating. The dow at one point was up 937 points at the highs, on hopes the stimulus spigot will open wider. That really hasnt changed when it comes to the news but you can see now the dow is up 155 points. The s p 500, wch