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Im Carl Quintanilla with Morgan Brennan and jon fortt from various locations. Dow session high was up 378 on a very busy day for earnings Consumer Confidence tumbling this morning a twoday fed meeting that begins, morgan to tonight we will get a look at starbucks, ford, alphabet, and other major companies. I think peter at Advisory Group hit the discussion, noting the reasons the markets had been optimistic, the rallies in recent weeks, improved testing capacity, hopes about treatments and vaccines moving forward, all bolstering some of the reopening plans in places like most significantly in the last 12 hours, texas plus what is essentially, speaking of the fed meeting, unlimited central bank support which is the key reason youve seen the s p come back it ea ....
Begin to resume, as many assume in june and maybe be back to something more normal by this summer, i think a v is possible, but i am worried that the outcome will be worse. It really depends to my mind on just how much damage is done during the time that the economy is shut down in the way it is now. How much damage is done joining us is bob dole, chief equity strategist. Thanks for being with us i want to get your thoughts on the potential for this recession and subsequent recovery and specifically how thats factoring into your outlook for the markets . Yeah. Im not using a u or v im using a checkmark, kind of the big decline and then a noticeable, but slower uptake than we had on the downside. As you know we shut the economy off. We turned it off its not something from the outside did it we chose in order to fight coronavirus to do that therefore, we can turn at least some of it back on it will take longer to convince people its safe to come out from under the covers when it told the ....
This of course, the saudis are flooding the world with oil right now. The russians, its not clear where the heck they are because theyre very secretive, but i know who is not there, the drivers. Theres very little demand david and i talk about this with you all the time, carl theres this overall sense, you know what, if we just get things moving, things will come back again. We need customers. We need customers to get their hair cut, to go to the dry cleaner, the restaurants, and we need customers on the road without them, i really dont care what president calls who, you need a tariff to keep the to keep the saudi oil from coming here, and you need the chinese to restockpile, and frankly, thats still not going to be enough to be able to make it so oil real demand goes higher good point yeah. Sorry, carl. 6 Million Barrels a day, jim, is what im hearing right now as we still try to adjust. Even know we know each others cadences so ....
Jerky market from the premarket to now any trends youre picking up i wouldnt say trends that last too long. I think this kind of choppiness, a little bit of aftershock navigation is what were trying to deal with right here. I do think it shows you what happens in these tightly compressed markets like oil when you have a hint of something oou, you know, going the other direction and you will get this exaggerated pop. Were in the zone in a less extreme way with equities too. Right now today weve traded within yesterdays range so even though it seems like weve been popping all over the place, weve essentially sort of operated within the bands that we set yesterday i dont think yesterdays 4 decline necessarily did too much damage to the idea that perhaps were in this bottoming process, maybe a week ago monday was okay for a shortterm extreme low but todays rally doesnt change the sto story either that it could go either way the conversation perhaps is going to turn a little bit more toward ....
Limited number of cases but more important were tracking all the people who are in periods of cooling off and we track that very carefully, make sure that they come through without getting sick and if they need to be tested and stuff we work with them. Boris johnson comes down with it i talk with my wife. Are we going to get it, our kids, who is going to get it do you have to think like that at bank do you have people working closely with each other . Social distancing, im sure youre trying to practice it, but its on everybodys minds am i going to get it . Sure. For our teammates immediately, the first thing we did a couple weeks ago plus now is went out and solicited all the people high risk and you heard the medical experts, dr. Fauci, dr. Birx and others talk about that, you know, the high risk is a much different case. We went out and said, please identify and got them off the line and put got them home and away from the situation. I think that probably goes back two weeks ago now. ....