Now President Trump calling out president xi. I will get reaction from florida senator rick scott coming up. All that and so much more on making money. Charles the market, indices are edging lower but off the lows, off the highs. It is really nasdaq reacted most harshly from news. China will impose sweeping National Security laws in hong kong. Now resilience has been the hallmark of this market since we hit the march lows this has been a bifurcated market. The winners are up big while mass of stocks are down. Making money is harder when this happens. I want to see what happens with the big investment dilemma. Were talking about chasing winners right now if you want to ride the wave or positioning yourselves with beaten down names out of favor at the moment. Lets bring in keith fitzgerald, principal finance and Rebecca Walser of walser wealth management. Rebecca, let me start with you. I dont think people realize only 114 stocks are up on the s p 500. The average gain is 13 . If you took the top 20 names, theyre up 38 . Big names, netflix got an upgrade. It was rocking until they did Something Weird about old subscriptions. Nvidia, they report later. Theyre up again. Do you chase the winners or start repositioning into names that arent moving . That is the thing, charles. Weve had, weve been blessed having the scope of the virus shutdown kind of be masked by the big winners with big market caps, really on the forefront of everyones mind but i think buying into the dips might be better strategy in the month of may. You might see more upside strategy than chasing winners. In a period of loss for everybody else. Charles do you buy the winners on the dip though . If theyre dipping, if theyre dipping, charles. Im not buying a stock going up. That is not the plan. [laughter]. Charles i hear you. You know, keith fitzgerald, the old saying buy low, sell high, but theyre high today, get higher tomorrow, and a month later theyre even higher. It has created something of a dilemma. Well it has, charles and heres the thing, if you look at the marketplace the big run off the bottom probably already taken place. We are however, that said, one headline away from another sharp rip higher. If it is a vaccine or a cure and the difference between the old days where you wait to buy a dip, you have to be in like a rugby scrum before it starts are very apparent. I think it comes down to three things. Number one, does the company have competitive advantage, does it have cash to survive it and coronavirus prove the case for owning it . If that is the case you have to have a fiveyear horizon and you better be in to win because if you dont you will be left behind. Charles facebook, the workplace has five million paid subscribers, up two million since october. The rich get richer because the fundamentals are improving in this covid world were in. Of course this week weve been watching these retail earnings and seems like online has been the story. If you have the big online numbers. Think about it, best buy up 154 . Bjs up 350 . Star get up 14 . Lowes up 40 . Walmart with the 74 rise. Rebecca, look at other names, l brands for inches. That is rocking today. Bed, bath beyond is the biggest percentage winner. Kind of gets us back what we were talking about. Do you look look at the big wins in retail, names allowed to stay open throughout the the pandemic or other names adjusting the business models. A great question. You mentioned bed, bath beyond, that is a story basically closing store. Physical present store, move to online situation. They had to. Look at all of these. Walmart has best of both worlds. They have a huge physical presence allowed to stay open the entire time wears a mask essential service kind of business yet online the last couple years, investment they made to compete. Amazon sandbox has been incredible. They made huge strides. They are merging two merchandising platforms there to have economies of scale. That will be a long term win i think. People need to look at, go behind, peel the curtain back, look at what the fundamentals are with the business plan. If it is to stay static with big presence of stores, not build up online they will get left behind. Charles omni channel thing is coming out. Bed, bath beyond i like it also because of the new ceo although it is a highrisk idea. Yeah. Charles keith, i have to ask you about this specifically, the tensions in china, they continue to ratchet up. Now of course, were talking about making listings for these companies more oner russ. Baidu said, heck we may delist ourselves from nasdaq. What are you thinking . You know, the dip yesterday, some of these chinese names are back up. They have had good earnings. Are you buying or holding any of these chinese names . You know, charles, wears a mask you know i spend a lot of time over there. Normally i would be buying into this but i think the baidu situation is clearly pressure from beijing behind the scenes. China is extraordinarily dangerous right now because like a caged animal it will lash out. The optics backfired. They havent managed this crisis right and the world knows it. So that creates a very risky situation for investors that would otherwise turn into a profitable one. Im hesitant, very cautious at this point. The hong kong situation scares me. It could easily turn into tianamen two. Yes. Charles wow. Keith, rebecca, thank you both very much. Always appreciate when youre on. It is always a good time. Thanks, charles. Charles speaking of which, some are saying its a good time also for news to report on the spread of the coronavirus. I mean, first of all, we have the cdc news which theyre now saying that the virus does not spread wears a mask easily through touching surfaces and objects wears a mask once thought. In fact there are new studies that show antibodies were getting tested for, might actually provide immunity after all. Want to bring in fox news medical analyst dr. Nicole saphier. Dr. Saphier, i got to tell you i dont want to go to the Grocery Store because my wife makes me scrub down everything when we come home. Im scrubbing down strawberries, and scrubbing down everything and still have to wait two or three days before i eat it. Charles, good to be here. I love good news. We have good news to talk about today. I have to admit one much those people wiping things down from the Grocery Store early on. That was based on lab studies that the virus particles were living on inanimate objects. The great news out of the cdc hey, it is really unlikely you will contact the illness by touching Something Else. It doesnt seep through the skin. Wears a mask long wears a mask you dont stick your fingers in our mouth our or up your knows, you will not get the virus transmitted there is high probability of persontoperson spread whether theyre symptomatic and or asymptom tick. Avoid crowded areas or social distancing measures but good news we probably dont need to wipe down everything like we have before. I cant overemphasize how amazing that news really is. Were talking about a country that wants to reopen and some of the anxieties that we have about it. Then that is one of the major anxieties, touching something that someone who probably had covid touches just an hour before you. So, maybe if that receded a little bit that could help us restart this economy. Absolutely. This is crucial for businesses trying to open. It is also comforting for people who may be a little bit scared to leave their house. So the bottom line is, yes, we want to continue our hand hygiene, maybe dont touch your face wears a mask much but youre not getting virus wears a mask easily wears a mask we originally thought. Charles and from your medical perspective, state has are still sort of very, resisting opening up, that they have their own checklist and, what do you say to those states . We know that obviously there is concern but there is the other side of that where the people are now watching other people in other states open up and start to prosper again . Charles, you and i are both in new jersey and we are both under phil murphy and his authoritarian rule right now, not really letting things open. You can see the civil unrest that is ensuing. It is causing quite a commotion. My concern some of the actions because of such unrest may lead to a spread. If he would allow businesses to open safely. Let them prove they can do this. They still have to convince the public to come in, that theyre doing things safely. Let them do that because not only is there the economic fallout but also Mental Health issues were dealing with. They have to start allowing certain businesses to open up. They have to take things into consideration, whether or not they cant open up to max capacity because we still want to avoid those large crowds, come on, there are smart ways to open and they need to allow this to happen. Charles the news you shared with us, maybe he will stop arresting gym owners and let them return to business. Keep a lot of wipes on hand. Dr. Saphier, thank you very much. Always appreciate it. Thanks, charles. Charles now folks, potentially even more good news. The United States is really leading the way around the world when it comes to making Major Investments finding these cures. Astrazeneca has coronavirus help. Cheryl casone, federal government providing over a billion dollars for this . Reporter yeah, charles, this is big announcement this morning wears a mask you mentioned the government plunging down extraordinary 1. 2 billion to secure a supply that the Coronavirus Vaccine the company is developing. That is by october. Incredible timeline. Some say too soon. Right now it would take a vaccine 12 months to he will have and not be able to spring of 2021. It is more than money. The government will fund a 30,000 person trial starting this summer f that trial proves effective, doses would follow for the general public. President trump mentioned the deal wears a mask he was leaving the white house going to michigan a short time ago. He welcomes the announcement by astrazeneca. He said a lot of good things are happening on vaccines. The vaccine was developed by the university of Oxford Jenner institute. Other Companies Like pfizer, Johnson Johnson, moderna, wears a mask well wears a mask astrazeneca involved in this race. Those stocks are in the red. Wears a mask you saw earlier, astrazeneca is . The green. Hundred of thousands of people are dead around the world. The fact that the u. S. Government took the aggressive step proves the underlying belief until there is vaccine readily available, no one can breathe easy. It will be a difficult road for nations shuttered and locked down to safely reopen and get their economies back on track. We should add, that the u. S. Government awarded moderna 483 million, and theyre working with Johnson Johnson and frances sanofi. The real winner you saw it on the screen, you saw the stock, its astrazeneca even the uk government is throwing money at astrazeneca, 39 million. Theyre trying to secure doses. Other governments, charles, are knocking on astrazenecas door. Pretty big story this morning breaking. Back to you. Charles yeah. Getting the vaccine and also the ability to get it out to the public is the other part of that. I think there is some great foresight and investments being made. Chairman, thank you very much. You bet. Charles folks President Trump moments ago firing back against what he is calling chinas massive Disinformation Campaign about the virus. We have florida senator rick scott. He is going to weigh in next how the u. S. Might strike back. Speaking of florida, why is Mainstream Media eager to praise new York Governor Andrew Cuomo but criticize floridas Governor Desantis. Governor desantis has had enough. We succeeded. I just think people dont want to recognize it because it challenges their narrative. Across america through fee waivers and payment deferrals, helping people stay in their homes through mortgage Payment Relief efforts and donating 175 Million Dollars to help hundreds of local organizations provide food and other critical needs. When you need us, wells fargo is here to help. Charles President Trump taking nolt of chinas propaganda push to deflect blame for the coronavirus pandemic. He put out some tweets. I want to share them with you. Spokesmen speak stupidly on behalf of china trying desperately to deflect the pain and carnage their country spread throughout the world. This disinformation and propaganda attack on the United States and europe is a disgrace. It all comes from the top. That could easily been stopped, the plague, but they didnt. Senate as you know already passed a measure to punish china. The question now what else could be on the way . Bring in Florida Republican senator rick scott. Of the senator scott, the intriguing thing about the tweets, the first time President Trump alluded to president xi. Makes it feel like this cold war is heating up even more . Charles, i dont think there is a question but communist china is an adversary. The biggest thing we can do, we can pass legislation doing a lot of things but reality, stop buying anything from communist china. You get a twofer. You buy American Products for American Workers and stop buying from communist china. I have a bill to ask Companies Like amazon to disclose where things are made to make those decisions. We will ultimately sanction china. We will not let their Companies Sell things on our exchanges, stocks or bonds on our exchanges. They shouldnt are. They dont comply with our laws. They are clearly an adversary. Well build american protective gear. Well take our country back. Well not let china dominate the world. That is all xi wants to do communist china run by the communist partyp. Charles irony what you said the biggest push back not coming from china but the chamber of commerce. We saw it with the tariff war. They will not say, are you kidding me, senator scott . They will call up all the senators they write checks to, dont vote for that by we want cheap stuff coming from china and we want to open up a bunch of taco bells in china. I think American Companies have finally come to the realization communist china is not our friend. Think about all the companies devastated by what communist china did. The lack of transparency. They couldhave stopped this. They could have been transparent. They elected not to do it. They hurt all the American Companies and american jobs. Im hopeful. I have not had an American Company in the last two months call me, say, hey, you ought to back off what youre say about communist china. I think everybody is all in. The American Public is all in. They understand, this is a new cold war. Weve got to fight against an adversary and it is called the communist party of china. Charles okay. Of course, youre a hawk when it comes to i want to switch gears back at home for a moment. Youre a hawk of course on the Senate Budget committee. State bailouts are being discussed as part of the new stimulus plan. Democratic governors are threatening jobs of firstresponders and so forth are at risk here. You have been, you talked about the deficit and things like that when other politicians are staying away from that. At the moment because it feels like youre putting that ahead of the coronavirus. I mean, how do you, how do you square these two concerns . I think youve got to do both. You have got to say i care about the American Public. I want to make sure that we put the money in to make sure if youre on unemployment we help you. If you have a Small Business, we help you, you need help. We help you. But we can do these things in fiscally responsible manner. Were funding testing. Were funding vaccines. Were doing all these things. But what im not willing to do is ruin, ruin our future. You know we have, look, at all the kids in this country. Right now in 1976 we had total debt in this country, National Debt was 3 a person. Now 77,000 a person. 9,000 just with these coronavirus bills. We can do better than this. Im going to fight to make sure that florida taxpayers dont pay for all the excesses of andrew cuomo or Pension Plans of california or illinois, new jersey. That is not right. They decide what their budgets are. They should, if they want tax their citizens that way and they should do it but you know whats happening they cant tax their citizens anymore because theyre coming to florida. Charles right. They certainly are. Senator, it is always a pleasure to have these discussions with you, more so today with all the breaking news in china. Thank you very much. Thanks, charles. Charles coming up, folks, why the lockdown is exposing a major class struggle in this country. The divide is worse than we think. Also massive job losses over the virus are renewing criticism of congresswoman alexandria ocasiocortez. Remember when she had amazon, she booted amazon out of town. A lot of people wishing they were here right now. Well be right back. 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With nearly two decades in business, over a billion dollars in transactions, and more than a half a million clients worldwide, us money reserve is one of the most dependable gold distributors in america. Charles lock down continues to cripple the economy, a clear divide with the haves and havenots when it comes to reopening businesses. People wonder is that another reason to keep it down and really is it fair to have economy closed at expense of those suffering the most . Heritage Foundation Senior advisor genevieve woods, great to have you on. Good to see you, charles. Charles one of the things about the reopening campaign bothered me from the very beginning, entityies say they stand up for black communities, hispanic communities, poor people, Small Businesses have been the ones who ridiculed the white house and other administrations, local administrations wanting to reopen the economy . Well, charles i think youre seeing it unfortunately what we often see out of d. C. , a lot of politicians they think they know what to do and what is best for everybody else. They dont end up living under the same circumstances or the same laws. Whether youre talking about obamacare that lawmakers forced most of Middle America to live with, yet they had government sponsored insurance they didnt have to worry about. They could keep their doctors. Looking at things like school choice. This is where your children go to school, use this, you dont have a choice, many lawmakers send their kids to private schools. Were in the same scenarios again. Theyre not taking into consideration they still have their job. Theyre still getting a paycheck. Yet they know better for you, you need to stay home. Whether that means youre, you know, youre losing your job or Small Business is never going to recover. It is kind of the same old top down mentality that government and these educators and scientists no better than everybody else. Charles so funny you say that. Because someone had asked me or questioned me, whether they said, do you believe in science . Yeah i believe in science but i have problem with the scientists because theyre human beings. They have agendas and a lot of times their jobs are secure as theyre telling us toe wait for a vaccine. No way in the world our country could actually wait for a vaccine. Then i look at california. They have gotten the lions share of ppp money for Small Businesses but wont let them back to work. Ppp comes from taxpayers, all taxpayers chip in there. It doesnt make any sense to me. Do you think some of these places think maybe the federal government will foot the bill until were ready to reopen . That is what theyre used. Theyre used to the spigot never being turned off. Look at nancy pelosi and others they keep shuffling out the money. Look, what we know, that just like everything else, every county, every town, every state is not the same. Even within a state things are not the same. The heritage foundation, as you probably know, charles, put together the National Coronavirus recovery commission. We put out over 250 recommendations. One of the most recent ones we put forward that not just the federal government, but governors need to look at this county by county level, zip code, by zip code level. Maybe Small Businesses in the very heart of new york, maybe there is still issues there i dont know. Im not in new york. But i have to believe there is partings of new york it would be just fine if hair salons and gyms and restaurants were able to open even though keeping, you know, some precautions in place, but theyre able to open. Everybody should not be living by the same rules when the landscape is not the same everywhere you look. So i think, people really need to take a look how do we look at our local communities and allow our mayors and localities to start making more of these decisions. Charles were simpatico on that. I did a piece on this yesterday, and 10012 zip code in Greenwich Village should be open. Maybe you wait on the 10046 zip code but they should not be under the same platform. Genevieve, always a pleasure. Thank you very much. Thank you, charles. Speaking of new york, as the city continues to keep its doors shuttered leaving thousands of people unemployed there is renewed criticism of congresswoman alexandria ocasiocortez and other politicians who pushed really hard to get amazon out of the big apple. The Online Retail giant, remember as you remember, plans to scrap its headquarters here, that headquarters by the way would have provided 25,000 jobs. Instead they went to virginia. Ashley webster is with us. He has more on this growing bab lash. Ashley . Charles charles, wouldnt it be great to have a company like amazon operating in your community during a pandemic, providing a muchneeded economic boost and muchneeded jobs and salaries and vital tax revenues, not let us forget at a time when the economy basically is being slowly strangled by a lockdown. New york, long island city, to be exact could have had that economic boost, but a leftwing campaign as you have been talking about, led by congresswoman alexandria ocasiocortez forced amazon to look elsewhere, set up a second headquarters. That meant a loss of 25 to 40,000 jobs and tax revenue of 27 billion over 25 years. Now aoc called it a citizen victory over that corporation. Maybe today she is having second thoughts. I wouldnt bet on it but new york could lose half a million jobs in the next 10 months. The tax revenue decline of nearly 10 billion over the next two years. At a democratic primary debate this week, her opponent slammed her over those lost jobs. Take a listen. 25,000 jobs, that is the least you could do after driving away 27 billion in tax revenue that we could have had. Imagine if we had those jobs that you drove away right now . To help us get back on our feet . We cant tell job creators go away. No, we dont want your 25,000 jobs. Am never going to do that. Charles even, charles, the leftleaning New York Daily News questioned the loss of amazon saying, quote, partly at this time when coronavirus is ravaging incomes across new york wouldnt it be nice if the city and state at least knew that one of the Worlds Largest companies, one of the rare concerns positioned to thrive through the crisis had made a longterm commitment to locate between 25,000 and 40,000 highpaying jobs here . Yes, indeed, it would. A lot of people said you were nuts to send amazon packing and boy, here we are, struggling with a pandemic, charles, trying to get our economy back on track. Amazon is not here. By the way, close to a million new yorkers have now filed for unemployment benefits. So it is not, maybe its 2020 hindsight but my goodness, we knew it was a bad deal when amazon left in the first place but now weve had this pandemic. Just kind of rubs salt in the wound. Charles yeah. When the New York Daily News goes against aoc something is wrong because they usually cheer her antics. Of the ashley, thank you very much. Appreciate it. Nye pleasure. Charles thursday, may 28th, 11 00 a. M. Eastern Stuart Varney will be joined by dave ramsey, chris hogan for a virtual town hall. You know the drill. A business owner, question anything getting a loan, dealing with rent, unemployment, email a video of yourself to invested in you foxbusiness. Com or necessariage fox business on facebook or instagram. You want to be part of that show. Florida Governor Ron Desantis made it clear he has had enough with the lefts push toville noise his efforts to reopen his state and get people back to work. 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Got a lot of people in your profession who wax poetally for weeks and weeks how florida would be just like new york. Wait two weeks, florida will be next. Just like italy, wait two weeks. Hell, were eight weeks away from that and it hasnt happened. Charles he finally let it out, folks. You knew it was going to happen. Florida Governor Ron Desantis the maid yaw for painting him as coronavirus bogeyman while fawning all over new York Governor Andrew Cuomo. Desantis has a point. New york has vastly more cases and deaths than florida with the majority of its population still in lockdown. Why the disparaging coverage . I want to welcome conservative activist rogan hanley. Thanks for joining us. Thanks for having me on, charles. I think the biggest problem charles every day, go. I said, Governor Desantis, after landing that haymaker yesterday, i think he should change his name into ron desavage. Will overdue. Governor cuomo has 14 times the number of deaths in new york state. We have similar population as in florida. The biggest reason these high death rates are in blue states like new york, michigan, pennsylvania, is because their leaders forced infected patients into nursing homes, something that Governor Desantis did not do. And were seeing that was the right call. Charles the nursing home part of this i think is still under, really underreported. Even in new jersey, half the patients or folks who passed away were in nursing homes. That is a big mistake. One thing not known that is going to be a mistake. The idea that the media had already deemed desantis a villain. You have to College Students come down. Ron desantis pointed out most of them were from new york city. You see it a lot now. When i read headlines over the last couple weeks, look out, it is going to happen to the south, any moment now trump country, i feel like sometimes theyre wishing, i hate to say it, theyre hoping, wishing things to happen instead of responsible reporting instead of let chips fall where they may. It is a little disturbing they are not celebrating how well things are going in states reopening like florida and georgia. Everyone knew when this was just starting we need to protect the most vulnerable among us. People, secretary of health in pennsylvania actually took their mother out of a nursing home, put them in a fancy hotel before they put that policy in place. They knew, they knew. Now we have much higher deaths in these regions. So Governor Desantis, he deserves to stand up for his record and for the people of florida and frankly i think theyre needs to be a very Serious Investigation into what these governors did in forcing infected patients into the nursing homes. We all knew you quarantine infected people and protect the elderly and they did the opposite. Charles a lot of things. The postmortem on this will be long. Ironically not every media out let in new york showing cuomo love. The New York Post using their entire front page to call for an end to the citys lockdown at least. So what can be done despite shouting off the rooftops, maybe getting officials to finally let americans, officials come back to work . What do you think can be done . I think Vice President pence, President Trump are leading the way. Theyre not wearing masks. They assure people that it safe outside. Vice president pence is out in orlando yesterday with governor desavage, no masks. People having a good time. I posted a vido last week at a florida restaurant, no masks, trying to reassure people. President trump retweeted it. People in the new york, lockdown states are saying why cant we resume our normal lives like that . This economy is get being crushed. The best bail out you can do is reopen these states. It doesnt cost 3 trillion. People will be happy, america will get back to work. Charles there is no doubt that people will take strides to try to do, to be safe. That is just obvious thing. Rogan, d. C. Drano, we appreciate it very much. We appreciate it. Thank you, charles. Charles in the middle of this Global Pandemic china is getting ready to make its boldest move yet to crush hong kong dissent. Are more violent protests about to start back . Well be right back. Some Companies Still have hr stuck between employeesentering data. A. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. 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You passionately feel for this. Your reaction to this shocking news . Yeah. I think it is just heartbreaking. So what were seeing this year is the way theyre going about this, bypassing Hong Kongs Legislative Council that undermines promise of one country, two systems. Undermines legal autonomy. [inaudible] content of this legislation it is going to be used to criminalize dissent. Talk that the protesters are terrorists secessionists, really ramping up the language, that really masks what the bill would really do. If you look at the 2003 version of this which was defeated after mass protests, the maximum sentence there was life in prison. This isnt just happening with the National Security legislation. Kind of a broader crackdown on free speech in hong kong. It is for people who love this city, it is tragic. Looks like the end of their freedom. Charles well, what do you think the response is going to be . Put up a brave fight. When you say they put up similar fight during the pandemic, it really makes it even that much more difficult. It is and i think youre also seeing beijing take advantage of the pandemic. See how western countries are distracted by it. Theyre making their move. But i dont think that will stop hong kong from protesting. Not only got the National Security legislation there is a bill in the hong kong Legislative Council right now to criminalize national anthem. Youre seeing prosecution, very aggressive the prodemocracy activists [inaudible] it is very likely that the annual june 4th tianamen area memorial vigil will be canceled this year. Hong kongers are [inaudible] it is very provocative. I think many hong kongers feel like if we dont stand up now, this is our last chance. It is existential charles i agree. I think youre right. This has got to be their last stand, in less than 30 seconds, what can the administration do realistically to help . Well i think were waiting to see the state department act on the hong kong human rights and democracy act. The United States treats hong kong as a different place than Mainland China with privileges. So potentially those could be i also really like President Trump to speak out on behalf of the hong kong people. They love freedom. They wave american flags at these protests. They want what we have. Especially when were dealing with confrontational china which unleashed a china on the world. Call out what theyre doing to the people of hong kong and how theyre not living up to their international [inaudible] charles i think more and more americans will do that, without a doubt. Jillian, thank you very much. Thank you. Coming up, folks what you need to know and perhaps would be buying as we head into the final hour of trading. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. 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Are staying at home, we know times are hard and were here for you. At carvana, we understand that, for some, getting a car just cant wait. To help, were giving our customers up to 90 days to make their first payment. Shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. And for even Greater Peace of mind, all carvana cars come with a sevenday return policy. So, if you need to keep moving, were here for you. At carvana the safer way to buy a car. Charles the markets essentially flat, slightly lower as we head into the final hour of trading. We are about to hear from President Trump at a ford manufacturing facility. The market of course hoping to hear a message of optimism and reassurance. Meanwhile, individual investor, bearish sentiment in the past week declined by five percentage points. Bullishness increased by seven percentage points. Now, historically, when sentiment is above 50 , we go the other way so bearishness, that shows the market was perhaps oversold. So individual investors, maybe they are right to become more bullish. I want to ask Edward Jones Investment strategist Neal Richardson along with david dietze. Are you in that camp that if the individual investing herd is overoptimistic its time to get out, if they are overly pessimistic, its time to buy . Hi, charles. Great to be with you today. We typically see, this is not a typical market, by the way, but we typically see overconfidence in sentiment as a contrarian signal for us. Same with being overly pessimistic. But i think whats driving this rally is really important because these are unprecedented times. The stock market is looking forward, looking at a recovery that will take shape based on the medical improvements and based on the fact that the magnitude of the economic down turn will be so steep that a recovery is likely in the second half of the year. The Economic Indicators are dire, they are backward looking, so right now, there is a disconnect between what the economy is telling us, recession, high unemployment, and what the stock market is rallying on which is a lot of government stimulus and some hopeful views on vaccines. Charles to that point, david, i think we can almost, i would argue strongly that april is going to be the lowest point. All these ugly numbers we are getting, they are going to improve. To what degree, you can argue. But they are going to improve as the economy reopens. So this is a sharp recordbreaking recession, one quarter, two quarters, whatever. But you know, to the idea that markets are moving, stocks have shown resolve, what do you make of that . Well, certainly traditionally, stocks lead the economy. Stocks bottom before we hear the worst Economic News and this is a classic replay of that, where an apparent bottom march 23rd. We are going to hear q2 have some of the ugliest Economic Data but that doesnt mean stocks cant continue because remember, charles, stocks forecast conditions anywhere from 12 to 18 months out, so stocks are looking ahead on the other side of the chasm and of course, the other thing stocks are following is the direction of things. We are starting to see new car showrooms open up, restaurants open up, people getting back on planes. Thats all good news. Charles it is. You know, heres the thing. We are wrapping up earnings season. The jobs report is out. So nela, what im wondering is what will be the impetus, will it be strictly focusing on these daytoday reports on covid vaccines, treatments, hospitalizations, is this are these the kind of micro things we are looking at right now . I think we will be looking at more than that. Right now the stock market has kind of internalized the magnitude of this economic hit that was driven by covid19, but what we havent internalized and what there is still a great deal of uncertainty around is the longevity of the recession. Yes, we think there will be a recovery. We think it starts in the second half of the year. But we dont know how long it will take to reopen to prepandemic levels or how choppy and volatile this phased approach to reopening the economy will translate back to the market. So theres some bumpiness ahead and that, no one knows in terms of the future course of this path even though we all agree on destination. We dont know the length of time it takes to get there. Charles so real quick, before we run out of time, nela, less than a minute, but have you been buying anything . Have you done anything different . We have done a lot of things different, charles. First of all, we are longterm investors so we are always guided by a quality diversified approach but within all this volatility, there is opportunity and we are looking at great Balance Sheets, strong Balance Sheets that can hold their dividends that are not tied to Consumer Discretionary as much, in terms of buying opportunities. Were looking at the entire International Landscape and we think bonds are important because they can cushion that volatility. Charles all right. I dont know. I like Consumer Discretionary here. David, i will give your answer next time. Thank you both very much. Markets about where we were when we started the show. I got a feeling President Trump, you know, if he talks about these vaccines and things, particularly this astrazeneca news, could move this market. Liz yeah. You know, that news has been out, though, for several hours, so we got to get Something Else and we may very well, right, charles . Because the breaking news is the gears of the nations auto plants are starting to grind after a multimonth lockdown. Let me show you a live picture of fords plant in ipsilante, michigan. It happens to be wone of the factories ford repurposed to manufacture ventilators during the worst of the coronavirus outbreak. President trump is meeting with africanamerican leaders right now. We will then watch him take a tour in this hour. We are then told that right
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