Its nearly 4 s p above 2500 thats a loss of 3. 5 . Thats the same loss for the nasdaq theres the russell 2000 which has been a big winner down by more than 4 i want to begin with breaking news regarding General Motors. A significant story is developing as we are learning that new york deaths have topped 500 and the tremendous need that the governor of the state of new york has said remains four ventilators. The president tweeting just moments ago about General Motors a couple of tweets i want to give you some of my own reporting. He says, quote, as usual with this General Motors things never seem to work out they said they were going to give us 40,000 much needed ventilators. Now they are saying it will only be 6,000 in late april they want top dollar always a mess with mary b. Thats mary barr invoke p that means the defense production act he goes onto say General MotorsMust Immediately open their stupid ll lly abandoned plant io and start making vent lae iningw ford get going on ventilators. Fast he says we have just purchased many ventilators from some wonderful companies. Names and numbers will be announced later today. The new reporting, i can give you sort of flies in the face of what the president is saying quite frankly. Im told new at noon and sources have told me that much talked about deal between General Motors and producing ventilators could be announced as early as today. Monday remained a possibility but i was hearing today. Those two companies have enter into a joint venture that could see them produce as many as 80,000 of the ventilators. That was the new york in New York Times such a deal was close to be done thats according to the governor balked at the billion tldollar price tag. That is mentioned by the president saying gm wants top dollar its unclear where the negotiations stand or if a smaller dollar amount is being demanded by the white house and what that dollar amount is sources describe, to me, as gm as quote being in the blocks ready to start the race once it gets the go ahead to proceed according to sources, its already had extensive conversations with the uaw about workers and said to be 95 through the process of procuring the necessary parts to get all of this done a gm spokesperson i spoke to before the president s tweets wouldnt comment on the negotiations per se. Only saying we havent stopped working on a comprehensive effort to significantly increase production of ventilators. That line would fly directly into the face of what the president is saying is this gm is not moving fast enough and Must Immediately open their abandoned plants and start making ventilators it is believed once a deal is signed, if one is, gm would need a couple of weeks to go into full production of those devices. Lets bring in phil who can react to all of this we have the tweets from the president and as i state to you, my sources tell me and my reporting would suggest that these things the president is saying is frankly, its just not true some of it is wrong first of all, they dont own the lordstown, ohio plant. As much as mary bar might want to star production, they sold that to lords town motors. Thats one of those where you can see the pressure building on the president. That was him lashing out in that regard ive talked with people at General Motors who said they are doing work they will be retro fitting or adapting so they can build ventilators there. The question becomes when a deal gets finalized as you were talk about, some have been reporting, its been much reported that a deal was expected to be finalized by the middle of this week. Could be later today might happen over the weekend. They are ready to go once a deal is finalized what i find most interesting about all of this is the president , as soon as these tweets started coming out, i talked to somebody at general m motors, what do you want us to do were ready to go once something gets finalized they didnt comment on the state of the negotiations and thats what this is all about a lot of people are saying invoke p the president is the person to invoke p if hes saying invoke the defense production act, hes the one that controls that its not a matter of somebody else say lets do it hes the one hes the one that controls that. Thats the latest in terms of how General Motors is approaching this they are ready to go. Essentially as you just reported as well, they have had extensive conversations with the uaw, making sure they have the manpower, the Human Capital to get it done. They have 95 , im told, of what needs to get it done the plant is being readied they are waiting on the words that i used, were in the blocks ready to start is how it was described to me from sources if you go back to the New York Times report, the big hang up, according to that report is that fema took a look at proposed agreement and was like no, we think we can do it at a different price or other companies who we would like to procure ventilators from the question becomes should the president be lashing out at fema or General Motors . Clearly, he is picking on gm and hoping that pressure will come to baear in terms of them sayin what do we need to do so the president stops blasting us on twitter. In theres a couple of things. You could surmise that the president is tweeting like this, he obviously knows what stage the negotiations would be in and if my reporting is accurate and my sources are accurate and a deal is really set to be announced whether its today, as early as today or the weekend or monday, he could theoretically want to come back and say, see, i went on twitter. I strong armed them, if you will, to get the deal done they listened because i went on twitter and blasted General Motors when the reality is General Motors hasnt stopped for one inch thats number one. Number two is theres a significant economic fall out from all of this they want to get they being the administration they want to get people back to work in certain parts of the country soon they can. You heard the pleas from Governor Cuomo here in new york and new yorks not going to be one of first places that gets back to work st impossible. The situation is horrible here its likely to get even worse. You cant have people go back to work, phil, if you dont have enough ventilators ready to help those who are in need now and those who may be become sick after the fact which is why Governor Cuomo almost every day said in some fashion, we need the federal government toen voek the defense production act so we know these are being made thats what hes been calling for but him and other elected leaders around the country he can say i got on them and now we got a deal done this afternoon. Ive seen this play out since he became president with the automakers with production whether its a production in mexico or other things they know the play book well they know it well. I bet you any amount of money, mary will not engage as much as she may be screaming this is ridiculous its not her style nor does she think it serves any good for General Motors for her to engage publicly with the president. They will announce a deal. Nay will take their lumps right now and as much as they may want to say something, they wont last point here is to your point about mary barra, she may not be the one who is necessarily the point person negotiated with the government this is a ven tech deal with the government they are the ones who subcontract out to General Motors to do the work that it has much of a backlog. Then they make their own negotiation with mary barra. I dont think its realistic to think its her sitting on phone with the administration trying to get this done you know how this goes, scott. You pick on the ceo, hoping the ceo picks up the phone and yells at somebody else thats the play book i appreciate your reporting jumping in we just wanted the get this very important story out there as governors all around this great country are thinking about whether they have enough ventilators. Lets bring in the Investment Committee for a conversation about where we go. Liz young, youre joining us by skype. Put this week into context and where you thip it leads us to next i think this rally, at least a threeday rally which is encouraging has given investors a temptation to try to call a bottom i would urge people not to do that yet i think bottoming will be a process here we may have begun the process and its nice to see the market react positively to a fiscal package and monetary stimulus because testifiit was dismissiv. I think we will bounce back here for a while. A bit of a pull back and not to be unexpected. Josh brown, where does this leave us there are what seems to be a growing number of bottom calls or close to a bottom calls we heard from Lee Cooperman today who was on squawk box. Ill find it in my notes which are scribbles all over at this point. What do you think about this i would love to be wrong. I do not think the market can bottom until the virus tops. I think we need to see the rate of infections slow and then decelerate in places like italy and new york before we can see any Market Action and say that is the low its now safe the feel as though its all upside from here. Im sorry, i cant get there mentally i could end up being wrong but new york state had 7300, 7700 new cases reported as of thi morning. Many of them are in manhattan. I dont think thats the Fertile Ground in max pain on the headline front that we need for stocks let me tell you what i think the last three days did accomplish first things first, liquidity has returned to the fixed income market, at least on the etf side all of these etfs were we looking at as being a problem has had v shaped recoveries. We worked off some very oversold conditions zero stocks are at a tenday low. That number was north of 95 a week and a half ago. Most importantly, even with this incredible world record setting bounce, you still have only 2. 8 of s p 500 stocks above their 50 days 50 days. Almost nothing is in anything that you would consider to be an up trend despite the fact we have this 21 bounce ill tell you to look at high beta getting thrashed today. S p low volatility, splv is the etf for that is off only 1. 4 and your crisis basket is still working. Zoom, slack, teledoc all three are names ive owned for months and months. You look at whats working versus what isnt and you look at the infection count continuing to grow, very, very hard for me to say were not going to see under 20,000 again in the dow its obviously a Fair Assessment youre not the only one making it history suggests youre going to get a retest it doesnt happen every single time. What josh didnt express, which i will, is that its quite to say at this point, you cant pick ottoms. You cant pick tops. If youre sitting with cash and i was sitting with an enormous amount of cash you have to pick a point ive been saying this week that i quantify my risk as the lows that we saw on monday. Maybe we go a couple of percentage lower, i dont know at this point i think the market will discount as it always does events before they happen including a peak in the cases and the deaths that we see not only in new york but in the rest of the country i still have cash. If they go down to that level, i anticipate that but investing is risk reward. You cant do with absolute certainty. The risk we see is that it moves up quickly yesterday was irrational at the end. We had on wednesday a big move tuesday was incredible monday was the other today is more rational giving up the gains of 20 we had over three days it continues to be a market of discomfort because of the huge volatility and huge swings i still at some point need to be putting money to work. I said yesterday im not putting any more to work i went out and looked at each position and if i could hedge it out but its too high. You just got to ride the wave and not equate volatility with risk thats the mistake i think most investors make if we, lets say we try to call if theres people out there trying to call that bottom, maybe up 51 return. If you look at history, in other bare markets we have been down more than 30 , about six months out were up 30 12 months out were up about 53 . If we use history as any guide there, it would still take us a year from that trough, the monday was the trough, it would take us a year to get back up to those highs. Bottoms take time. I want to remind mediendnd p are younger, i went back and looked at 2000, 2002, not because this is the same market. We had six separate bare markets and three of them went over 20 from trough to peak. There were three separate 20 rallies that looked like they were quote, new bull markets or that the worse was behind us despite those 20 bare market rallies, we still didnt finally bottom until the market was down 51 and it took two years and it was absolutely grueling. People need to work this into their psychology shannon, you tell me based on all you heard from the investment economy, putting into context this week, what ul tell your clients today three factors toward the foundation and my colleagues have discussed two of them the fed stimulus which created an easier feeling, better liquidity in the bond market, two an efficient implementation of the stimulus, efficient implementation is not the governments forte we are looking to see how they are be implemented number three is data i dont disagree with josh i think more importantly it will be the economic da the data releases it will allow us to start and take some expectations for stocks, for companies, for Asset Classes and overall were sort of shooting in the dark here from an Economic Perspective i think once we start to see that data outside of the jobless claims we saw yesterday, i think we will be able to look at the next 6, 12, 18 months as potential opportunities. The reality is if you look on a long term basis, equities are attractive now we think will are opportunities in the market. Were not going to necessarily take a binary approach to reallocating capital now you mentioned some chip names. What are you doing today, if anything yes, have your Shopping List ready. Here is the interesting thing. We always say lets buy quality names. Lets buy quality Balance Sheets and that leads you to tech, pharmaceuticals and consumer staples. Thats all good. Let me add a different voice to this with what the monetary and fiscal stimulus has come out and shown its willing to do, there are actually some areas of the market that we would otherwise consider to be speculative but which ill recharacterize as opportunistic. Airlines airlines are clearly being shown by both the executive and legislative branch they want to save both the infrastructure of airlines and the employment of airlines i think thats something you can barbell with the quality portion of the market. There are, however, portions of the market that i find are untouchable. Those untouchable whats going on in the price war. One is the quality name. Stick with those theres the just dont touch ive got to say it again theres no reason to be in those untouch tbls just because you own it, are you sure youre recommending it to our viewers to buy it. The context with which i set occupy this answer is set up a barbell here have the quality, have the quality names with the strong Balance Sheets i was actually thinking about this yesterday when we were all talking about quality names. You have airlines clearly listed and whether its Congress People or the president , they know that number one, you want the infrastructure of air transportation to stay in place. Im saying to summarize is its a barbell. I understand that whats alaska up this week we throw a one week chart up there. This is a critical conversation that i want to have. Its up 30 this week. You are telling people you can buy it and its safe to buy today. An industry that will be troubled Going Forward i said yesterday, i take issue with the notion when all of this is over the light switch will go back on. These lights are on a long term dimmer and they will come up slowly and especially as it relates to airlines. Do you think youre going to see packed planes in the summer and in the fall or are they going to be half full because people will still have a prehe thipprehensit flying and being packed in a tool ooip im wondering if our viewers will make a mistake. Very good questions and several. I hope youll let me answer them floor is yours. You make a very good point with the dimmer analogy. Theres no reason to expect the economy will come back as sharply as we went into this downturn its like a traffic jam on the highway. Its much easier to slam on the brakes than it is to accelerate out of the traffic jam this is very vocal whether its from the president , congress that were not allowing these companies to fail. Yes, it may take time. You stressed it whether today is the day. I appreciate you bringing it up. I think were going to retest the lows in the market im not saying buy anything today. Next week, lets see if retest the lows when we do and you start to put as people are putting the Shopping List together for when you get back to lows, i said the quality name and some speck ta live names i said things dont touch. I asked if you would recommend to buy Alaska Airline today and you said yes i misspoke. Thank you for allowing me to clarify. If i misspoke then im happy you are bringing this up i hope, being clear, i think we will retest the lows thats what i said you have allowed me to clarify and i appreciate it. Lets mike shaur im being clear on this. Wait until next week, but Alaska Airlines, i dont think its one when we retest lows you can buy. Okay. Im glad we figured that out. Me too. Weiss, you want to weigh in on that . Then i want to get to another story that has a lot to do with clarifying i think we are going to go lower. As we get clarity, virtually everybody will suspend it. When th