We have all that and big show on making money. Charles stocks edging a little bit lower today as the street awaits whether we get more stimulus injected into this economy. Of course the reopenings are underway. A lot of Small Businesses need the aid. That is a big contention. Investors got a big bump when the ecb expanded their asset buying program, additional 600 billion euros, a lot more than anyone thought. Now it is 1. 35 trillion euros. In case you missed it here in the United States, we have folks, witnessed the greatest 50day rally in the stock market. People are wonder something this still a bear market rally . We have waltzer Wealth Management president , rebecca walser. Go back to march 23rd, someone says over a brew, next 50 days we set records to the upside, you say, come on. Maybe we were oversold but magnitude of this reversal has been mindboggling. It has, charles. It has been great. This is what we need, we need a rally to encourage the american investor to take a breath to retrench, i can continue on this journey. I dont have to be afraid. A lot of people are headed for the sidelines and moved to cash. Probably are regretting that right now prematurely. Charles you know, it is one thing for the american investor to see this but unfortunate i almost every time they turn on financial, read, theyre dumb for participating, b this, is overdone and will crash real soon. So theyre still anxious, still concerned. Still worried. Of course im still reading this is only a rally in a bear market, which by the way has occurred several times over the last, since the great depression. There seems to be the professionals or the mavens who watch the market, not invest for a living, but get to watch it for a living all saying the same thing . Yeah, charles, but i have to disagree. If you look at the best 50day rallies we ever had since 1957, all of them, every single one them, granted, this doesnt include a Global Pandemic, that include that exception, all had higher prices at the six month mark and 12year mark. We have a trajectory. We have a history here. Obviously we cant say it will happen again because this is a pandemic and we dont know for sure, but this is what happened . We overreacted, we shut down, we officially deflated our economy. We had back in january, all these growth were strong and artificially shut it down and turned it off. When you do that you will have earnings problems, and you will that it. People see it will reopen and reopen a lot faster than people said. I dont think this will be a temporary rally and well have a crash again. I dont think that is what will happen here. Charles i want to you know score what you said for the audience. Every single time this has happened the market has rallied additionally. If past is prologue the average return six months lait ser 10 . The average return a year later is 17 . The notion i missed this might be displaced. We talk about the pandemic being something of an asterisk. Also the accommodation. Whether it is federal governments around the world, overnight, germany or Central Banks, this morning the ecb turned everything around. 1. 35 trillion now, maybe more coming from our fed. Just how important of a role is it the fact that the Central Banks have come to the rescue . Its extremely important, charles. If we ever were going to have a relief program, the pep program in europe reminds me of the tarp program in 2018, the great recession. Has the same kind of acronym, Purchase Program during an emergency. If there is ever a time that it was warranted it is in a Global Pandemic where literally we artificially, and voluntarily shut down our economy. If you look at germany and look what they did last year. They had a surplus last year without any funding or stimulus. Merkel was dinged for that. Germany stepping up is good for that. Think of our car industry with exports and imports from that country alone and it is exactly what we need. Charles rebecca . Yeah. Charles we have to wrap it up, i want to share ideas you gave with our team. Macys you still like, Delta Air Lines and dropbox which is a stock im in. Always appreciate it, rebecca. Well talk to you real soon. Folks the first of flee memorials honoring george floyd going on as we speak. Floyd is being honored in minneapolis. The same city where he was killed by a Police Officer. Four officers are charged to varying degrees. I want to bring in from the new spirit revival center, National Diversity coalition for trump, pastor darrell scott. Pastor, we see this will be a very moving event today, some important speakers, Hezekiah Walker will be there singing. It will be moving, it will be passionate. Weve seen passion for the last week. Some you can argue is misguided certainly but there is a overwhelming message out there and sounds different than any message i heard in this country. What are you getting from it . Well this memorial to george floyd is Hezekiah Walker has been a friend of mine for years. But i do see some politicizing to this. I see people who would not otherwise have been there. Joe biden is there for political purposes i believe. Al sharpton is going to do the eulogy for political and personal purposes for his brand to continue. We have to take into account the fact that george floyd, this is turning point for our nation. This funeral will get a lot of attention and i hope everybody gets focus of the true intent is. Charles what do you think that is or should be beyond the poe politicization. We want to do this without hand cuff cuffing the police. Without undermining the police. We want to eliminate the use of excessive force. We want to eliminate the use of police retaliation. When i say retaliation, once an individual is restrained, you shouldnt retaliate against him by further actions against him. You cant cuff a guy and after you cut him punch him in the face. His death highlighted this. There will be changes as a result of George Floyds death. Charles beyond that, though, even beyond that, were seeing every day where large corporations are writing checks. You have ceos saying hey, i never knew that our companies treated people a certain way. We thought we were good. In other words societily, bigger, grander picture will this be one of those moments in time, truly can have a Significant Impact in terms of you know, just sort of a difference, or do you think maybe it will be another one of these major moments but all kind of faded as time goes on . No, i believe it is what you said the first time. It is raising National Awareness and awareness leads to action of the fact that awareness has been raised, a awareness not only has been raised but awareness has been acknowledged. There are areas we need time prove upon. There are injusts that need to be corrected. There is always a spark, always a catalyst, a personal of that moment, even though george was in very unfortunate circumstances he is going to be used more in depth, when i say used, utilized, he will do more service for this country in death than in life. Unfortunate the died the way he did but i think even he would say it if his death was a catalyst for change. Neil you worked very hard President Trump to broaden the tent and bring in more blacks an has panic voters. How do you feel about the way he handled things. Is there any suggestions you would make or make to him . You pointed out, joe biden is there, al sharpton is there, the media is there. We know it will be reported pass something where, biden cares, i dont know if there is anyone from the administration who will be attending but, this is a significant point. It will have an impact on the election . President trump cant attend because his presence would overshadow the entire evening. His presence would dominate the news cycle. You and i both are aware of that. I believe the white house will send representation but dont quote me on that. President trump is doing his part. He sent the national sent the fbi and doj in to investigate to see whether any federal laws were violated regarding his death. He expressed his condolences. He has spoken to the family. So you know has done his part, leftwing media chooses to ignore anything positive he has done on behalf of this. Theyre trying to focus on pick random parts out of tweets and highlight that or do fake news and lie on him. Charles well, that is always, that is always par for the course. I have less than a minute. I want to squeeze this in moments ago the news broke that georgias special prosecutor investigating the ahmad ash bring, that one of the alleged killers used used a racial slurr his body. You said it was racially motivated. You pushed back, something about the conservative community, youre conservative, that could be gleaned from these incidents . Yes, it is. First of all, dont jump to conclusions, especially younger once. I will be 62 years old this year. Ive been around the block a couple times. I was in the 60s when the riots were and i know racial profiling when i see it. Some of the younger conservatives were seeking to make impact on social media, they said some things i believe they will regret this was a clear incident of racial profiling on steroids led to this young mans untimely death. We dont want to try to smear, regardless of his background, he shouldnt have died that way. Regardless of George Floyds background he shouldnt have died that way. That is what it is. Lets not take it to anything else. Charles pastor scott, i really think youve been brave, youre welcome voice and i appreciate you taking the time. It will be a tough day for a lot of people. Well talk to you real soon. Thanks, man. God bless you. Charles you got it. Protesters calling for defunding of the police. Believe it or not some cities are listening. Lego pulling advertising for white house and Police Building sets. Is thereby partisan legislation when it comes to reforming Police Practices . There is a lot of movement there, i want to ask kentucky congressman thomas massie, we have a unique voting record. His thoughts. And because we dont know exactly when this crisis is going to be over and we dont know exactly when the stock market will reach its bottom, weve got to be prepared for this to last a long time. If you assume that youre out of work for nine months but you end up only being out of work for. Charles were seeing a societal shift right now with a lot of people wanting police reform, more than probably ever in this country. This of course as protests across this country, even some now demanding to defund their police departments. Companies are taking action as well. Jackie deangelis has more with the list that keeps growing. Reporter good afternoon, charles. There is a lot of crosscurrents here. I want to start with the company side of this before we get to defunding the police. Lego is actually temporarily ceasing some advertising it does for some sets that include police toys and images of the white house. You can see them right there, sending an email to some of its affiliate marketing groups, to remove product from their site and take those marketing materials down as well. When pressed on this decision lego said the move actually pertained only to Promotional Materials and they referenced us, they referred us to a recent tweet that they put out just today weve seen incorrect reports we removed lego sets from sale. To be clear it is not the case. Reports otherwise are false. Our intention was to temporarily paws Digital Advertising in response to events in the United States. We hope this clears things up. This is all coming in the wake of george floyd, the civil unrest weve seen across the country as a result of it and there is that second layer here. You have rallying cries, protesters across major cities saying defund the police department, new york, philadelphia, los angeles, minneapolis, just a few of the places where protesters are making this demand. Former nypd Police LieutenantDarren Porcher he told us this. Defunding the police in no way, shape or form is the answer. Who is going to protect us citizens . Its the police. That is the first line ever defense. So if we defund the police, we as citizens will have no protections. Reporter he also said there is a social contract in place for a reason, that protections by the government in exchange for us living free and safe, tranquil lives is something that has to be a mainstay within society. So this is something that gives you a sense of what the sentiment is out there. It is not necessarily a reality, charles, you know, but there are some feelings bubbling up to the surface right now. Companies, people, police department, they all have to address that. Charles yeah and perhaps some serious overreactions as well. Jackie, thank you very much. Meanwhile, folks in washington, Congressional Republicans are saying theyre open to legislation on improving Police Practices in major cities particularly in black communities. So is a change imminent . I would like to bring in republican congressman, House Oversight committee member, thomas massie. Just your thoughts overall before we get the minutia of a potential vote or bill. You know, defunding police, these things are not only asinine but i think they add fuel to the fire. Defunding the police is the absolute wrong thing to do. Listen, we have a healthy history in this country of separating our civilian Police Mission from our military mission. The military does one thing well, and that is to bring overwhelming deadly force to the enemy using tactics and weapons that are different than the police force. So i think as long as we maintain that separation, that healthy separation, we need to fund, fully fund our civilian police force but we dont need to turn them into the next army. Charles so would you give them, socalled militarized weapons . Where do you stand on that . You know the program that takes military equipment and gives it to civilian police force, that is fine if it is body armor or nine millimeter weapons but when you transfer tanks and military drones i i think gone over board. I have a history of voting to limit it, only weapons appropriate for civilian police force. We dont need to send them tanks and armored personnel vehicles there were a few times in the last week felt like some cities might have needed that, youre saying no, that is over board . I think it is overboard. But the problem i think is the rules of engagement may be that the mayors have imposed or maybe downsized their Police Forces and arent equipped, to deal with the civilian population. Charles right. But you know, ultimately, charles, the responsibility is not at the federal government. It is at the mayors who, most of the Police Chiefs work for the mayors. And if you dont like what is going on in your city with the police force, fire your mayor at your next election. Charles where do you stand with respect to the federal government, Congress Getting involved on trying to legislate mission policies, police tactics, things like chokeholds an things like that that are coming up and now becoming more controversial . That should be left up to the states to legislate and city mayors that have policies. I think one size fits all, top down solution from the federal government is bound to fail. It will inevitably tie the polices hands in certain situations and, while still authorizing unnecessary force in other situations. The federal government, our founders never intended for us to be the police force. Charles let me ask you about this vote, hong kong vote for the uyghurs. The vote was 4131. Yes. Charles i saw who the one was i couldnt wait to get you on the show. What is going on there . Do you feel sympathy for the uyghurs or what happened there . Look i have no support for the Chinese Communist government but i believe when you go in and try to legislate for other governments you invite them to come into your country and try to tell you what to do. Also the sanctions that you impose on these oppressive regimes, it doesnt hurt the dictators. It hurts the people that youre trying to protect. So i think a lot of times sanctions are counterproductive. I typically dont vote for them. If you see one on a sanction vote, charles, it is probably a good guess that was me voting against those sanctions. Charles all right. You know, i saw where you tweeted out that someone called you the most hated man in congress. You might not dislike that moniker . Listen, that was the openly time cnn got a headline correct calling me the most hated man in washington, d. C. Im picking up cosponsors for the bills. Now republicans are using my talking points saying we need to show up for work. Bottom line, you vote your conscience, appreciate you coming on the show. Congressman massie, thanks very much. Thank you, charles. Charles ahead of tomorrows big jobs report, were seeing a lot of signs this economy is coming back. Continuing claims ticked a little bit higher but well off the highs from two weeks ago. People say there is anxiety out there. Well attack that later in the show. Also later in the hour some are saying were witnessing a bear market rally. I will explain to you what exactly that is and what the risks are. I have two of my favorite market analysts to help us with the answers. Well be right back. Charles folks, for the first time in 10 weeks we had less than two Million People apply for initial jobless claim benefits last week maybe in part because of the gradual reopening of this country. The number of people who are receiving aid though, consecutively, 21 1 2 million, now the peak was almost 25 million two weeks ago but, it didnt go down week over week. The question is, where is all of this coming from in where are we still seeing some problems . And what about these states that reopened first. How are they faring . I want to bring in Cheryl Casone who joins us with more. There is a lot packed into that initial jobless claims, cheryl. Reporter the data is really telling. It is devastating data to be clear here. These are peoples lives that have been destroyed by this pandemic but lets first talk about the number of americans drawing unemployment claim benefits t went up 25. 1 million for the week, pace of increase not what we saw in march or april. So these numbers are slowing down. It is troubling to see safe plan to start reopening workers were still at home according to continuing claims. Experts point to the problem, several gop leaders have breath for the. Many americans make more money by not working than going back to work. That is the continuing claims story. In Fact Research from the university of chicago found that 68 of unemployed workers who can collect unemployment will get greater financial benefits by not working. A new report from the cbo, five of every six recipient would receive benefits that exceed weekly amounts they earned by working. Businesses are understanding they cant get people back in. Even with the destruction weve seen by the riots, we dont have any numbers from this yet. Talk about restaurants. Half of u. S. Restaurants are independently run. Estimated five to 10 of those expected to be closed down permanently. The unemployment picture could get worse before it even gets better. Initial applications down last week to 1. 9 million. Finally below the two million mark but still shockingly high. Before the pandemic, by the way, the record was 695,000. Were gearing up for the may jobs report coming out tomorrow morning. Estimate the for a loss of eight million jobs gone with Unemployment Rate of 19. 8 from 14point in the month of april. No matter how you slice it these numbers are devastating but the next issue will be how to get people to go back to their jobs especially places like new york, california, where theyre doing pretty well on unemployment. Charles . Charles california over 230,000, up for the week. Most states are going down. Cheryl, thank you very much. By the way, folks, we have breaking news, talking about people going back to work. It is time for tipoff. The nba season will be returning on july 31st. The Basketball League officials just now announcing it will resume the 20192020, that season was suspended due to the coronavirus. It will be a 22team tournament. The remaining games will be played at disney world in orlando, florida. The finals are set to occur in early to midoctober. Market are the seesawing back and forth. A little bit of profittaking, a little bit of waiting. 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American airlines is the latest carrier to say it is seeing slow but steady rise in travel demand. I want to bring in two of my favorite market guests for their take, Heritage Capital paul schatz i, along with Keith Fitzgerald. The Keith Fitzgerald group principal. Two weeks ago, guys, American Airlines was rumored to be filing for bankruptcy. The stock was getting hammered. Today it is up 39 . Paul, it is up 39 today. If the airlines can make it in a covid world, then we all can make it. I definitely agree with that statement. If they can make it happen, there is no other industry as challenged perhaps, an Amusement Park or big hotel but clearly, if they can figure this out, my concern is, airlines went down from 65 in the february to the low. They have had meteoric rise but still 40 below the lies. I think they will get to aint portion the stocks will anyway, they will begin to plat tau because there is still a significant population of people, im one of them, im a cautious one, im not flying rest of the year. Maybe they dont care about me but i know there is a good population of folks figuring that out from home. Theyre conducting Business Online through zoom, skype, et cetera. And i dont i this the airlines can get that big population back, forgetting about international travel. Charles yeah. International is out of the way, keith. That is perhaps one of the reasons, american which is more domestically oriented than competitors also getting a bigger bump today. Boeing, i should point out too, breaking out big time. Two firms that recently put buys on it are past their buying target. We might see more wall street firms jump on the bandwagon or those firms raise their targets but were all looking for proxies. Different signs this thing is going of course and of course as investors we want to know how we profit from them and where do you feel on these airlines . I think the airlines are fantastic. Theyre a great, let me rephrase that. Great executional element in terms of how we have to recover in this country. I also happen to think Packaging Companies for example, are a great indicator what to come, not what has been. Shopping habits will change forever. Well need to send a lot of stuff somewhere. A lot will happen on airlines. Dont forget about the freight. Charles for a long time corrugated boxes were a great tale for the economy. Demand went up, you knew economy going up, you can go long the stock. Let as talk about this market, paul. What youre talking about with the rebound in airlines you can apply to the whole market to a degree, right . The greatest 50day rally in the history of the stock market historically im talking 100 of the time, the market has gone on to rally for the next six months to a year. Can that happen again . Absolutely. A new bull market began on march 23rd. People are just fighting and disavowing and qualifying telling all the reasons why this is nothing more than, i heard bear market bounce from the day of the low when i was on this show here with you, and each and every day since. I cant believe people are going to wait until alltime highs before saying, oh, yeah, a new bull market did begin. Charles, it is not only the 50 stat you just quoted but there are like a rocket ship. Number of stocks going up on a given day. Weve had numerous thrusts there. Walter deemer, a great old technician on twitter has his own thrust. There is plenty of confirming aspects along the way that this rally is not just a bull market. Doesnt mean were going to straight to new highs tomorrow, this quarter or maybe even this summer but certainly all the elements are there for a new bull market to have launched. Charles keith, on the idea of a new bull market, this week, with have seen more of that rotation and, you know, with the tech stocks, Communication Services names, either flat or a little bit lower. Financials leading the way. Industrials are strong, material names are strong but theyre not really the theyre not heavily weighted in terms of leadership that drive enat that sees. Can we have it all . Can we have rotation into value but still see tech names go and growth names go and if so where does the money come from . Does it come out of the bond market . Does it come from the sidelines . Two questions really here. Pessimists are great telling you why youre wrong in the moment but optimists make money over the moment, over time and that is much more secure bet here. I think money comes off the sidelines. I think money comes out of the bond market. There is going to be this dramatic whooshing sound. Very shortly well have to pauls point, fomo taking over, fear of missing out and people will really pile in. You will see the markets take off. Many of the stocks im looking at i expect to double in the next 12 to 24 months. Charles gentlemen, lets leave it right there. Paul, keith, thank you always. We always appreciate it. Thank you. Charles folk going to go back to the george floyd memorial for a moment. Again it is being held at North Central university in minneapolis. Theres an array of speakers who are set to speak. A few solo performances that also are going to happen as well. One of three Memorial Services that are scheduled to remember george floyd. Well be right back. This is an athlete, twenty reps deep, sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. Charles illinois now the first u. S. State to tap the Federal Reserve for emergency funding. They plan to borrow 1. 2 billion from the u. S. Central bank. This of course to plug a financial gap that was created by the pandemic. But lets face it, illinois had some serious budget woes well before the coronavirus hit. I want to go straight to Grady Trimble with more. Grady. Reporter charles, you took the words out of my mouth. They are borrowing 1. 2 billion from the Federal Reserves emergency fund, the first state to do it and its trying to plug that financing gap but as you said this is a long story here of financial mismanagement. Illinois decided to tap into this fed money instead of going to the municipal bound market because the Interest Rate from the fed was lower at 3. 82 but that is not even good as far as Municipal BondInterest Rates go. Neighboring wisconsins rate closer to 1 . Part of the reason illinois is face as budget shortfall of course is the pandemic. It has been unable to collect taxes with so many businesses closed and so many people out of work but the state has a history of mismanaging finances. 130 billion in unfunded pension liabilities. 7 billion in unpaid bills and virtually no Rainy Day Fund. The states comptroller recently saying that the Rainy Day Fund couldnt run the state for 30 seconds. Bond market watcher brian battle said about this loan it will help shortterm revenue disruption but our structural problems in this state remain. So the question is, whats the solution. The governor of illinois has long proposed a graduated income tax which he actually doubled down on recently during the pandemic. He said the state needs to tax the wealthy now, even more than it has before. Well see if that ends up happening. I believe that is on the ballot coming up, charles, but a lot of people leaving this state because taxes keep going up. Charles yeah. Im not sure that is going to keep working. Grady, thank you very much. I want to bring in now folk, fox business contributor robert wolf. Robert, Federal Reserve would broaden number of local governments eligible for the new program. Illinois being the first one to step up. Senate passing a bill to ease ppp loan restrictions for Small Businesses. Start with the Bigger Picture with the states and municipalities, one of the Reasons Congress has been worried about coming to the rescue if you will, maybe the pandemic will be used as an excuse, grady talked about it 130 billion in pension fund liabilities. Some of these places have been poorly run long before the virus. Charles, nice to see you. I hope everyone is healthy and well with your family. Charles thank you. Listen, no question many states have not been run well. With that being said we have 15 of our lable born force are in states. Were talking police and fire and teachers. At the end of every year, a state cant have a deficit. So they have to balance their budget. In this pandemic, during this time of covid19 thats impossible. Theyre not getting revenues. They, youre going to start raising taxes right away. That would be i think a disaster, especially considering, in most areas where were already borrowing from the federal government to begin with. Really we need a cares act 4. 0. We need to take care of two different constituents. We need to take care of states that have been impacted by the pandemic. There is no straight answer because money is fungible, how do you actually get away from helping those who actually structurally done a poor job like illinois . And then the second thing is, you got to help Small Businesses again. I know well talk about the ppp flexibility which is a good thing. Charles sure. But lets be clear, only 12 of Small Business has been helped. Something like five to 10 already closed. Charles im glad, lets talk about it but let me just update the audience because congress, the house passed a bill, 4171. The Senate Passed it 1000. So at least d. C. Is hearing that their initial efforts needed to be adjusted. Our forgiveness period up to 24 weeks. You dont have to use 75 for payroll. It can be 60 . You have five years to pay it back at 1 . You have got until the end of the year to bring workers back. A lot of those obviously were improvements. Where else should they be working to improve this . So there is a few things. One, remember, it was split like 350 billion to 300 billion to make up the 650. So first 350 was spent very quickly. A lot of those people did rehiring when their businesses are not even open. Look at restaurants. Look at leisure and hospitality. Already there was a mismatch of timing. The ppp great thing idea but executed poorly. Number two it started with a trillion dollars. Were talking about 30 million Small Businesses and 60 Million People in the labor force. 45 of our labor force is Small Businesses f theyre not being open, there is no recovery, well have a lack of wage and business continuity. When were ready for this great recovery, whether nike swoosh, whatever, charles, there will not be businesses ready to open. Charles well, you know what . Robert, i believe that they will take another bite at the apple. Mostly because of the points that you brought up. Thank you very much, always great seeing you and talking to you. Thanks for having me on. Charles big news this week will be tomorrow, folks. Were all waiting for it. The big jobs report. Its, its, the thing is, after we saw the adp report yesterday, its one of these things where were now anticipating and hoping that it is better than expected. Meanwhile three former Minneapolis Police officers charged with aiding and abetting in the murder of george floyd. 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Charles hey, folks, i want to update you on a story we just told you about in minneapolis. The judge set bail at 750,000 apiece, not 1 million, for the three fired Minneapolis Police officers charged with aiding and abetting in the killing of george floyd. I do have breaking news for you. Teslas ceo elon musk calling for the breakup of amazon. In a tweet, musk writes time to break up amazon. Monopolies are wrong. This comment was prompted by an author who tweeted his book on the Novel Coronavirus pandemic was pulled by amazon. Musks tweet comes two days after saying he was taking a break from social network services. Not a long break but maybe for him. Two days. Another week and the same script with the markets, right . We start the week very very strong and toward the end of the week, more cautious as we head into the weekend. Its the same thing. The driver has been this trend that has seen the improvement in the economy, the Economic Data keeps coming in a little bit better. I got to tell you, got many market watchers going back to the drawing board which i think tomorrow will be the case for all investors with the release of the governments main job support, we will have to refigure out what happens. The big question is what will the news do to your investments, how will it impact that. I want to bring in Edward Jones Investment strategist nealan richardson. That adp report was mindboggling, devastating in the sense that almost three Million People lost their jobs but onethird of what we expected. How does that inform what we might see tomorrow . Good to be with you. First of all its important to note that everything is relative. Those numbers were much bigger than we had seen except outside of this recent period but yes, lower than expectations. Though it does feed into what we will see tomorrow in terms of the official statistics, now, these numbers are measured quite differently. We will be looking at the first two weeks of may and so theres going to be some disparities and disconnect but we can expect that that Unemployment Rate will likely have risen based on jobless claims. Were looking for a number around 20 tomorrow. That is such a high number, even if the underlying more recent trends are good, its relative to things being still dire just a few weeks ago, and the height of those unemployment jobless claims at the weekly level. Charles right. The thing, though, that we all know is that the market is a forwardlooking sort of mechanism, if you will. So if theres a fix, as devastating as the numbers we are bracing for tomorrow do come to fruition, the sense seems to be that overall, since then, things have rapidly improved. I know you were very cautious last time you were on the show. How do you see the recovery since the last time we spoke and how does that or how has that, should that impact how people are invested in this market . Its a great question. The markets right now are priced in such a way that its not about the magnitude of the decline. Everybody knows its going to be bad. Most people think the [ inaudible ] will be the Second Quarter. Its more about the pace of the recovery. It we will be in a cavernous hole in the Second Quarter. Most analysts do expect a rebound and fairly sharp rebound in the second half of the year, but the question is, can we go back to prepandemic levels and that could be longer and more protracted than is currently priced in. Charles so on mobility. That hasnt improved over the last couple weeks, for sure. Charles just got ten seconds. Are you thinking the stock market is overshooting right now the economy . I think the stock market is priced for a relatively quick rebound in the Second Quarter but the overall trend i think is still up even if theres some pullbacks along the way. Thats what we should be prepared for as investors, volatility. Charles okay. Nela, volatility certainly has been our middle name. Thank you very much. Liz, speaking of volatility, we are in a narrow trading range today. I think everyone is waiting for the jobs numbers tomorrow. Liz yeah, they are. Its okay. We are coming off some really good days, arent we, charles, right . Yes. Charles we are. We really are. Yeah. Liz thank you so much. Breaking news. Lets take you inside for a live look at the memorial for george floyd, at North Central university in minneapolis, minnesota. This began just about a half hour ago to honor the memory of the africanamerican man who died after an encounter with white cops on memorial day, where one Police Officer knelt on his neck for eight minutes as he begged for his life. A Scholarship Fund in floyds name has just been