Yeah. No doubt hopefully they can get this stuff done between the congress and the senate and it will be a lot more to do its a good start but given the dislocation to the marketplace, hopefully we can get this thing done in washington and well be good backstops for the market. Does it take a significant amount of stress off of the credit markets, which i know youve been concerned about and you watch so closely well, i mean, it takes a certain amount off it doesnt theres still a lot of stress in a lot of different places it takes a little bit of the stress off you really need the washington package. A package in washington just a lot bigger what they were talking about doing, seven times bigger. If i got my numbers right off the top of my head just to help support corporate small business, et cetera, what were going to need support and buy secondary stuff in the marketplace. Some of the other things they started to do today, so that we can have the economy function the right way. How confident are you that congress will do quote, unquote, the right thing. Weve seen this movie before at times. We cant afford to have a tarp redux. Even if you have a tarp redux, they got it done eventually they will get this done whether its today, tomorrow or the next day. Theres parties that understand how important this is. Its one piece of the puzzle we have to get the medical piece right and get the equipment, the ventilators and masks produced id like to see, i think thats just as important as this. Id like to see if gm is doing it id like to hear them tell me when the ventilators are coming off the line youre a business show, you know gm i do. Id like to hear from them. If we can do it voluntarily, great. If not, the president should enact the powers he has to make sure things are done as fast as possible listen, if we can get vent la ventilators the new york and california and relieve some of that stress, that will be also very important steps so we can get out of this lockdown modes if you look at the curves, this lockdown should start working in two, three, four, weeks and we should be in a distancing modes again which will well be in distancing modes for a while we got to get out of this lockdown i dont know if people talk about month, that doesnt make any sense to me give whan tn whe curves are and what we have seen in other countries we have to get the equipment so we get out of this mode and go into the distancing mode theres no reason not to do it as soon as we can get the vent la ventilators produced thats what they should do whether its army corps of engineers, other people, the people there now, whatever it takes. Im confident. This is the United States of america. We can get this done its one step. They should have phase and tell people, listen, once were out of this first phase, whether its three week, one month, two weeks, it doesnt make any sense he speaks of months from the previous data. I dont understand it. Ive been watching this data since february 1st i talked to kramer at the super bowl about this ive been watching it. You cant go into lockdown mode forever. When is the peak happening you have to be able to help people who are sick. They can get the ventilators, the hospital workers have properly protected with masks and gowns and stuff so we have to know when this stuff is produced we have to make sure its done i dont know there are some sort of thing with voluntary. Its great to try to get it voluntarily, but the commander in chief is the commander in chief. We need to get it done now whether now means one week or two weeks, then you know in two weeks you have them in the hospital youll be at your peak a month later you can stop the shutdown and go into distancing. Distancing will last a long time thats the way, its the spanish flu type deal. One is getting that right and the other is getting the liquidity and support for business and for the working man right now because they will need that support listen, theres some industries that will be tougher than any other industry fies for a while. They say china is up but its one person at a booth in a restaurant thats not going to work that phase may last for three, six, nine months i dont know what that second phase lasts for. We have to get out of this first phase lockdown mode and we got to get this passed by congress now. You referenced what is a delicate balancing act and a debate thats happening right now about how long to keep people locked down and when to start letting people go back to work i want to read a tweet from Lloyd Blankfine and get your reaction he says extreme measures to flatten the virus curve is sensible for a time. To stretch out the strain on Health Structure but curbing the economy, jobs and morale is a health issue and beyond. Let those with a lower risk to the disease return to work it was echoed really in a piece as well in times by tom Friedman Gary cohen is talking about similar things as well thats the degree indicate balance we have to consider. Is that what youre suggesting yeah. Hold up dwroup g how do you get to that balance is have hospitals with the equipment they need. I want to know i can go to the hospital im over 60 years old. Im in the high risk category. I want to know i can go to the hospital or anybody can go and know they can get served with ventilators and such sort of equipment. Until we get to that sort of point, we should probably stay in a lockdown mode but once we get to that point, thats why this production is so key. We should be going back to social distancing. Thats what he is saying theres still some high risk people that should stay indoors but the way this stuff works and you can listen to all these reports and a lot of the population and the spanish flu, you do catch it. You do get immunities to a certain amount and if we dont get vaccines, thats the way these things kind of go away once theres a certain percentage of the population has been exposed, it kind of dies out. Listen, thats we got to flatten the curve so people can get the health care they need or get the health care thats required to keep people alive. I kind of agree with those things it is a delicate balance it is very dangerous to be in this lockdown mode for a long time everybody with no income and businesses with no incomes, you cant do that. Its bad for morale. I think thats probably right. Thats not my expeer teartise. Im talking about economy. I dont like to fin a lockdown modes. The congress will do this. It needs all hands on deck they are confident Small Businesses will be around and key. We have to do that thing its not going to be perfect and people will have to accept the imperfect to get things done in a quick manner how do you put this into context when you look at the stock market ive had people come on the show, people you know, their names are familiar who have suggested now is the time to buy stocks for the long term s p is down 30 . 30 from its high. Is now the time to buy stocks . Which stocks . Okay. You know you have to be very selective right now because theres some industries who will be changed. If youre not worried about being 10 lower theres no im nibbling for what its worth. Doesnt mean it wont go lower ill nibble more its a question of being in there. Theres nothing wrong with nibbling a little bit and if youre levered, i wouldnt be levered. You cant get too invested the market could go down this could be near a bottom once they get this package done it may be time to buy a little and it means buy a little. It could be interesting at this levels there are some companies that will come out and imsure in a year or two, two years they will be hirgher theres some other companies that may not be around youve had a fairly good exposure, bigger exposure to tech, that side of your portfolio with amazons and the googles and alibabas and micron. Are those the places that youre nibbling im nibbling there. Hospitals and such im nibbling in the tech sort of stuff. Were doing some bonds were doing, you know, we are nibbling no question about it i once said its balls to the walls. Theyre in my jock strap now you said a few moments ago that we could be near a bottom those were the words that you used what specifically will you be looking for that tells you we really are there you get over this hump of congress doing their vote, and then what . Is it the number ofcases id like to see whether italy is peaking or flattening id like to see. They did some things wrong they went into half, not a really great lockdown. I think new york, if were in two or three weeks or whatever, 30 days, sometime within the next 30 days or the next two weeks. 20 days, you may see new york city cases peaking with this lockdown itd should be california, new york and Washington State where there seems to be hot beds let people know what they are looking for as far as the flattening we have to get this equipment again. Id like to see the ventilators rolling off the assembly line. Id like to see the masks being given. Id like to see that stuff so we can deal with people id like to see the Health Care Workers protected now so they are around the hospitals being built. They have beds being built in new york city. Look, whether its 20 day, 30 day, one month, whatever that number is, let the people know when you expect to have the social distancing phase start again and get some sort of agreement with new york and california, at least, maybe washington those main states and new jersey, connecticut. Its a multipronged plan. I think we need that stuff now not in a month and a half but now and do whatever you can to do it to get this country moving the extra money it costs to build that or do those things or make those factories turn into ve ve ventilators get it done. If we the army corps of engineers and you need a central supply thing. Whether i think fema is probably using the army corps of engineers. Hopefully they are its amazon, fedex, whatever the people that have logistic, expertise. Thats what we should be using you have to have a plan. On the other side with the senate side they got to do what they are doing im hoping trump and cuomo and newsome, i dont know the connecticut governor, they are listening and hopefully get together do that as planned the curve does flatten look what happened in korea. Lets see it get done and do whatever it takes to get done. Dont stand on any ceremony now. If they called me now, id help in any way i could i would to help the government out and every american should look like try to do that right now. Try to help this country out everybody has to help everybody else these guys have to get together. Lets get this done. This is what i think once we get those things done, i think the market will get a lot more confident. If they see those things being done, they will be more confident well get out of this fi first mode and into the second mode we can focus squarely on where we go next from an economic standpoint and the market standpoint, back in 08 and 09 when the fed came in with the calvary, i remember a guy named david tepper who asked the question im ready to go when i see these things go. I have money on the side i cant wait to invest again i want fo sto see these things together. With whatever people want to say. We dont need people telling us every day on tv, at least these daily briefers tell me when theres something new. Tell me when you got the plan. Im sitting here in new jersey, im an idiot i have a great appreciation for how stupid i am. Thats wone of my great strengths. In some sense i know you need a plan and you need to do that i know we can do this. Its like one, two three give confidence to the market. Give confidence. We all can do this together. We got to get moving the lrepublicans and democrats get it done. Get the army corps of engineer im sure they are doing it already. Make sure these plants open. Get that thing going on the vent la vent lailators. Do whatever it takes to get it done we can get this country working again. Youre sympathetic to the president s tweet today which says we cannot let the cure be worse than the problem itself at the end of the 15day period 15 days you say 15 days. Thats what he said okay. Listen, if you dont have the equipment out, okay, again, the first step is making sure we have the ventilators, the masks in the hospitals so we can get to the Second Period theres no 15 days i dont see them rolling, show me the vent lailators rolling o the factory floor. Take your cameras and show me them the president of the United States should go there to see them id love to see him do that. Id love to have him have that moment get it done. Use your powers. Get it done so we can get out of this thing and it will get done. Lets get serious now. Whatever it takes. This is a whatever it takes moment to move forward have you voiced those concerns to anybody directly in the administration that while he has the powers to do the defense production act, he hasnt initiated it officially yet. People that are talking to them but not of people inside the administration per se. I have people close to them. I think they may hear this we hope i think its common sense its just common sense boom, boom, boom one, two, three. First we got to get the equipment so people dont die. Very important that you or me, we go in and were healthy any way, i dont know what else i can tell you, scott. Let me ask you another question, sort of in the Bigger Picture of, i think our investing public too as we look at the way we will invest in the future and judge companies, you may end up, daifr david, with a se narp owe when y scenario that dpacompanies not able to do what they used to do buy back stock, for instance, which has proven to be a physical therapily good stimulant, if you will for stock prices over the last decade at least. Are we going to, you think, be in place where we have to think differently about the things we do things will get back to normal everything will be back to a certain way. Thats fine until they pay it back maybe they shouldnt be able to pay it back. Things dont come back things will get back to normal and we are a great country, period we just have to do it better, with not different messages going out but people joined together, figuring oud whe inint makes the most sense Going Forward. I have to go back to the markets because i do that for a living, if thats okay with you, scott i was going to say i think we should leave it there on that uplifting note its been a rough go of it were thinking of a lot of people and their families and everybody has to be safe and people have to take care of their family thats the most important thing right now. Family and friends and those sort of things lets get this country going and well be great again were great now. Well be great again thank you so much take care saying he is nibbling on stocks right now. Wants to see more happen from a combined effort to confront this terrible virus were all facing. The stock market has come well off of the lows. The dow is still down 500 points but it was a somewhat significant move higher as we all assess where we are and where we all thing were going to go from here. You can see theres a realtime chart. The dow is down 2. 5 i do have the Investment Committee with us today as we always do. Theyre in their own locations wherefo where ever that may be joe is with us along with jim. Also with us on the phone is steve weiss. Thank you for calling in you know david better than all of us combined im curious as to what you make of our conversation just now and his thoughts on the market and beyond in typical dave fashion, it was a very lucid view. Obviously, well thought out because hes a brilliant person but so much more balance than what we have heard in the past about saying, hey, generational opportunity put money in now dave laid out specifically what he wants to see, what he would like to see to get greater comfort while also recognizing theres value to be had now but you have to be very, very careful where you go unlike 2008 where dave made absolute fortune in buying the bank stocks, you dont have that kind of opportunity here because the banks were so critical to any recovery that they couldnt go out of business it took a lot of guts at that time to go in and people are saying do you see the same thing in airlines right now . Im not so smure thats the cas. I know it gave me great comfort. Im not surprised the market moved higher but what continues to resonate and what seems to be conventional thinking now is at some point you have to put the economy ahead of a mass quarantine of every single individual that requires a plan out there that requires having the proper equipment as dave points out, be vent laters and masks. Trump should call the company and say do this now. Im invoking my right to do it theres no reason not to do it i understand. I think everybody sort of sympathetic to that point of view we know, im sure, these companies are doing whatever they can theyve said as much and the others that havent said it publicly, im sure are mobilizing to do whatever they can. I think thats important to put out there. Steve, thank you for calling in. I wanted your thoughts on the back side of that interview. Ill talk to you in the days ahead. Let me get another thought before we bring in another special guest. Are you with us, anastasia i am. What do you think of the markets here im very sympathetic to the view that dave shared which is the reason why the market is continue down the downward sp l spiral is because we dont have an end in sight that is being commune kaicated to us by policy makers the reality is we are likely looking at a few week, maybe a month of this extended economic lockdown and not months. When you think of it from that perspective and figure out what is being priced into the market right now, i think its a lot of more of an extended economic lockdown that will not end in a few weeks time if i look at the s p earnings, of course they will be down significantly this year and thats in the price but whats also in the price will take us years to get back to those prior earnings level thats likely not going to be the reality because like david said and steve said is we got what take into accounit takes t problem. If we get the right treatment and let containment work for a few weeks time and if we get the fiscal stimulus then there should be no reason in a few months time we look back on this and were in a significantly better place he said he thought we could be near a bottom do you share that view are we figuring this bottoming process out a little bit quicker now . I think were in the bottoming process. Im not ready to call it the bottom just yet. You do have to look at the trajectory for the next few weeks we could still see cases in the u. S were hopeful over the next couple of weeks well see the peak in new cases in italy which will definitely be constructive turning point for the market we definitely need to see the fiscal amount packaged in congress the view veer here is over the c few weeks, make some months we may see further downsides as we grapple with this policy trial and error as we grapple with the rise in new cases. Over the next couple of weeks, maybe a month, were likely to see a pretty significant and very interesting buy in opportunity. All right lets bring in our next special guest. Mark, welcome back thank you pleasure to be back. How you been ive been well. Its god od to have you back. Some level of normalcy i dont know if you hearingimpaired the conversation david and i were having what do you make of it give us your general thoughts on wrp you s where you see us today david is right in one sense is what the market is desperate for is just information. It needs to know what is going on right now nobody knows whats happening. Until you have that, youre going to have markets going down if all of a sudden we know that hospitals can deal with anybody who is sick, doesnt mean that people may not get worse or may not die but if hospitals can deal with it then youll end up having a bit of a sense of normalcy youve been looking at the markets and the last time you were on, it was a handful of days ago i cant remember exactly whether it was a full week or not, you said there were things that were really attractiattractive yeah. How do you think about that tod today . Shockingly they have gotten more attractive. Youre talking from the distressed credit side of things on both sides i would tell you on the debt side as well as on the equity side i think for us really what we look at is the debt side we buy well buy Something Like we were buying around 30 and then couple days later we bid 25 we bought a little more at 25. Couple days later we bid 20 and we bought more i think what david is right about and the thing everybody has got to remember, if youve got long term capital, youre going to do great. If youre lever, youll have issues so if somebody is forcing you to sell, youre going to have problems right now what you want to do is you want to be a buyer you want to continue buying because things will turn i cant tell you when but when they do, theyll turn very fast and you wont be able to keep on buying do it. Do it slowly but make sure you have the ability to keep on buying you think were getting near the end of this sort of so called forced selling that you just mentioned from funds that were levered to the moon and have had no choice but to sell and liquidate some things . I dont think youre getting towards the end. I think youre seeing more and more of it i think youll see more this week anybody who has been levered now is getting margin calls and put in a position where theyve got to sell. I think that will continue for a week it may turn. If Congress Passes this bill, it will be better at the end of the day i think youll still have some issues. I think it will still take a couple of weeks. Situations you know well, situations you like, invest in those. Just be comfortable that pricing may go down but thats okay. Even with the Congress Passing their massive plan and what the fed did today, that doesnt take some of the opportunities, if you will, off the table for you because its going to stabilize what was happening in credit. There may not be some of those Credit Opportunities that might have existed because of this historic action from the fed today and then this plan from congress i actually think its all positive what theyre doing. At the end of the day people are still going to be nervous. I think the news thats going to be over the course of next two weeks, companies sort of laying off more people of cases rising of more americans dying. I think all that will be obviously, if not positive at all, so i think markets will probably go down a little bit. I think youll have more and more opportunity to keep on buying for the next couple of weeks. I appreciate you calling it ill talk to you next week for sure i got some breaking news i want to get through leapt lets go to eamon. Reporter we got an update from democratic leader chuck ch schumer where negotiations stand of this minute were very close to reaching deal very close our goal is to reach a deal today and were hopeful, even confident, that we will meet that goal. Reporter schumer saying very close. That is similar to what he said at about 12 30 in the morning last night as he left the capitol to bunch of reporters gathered there said they were close to a deal democrats want to suggest they are not too far off where republicans are. Their main concern is this issue of how much control the treasury secretary has over a mass iive amount of fund, up to 100 billion or more that could be used at the treasury secretarys discretion they want to limit that because they are wary of political abuse of that money. They would like to see some longer time horizons on some of the shackles that would be in place on companies that do take any kind of taxpayer assistance here well see where they land. Mitch mcconnell was frustrated last night with democrats moving to block the bill yesterday in vote democrats fired back saying look, you shouldnt have held this vote when you knew what the outcome would be you knew you wouldndidnt have votes. You put it on floor any way. Well see if they can pull things together. We are expecting to see votes in the 1 00 p. M. Hour a number of procedural votes to sort of start moving things along. Well see where they can land in terms of a deal. 1 00 p. M. Is an important hour not only for that but larry kudlow will join the exchange. Hopeful, even confident, the words coming from senator schumer. Lets see how that goes. You want the take break . Well kick it around a bit everything is on the fly i beg your pardon and ask you to bear with us jim, youre with us today to do. Why dont you give me your broad thoughts i dont want to repeat what everybody said but david tepper has it right keep nibbling and expect the numbers to show some clarity on the virus. To add something new, lets talk about facts that we know theres been 250,000 tests here in the u. S the good news is thats ten times what it was a week ago the bad news is it needs to be 100 times that the progress is there. Maybe this time two weeks from now were feeling better about what numbers on the virus are. You know i go into the details of things. That fed announcement today, that was beyond a bazooka. Let me point out one thing as to why i say that they are reestablishing the term Asset Backed SecuritiesLoan Facility and they are specific that they going to do this to enable asset back that are backed by student loans, auto loan, credit card sevreceivable. Think about what those three things are those are not Investment Grade securities fed is coming in and saying stop worrying about liquidity in any of the credit markets. I dont think they will done i dont think they are done by a long shot. Probably not. Those things are important. You details, you, farmer jim, no im glad youre with us today. Joe, i think you might be on camera as well and not on the phone today. Is it time to nibble, so to speak as david said . So obviously, scott, ive been talking about that for the last couple of weeks with you. I agree very much with mark. It is absolutely the time to look at selective stocks that are above their december of 2018 highs and take positions understanding that youll probably endure much more price pain with lower prices there are other stocks out there that i would not touch at all. I dont believe as steve will say, you are buying the market i think also we are getting to a very important point and that is were trying to price sates. A lot of the people im speaking to over the weekend in the markets are trying the price a particular asset based on time what do i mean by time when exactly will the economy begin to move forward again. I think when were doing that there are stages we go there theres the denial stage which most of us are in the denial stage. Theres the misery stage and theres the point when you get to the acceptance stage. When you get to that theres some degree of confidence that you have an understanding of when the time is that this Health Care Crisis can begin to dissis pa dissipa dissipate. I point to italy the traders i talk to are saying if you look at italy and it begins to peak, then we have an understanding here in the United States what the potential might be for time. Thats an incredibly important element when youre looking at risk assets. The last thing i would say is i think every one is making very strong points about potential opportunities. Lets not dismiss the opportunities that are going to be presented in the debt markets. That absolutely is where the opportunity is if we talk about banks, give me the equity of a bank, not interested unless its high quality like a jpmorgan. You ever a lot of tech names. Are those the ones you have been buying those are my positions. Ive been very active in the market im trying to keep my time frame short. Those are names. As ive told you, if youre going to sell off amazon, im going to be buyer. If youre going to sell off netflix, im going to be a buyer. Think about Old Dominion Freight Line its a name that will recover. Lululemon, above its december 2018 highs that name will come back once again. You want to find these quality names in the equities market that are maintaining above the december 2018 lows and understand the rest of the market, you dont want to touch it you dont want to be hero. I tried to be a hero with delta. That was a horrible trade. I apologized to the viewers. Energy theres nothing in energy thats appealing. What are you dwoing toing wi portfolio that you manage in. One of the things that is important to note, you didnt hear one person say were selling. I think thats really important. In a time like this, one of the things were advising our clients is dont sell. I think youre getting pressure from people looking at the news everywhere i just want to make that clear this is not a time to sell and come back later. Its very hard time in the market having said that, what were doing with our portfolios is if youre fully invested, were looking within the portfolio to say what are the things to upgrade to Home Building stocks like lowes jpmorgan on the financial side if you want to go into technology, go to Companies Like visa, mastercard, qualcomm companies that have strong balances sheets. This is the time you can upgrade your portfolio look at true opportunities for companies that for months or a couple of years you couldnt buy. The point is stay invested and if you do have capital as everybody has mentioned, you can go out and start nibbling. Dont put it all in at once. The other point that i think were watching is Investment Grade bonds are really blown out. Once you get some stability there, this rebalancing thats going to come will occur a lot of people dont want to sell their bonds right now good high quality bonds because youre not getting the true value. The lqd has seen a will the of selling it would be good to see some stabilization there. There is a concern that Investment Grade might not remain Investment Grade for all that long because of the economic stress that is being put on a number of companies bear with me ill take a quick break. Well come back and discuss how hedge funtds have been holding up New York Times reporter kate kelly is with us next. Halftime is back in two minutes. The dow cutting its losses down 400 points s p down about 2 . Back after this. Life isnt a straight line. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. We want to welcome you back. We are learning the reason why boeing shares were halted. Boeing is suspending operations at its plant in the puget sound area everet, washington thats where the Company Builds the 777. This has been troefrcontroversi. As more and more companies have moved to have workers not in work facilities, production has continued at that plant. Theres been more than a few union member who is have been vocal in the local press up theresaying why are we still coming to work with the coronavirus in the seattle area. This being a hot spot. Now the company has said it will be suspending production we should point out there was a report in the Seattle Times last night that a union worker passed away yesterday who contracted the coronavirus and whether or not that put further pressure on boeing and officials in the state of washington remains to be seen. Boeing is suspending its operations production operations up in the puget sound area the biggest impact is the everet plant where they build the 777 as well as the 787 dreamliner. Its expected to last for a couple of weeks and its because washington has declared a state of emergency in that area. Boeing will be shutting down production back to you. All right we appreciate it thanks so much lets check in on how hedge fen funds have been weathering this turmoil. Kate, thanks for being with us pleasure to be with you what can you tell us . How have some of the biggest funds and biggest names been dealing with all of this in. Some of them have been doing badly taking substantial losses. Bridgewater, thaieyve had anywhere from 9 to 20 losses and also immenence capital compared to the market, they are hedging those losses just through last wednesday, for instance, if you look at the hrfx, which was about 9 and some change, thats a good measure of how the average hedge fund might be doing the damage is far less bad they will tell you their point is to hedge what the market is doing. In case like this, the losses are not as bad thats a little bit of a Silver Lining i think that wasbad, so that a little bit of a Silver Lining. I think that was pasort of t takeaway on a couple of different fronts im not sure if you saw it, the former labor secretary im going to read it to you in case you have or havent or whatever average hedge fund down 9 this year so far. S p 500 down 24 so far. No way hedges do this without inside information when this emergency is over, hedge funds must be investigated that got a lot of peoples attention, kate, because, as you have said, the whole point for the numbers to look like that is because theyre hedge funds and thats what their investors pay them to do yeah. I mean, i dont have any specific instances of hedge funds receiving inside information. If i did, i would be reporting on them and you would be reading about them look, i mean, there may be elicit activity going on in places at the same time, the Hedge Fund Managers i talked to said, look, were reacting to the current crisis, of course. We have been thinking of hedging for a month or more. This has been a global story depending on how close attention you were paying to the outbreak in china, you might have had a lead on all this when you talk to people in the long short community, you have the benefit of being able to take long positions. They say this is prime time to do your research, measure them on a cash flow basis it is not as low the people that are panic selling have more detailed spreadsheets than you it is a matter of doing your fundamental research and being able to be patient. We heard from david temper. Im not sure you were able to listen to our conversation earlier. He mentioned the idea of leverage and the key right now is not having a lot of leverage and a lot of the firms who have been seeing a lot of trouble are the ones who were on the wrong side of some debt and they did have a lot of leverage, kate. Yeah. Temper is also smart in moments like this. The degrossing, the deleveragin that he is talking about is something my colleague and i mentioned in our story according to one of the Morgan Stanley reports we looked at, there was a point last week where you saw more of this than you had in really ten years. So that, of course, has been exacerbating the sell off as people try to go to cash or more likely redeploy their capital into whatever it is, government bonds, currency, stocks. You are seeing these temporary moments of these big downdrafts as people try to sell things off and raise capital. We still miss you around these parts. Kate kelly, good to have you back lets bring in tony dweyer now you have heard a lot over the last 52 minutes or so. Put it into context for us as were attempting to cut a lot of our losses from earlier. The nasdaq has since gone positive were waiting on this vote from congress how are you advising people today right now to view this market scott, thats a great question so since the last time we were on and the way its going to be Going Forward is weve once the market crashed, you had a 12 oneweek crash in february once it did that, history is very, very clear on how you form a bottom like i do believe that were pretty close, if not already, having made quote, unquote a low. But the only way that you know that you have made the panic low, there is three phases in a crash. There is a panic there is a relief rally and then there is the demoralization test so were probably toward the very tail end of the panic phase of it. And you only know that, scott, once you have had a multiweek rally. If i was i would have gotten killed as a trader because you have been so oversold for so long and there has been so many extremes, what weve been trying to do since that 12 drop is say dont try to buy the panic because history is very clear. The vast majority of the times you will test or even marginally break that panic low 1987 is a great example, scott you make the panic low in october. You recouped 30 of those losses 30 . Not a 30 gain you recouped 30 of that initial drop in crash front peak in the 1987 crash but then in december, early december, you went back down and tested and you have been marginally broke down low. You can go back to 1929 and see the same thing number one, please, please consult a Financial Advisor that knows your personal situation versus listening to people like me and dave and jack and other people tell you what to do, number one number two, if you have a plan going in, and our plan is, again, you are going to get a multiweek we should be able to get a multiweek rally from here and rather than quote, unquote try to play that, our expectation is you go back to test to low and that, all things being equal with the physical and monetary stimulus, thats historic thats where we want to take an offensive approach. Understood. Tony, thanks for calling in. Good to have you on today. Let me spend the rest of the time we have with all of you today, less than five minutes or so, if our gang. We want to get everybodys thoughts on what you will be thinking about for the rest of this day and the days ahead. Joe, go first. First of all, i miss you. I wish i was sitting there and hopefully well be there soon enough you are identifying opportunities. When you look at the market itself, think about last thursday its trading 62. On thursday, the s p was trading 24. 50. It got down to 21. 70 today the obvious opportunity appears to be in the nasdaq oriented names. It is higher on the day. The russell is down two and a quarter percent today. So do not look at this collectively as you are investing in the market. Look at it as you were investing in businesses, but you will be able to ensure some further downside if you buy. All right well see you back here some time soon, i hope. Otherwise, we will see you by either skype or on the phone yeah. Look, ill continue being detailed were talking plenty about the big picture, but there is some green shoots in there. Look at how semis are performing versus the s p 500 we agree that semiconducts are what steel was in the last century. Theyre the real cyclical element to todays economy they have been nicely outperforming the s p 500 the last few days. Some of the bigger energy names, start at the bottom here, let me be very clear. Im with everybody else. You dont pile in your money right now. You know i bought some last week and the week before. Ive got one more round of dry powder im just going to wait and sit on thatened a maybe give it another week or so, but i am seeing green chutes. Im seeing them. Is that dry powder going to go into some of those beaten down energy names, jim, or is that just too risky . Probably, scott probably let me just be very specific as i have been on this. Stick with the large super Major Integrated Oil companies the chevrons, the exxons, the royal dutches. Please do not go in the small cap, midcap too much risk. Offshore drillers, no way. Please, there is no reason to take that much risk. The super majors are what were talking about. I appreciate that, jim. Thank you. Yes somebody said during the show that now is definitely not the time to sell i would agree with that except for maybe selling just a little bit to harvest the position you may want to own for the longterm anyways. I think this is a great time to be upgrading your portfolio. Some of the trends we look at, the longer trends like artificial intelligence, they have come up for sale significantly. By the way, ai has a key role to play in managing and mitigating an epidemic like we have today 5g, with all the Video Conference things we are now doing, 5g will become essential. Investing companies that are doing that should be on the shopping list. The last thing i would mention is opportunities in biotech companies. It has been out performing somewhat because clearly the breakthrough in Health Care Innovation is to critical, not just in times like today but for the next five years. Use that as an opportunity to upgrade your portfolio the last thing i will say is you are seeing some tremendous dislocations like we havent seen in years. Theyre in the sector specific level but also the broad market level. When was the last time the s p traded at this level and high yield spreads were at a thousand i would definitely be looking at opportunities in this environment. Thank you for being with us today. Sarat, you have 20 seconds tell me your last thought. Stay invested look for opportunities the champagne economy will come back it will take time. But we will get there and be positive things are going to improve. Speaking of coming back, stocks are certainly trying to do that. Dow is down 1 now, but you can see the move well off the lows continuing as we speak really across the spectrum. The nasdaq is positive, by the way. S p and dow are moving there were watching the dow the exchange starts now. Scott, thanks. Welcome, everyone. As we continue our special coverage of the market in turmoil and its been weeking of m turmoil at this point. The fed announced a barrage of new programs to keep the market functioning. That now includes a, quote, open ended commitment to keep buying bonds and other assets the gains didnt hold as investors continue to await movement on this massive stimulus bill. The vote would just bring the bill back to the floor we wil