We ended last week strong coming off a very weak base last week the best week since 1932, well, we continued some of that momentum today. The dow ending the day up 690 points pretty much most stocks you look at they were higher today we will get to those, the one thing that was not higher continues to be oil. Down 7 as well. Well get to more on oil and what it may be signaling throughout the show. Welcoming. We are pleased today to be joined by guy adami and dan nathan for the entire hour, we welcome in emily roland of john hancock financial. Its good to have you back here on cnbcs fast money you said it seemed like the indiscriminate selling might be over, that gave you some comfort, were you more comforted by todays action . Yeah, and its great to see, great to be here i have to give a huge shout out to everyone in Englewood Cliffs for making this possible to getting us all on. Thank you. I hope everybodys safe obviously, and number three, yeah, i take a lot of comfort in the fact that the indiscriminate selling appears to be over for now. And ill add this on top of it, the volatility index which was rallying all week, which wasnt a great sign on the back of the Broader Market rally, and down today in a meaningful way for the first time in a while, brian, yeah, i think thats encouraging. You know, dan, i tweeted out on friday, i think it was over the weekend. I said, if you have to keep asking if this is the bottom, it probably isnt because it means theres still this sort of buying bias in the market. Obviously weve had a number of pretty good days in what has been an awful year on many levels do you think the bottom is in . Well, not really. I mean, a bottom is in, right . The bottom of the panic selling that started late february and followed through for most of march, that blot open is in right now, and i know that sounds a bit cavalier, but we had a 33 decline in a little more than a month, thats unprecedented. There was as guy said, a lot of indiscriminate buying, a rally was due, weve been saying that for the last week or so. We have a 20 rally off the bottom we talked about this over the last few weeks, when i look back to 2001, there were two 20 rallies off the low. There were 2 20 rallies, that failed, go to 2008, there were two rallies of 20 off the lows, they fail ed this will is a common a feature, not a bug in a bear market this is a great opportunity for traders, a really Good Opportunity considering were still down from the highs. A great time for those to people to dollar cost averaging how do you see it, and what are you recommending to clients right now . We absolutely agree with that, and i think dollar cost averaging is a perfect way to approach this market were looking for a few catalysts before we can shift to more risk on positioning right here youd like to see the number of cases. Wed like to see the Economic Data bottom. Its just getting bad now, were likely to see more pain to come, the data were getting now does not fully reflect the damage that were going to see from the virus and the containment measures and wed like to see Investor Sentiment get to the point of capitulation even before this rally, they were asking me, where should i be putting money to work to me, thats not really a sign the one thing we do need to remember is that bear market bottoms are breeding grounds for bull market. Investing at the bottom gets you 15 annualized over the next five years dont get too cute trying to pin point the bottom bottom line is, you should be putting some money to work i understand your point about the covid19 cases, we want those to peak ott for many many reasons, tim seymour, i take a screen shot of the Johns Hopkins site, were up 20,000 cases from this time yesterday do you believe that peak and rollover, more importantly to humanity will be equally important to the stock market like were starting to come out of this gloom and doom yeah, and the sentiment has been about pessimism i think as we get into the technical elements of the quarter end rebalancing. And what was extreme redemption and closures of a bunch of hedge funds that were tapped on the shoulder by risk managers. And said cut exposure aggressively especially in these hedge funds. Were told to close their doors. I think we heard about some of these big muny funds anyway, i want to emphasize that i think the market went through something here and i think the market has largely priced in health back to your question, at what point is that enough that we priced in a lot. The data out of italy is just absolutely sad but its better. And the numbers that came out today were as good as theyve been in a couple weeks i think the key is whats on the other side much i think its very, very difficult to in many cases to handicap what the economics are, but what were all trying to do, obviously the duration of the Health Crisis affects the credit and all the dynamics in the underlying earnings profile of all the companies we want to roll up our sleeves and look at. And well do like the draft, tim. Were going to do the snake, we ended with you in the first round, were going to start with you in the second round as well. What are you watch something encouraged by the action in the semiconductors the action in technology what made you stay focussed today . Yeah, look, were a market share, its nice to be back to fast money for an hour, and talking about things that are part of the dynamics of markets and what they do the fact that we dont spend always a lot of time talking about credit, but the rally in Investment Grade credit continues to be extraordinary. We want to wait and see what Investment Grade does after the fed stops buying everything that moves. Theres been a ton of issuance on the long end. Thats one of the things you have to be watching. With Great Companies and weve seen the haves and have notes. Apple is now above the 200 a day. Im not doing cartwheels over this, but if you look at the charts of a handful of companies, look at intel, some of the names that have gotten back to a place where you saw stability. They may have begun to ground out a bottom, i want to see that, i want to continue to see some of the data on obviously the virus. But i think when we look at where companies have priced in the impact of the Health Crisis. I want to reiterate, i think we priced in a lot of that. The question is going to be i want to look at what the job numbers look like on friday. What goes on with some of these regional fed indexes todays dallas fed is shocking it went back to not only 2008 lows, but well through that, we know that that is the center of a lot of the problems in the energy sector. So its going to be extreme, but credit, collar, where the macro goes at the end of the week, we know its not going to be good, good companies, home depot, nike question have started to trade with some normalcy. And brian, im going to jump in real quick, in terms of what im looking here, im i think were all saying similar things in a different way, im not trying to be cute here, there may be people saying, you know what, this market scares me a lot, is there any more up side and if so, where should i start looking to peel out of things, this is something we talked about last week we saw that trough down to 2191, and off the recent high, the all time high, if we just made it 50 correction of that move, it takes you to somewhere around 2790 youre you can talking about maybe another 150, 160 s p points the up side thats maybe where we stall. Ill stand by that, im with dan on this, i think a bottom is in. Im not sure the bottom is in, i think theres potentially a little more upside to that 2800 level or so. And i think thats what folks should be watching i dont disagree with that, i would just say, what im watching today, the underperformance by the russell 2000, the small cap. I think that is indicative of the stuff that the s p 500 doesnt really focus on, and that, when you think about this Health Crisis, its morphing into an economic crisis. One of the things that cannot be accounted for are the 15 million restaurant workers that are not being that are not employed right now, the tens of thousands of cruise ship workers and Airline Workers and boeing workers and autoworkers that are being furloughed you think about our economy, 70 of it is the consumer, their inability to access some of this Financial Assistance in realtime is going to be an issue. What im looking at is the russell 2000 im looking at the under3er form answer in some industrials like i just mentioned before, energy is a disaster, so you can get all geeked up again and buy the names that got us to the highs in february. But understand that the one thing that this bear market is going to take some time to heel from and make a bottom is going to be time, and i dont think enough time has pass ed you may get to 2790, it may get back to panic selling. You want to be careful chasing the market here. Im looking at the fact that the markets dont seem to care very much about Economic Data any more does anybody remember when they did . We talked about the dows fed index unemployment is at 3 million and climbing certainly well be watching thursday this is a remarkable thing, i understand weve got fiscal stimulus, policy makers, central bakers, obviously a lot on what theyre doing to spofrt this economy. But were looking at an environment here where the dat could get much, much worse, and i think its pretty interesting were seeing markets look right past that, its actually amazing to me. Work f more fast money coming up after the break, well see you soon but many need our help. If youre a Small Business in need, or want to help a local business, go to quickbooks. Com smallbusinesshelp intuit quickbooks. Which of your devices are protected by daily security updates . Daily security updates. Daily . I dont know. The only thing. Im struggling with this. Some providers you have to manually download updates to each device. Comcast business securityedge updates every 10 minutes to help keep your connected devices protected against new ransomware, malware and phishing threats. Every 10 minutes feels pretty good. Get secure, reliable internet and voice for an amazing price. Call today. Comcast business. Beyond fast. Welcome back to fast money having a few technical difficulties, were going hamme hitting an 18 year low, were going to toss things over to tim seymour. What are you seeing . What do you think . Shocking, frank thanks for jumping in there. If you look around the country and look at some pricing below what were seeing in the futures markets. Were seeing american oil being priced at 10 million a barrel we know some of the supply issues, with he know supply issues, people may not be aware of the storage issues. Theres no place to put it ultimately, again, i believe this is an interesting time for oil, and just to take a big top down look at it, 18 years ago, which were now going back to those lows, that was the early days of the commodity super cycle. Global oil demand was 77 million bash els a day, even in the pull back and a Global Demand shock its going to be 100 Million Barrels a day. At that point were producing somewhere in the neighborhood of again 40 less oil, but ultimately what has to happen in the oil sector is, youre going to have to see a supply response, i realize this takes some time to see some quill ib reum work itself out theres no question that the Oil Producers that helped to exacerbate this situation have to be looking at the dynamics of their budgets. We talked about this too, saudi 85 on their budgets, but ultimately, this is a case where this is unsustainable for every player in the world. That means there will be a supply response, and markets will price that in ahead of time were going to toss things over to guy adami. 18 year low for wti. Theres a potential that these opec nations could pump even more what does that mean for the Global Markets it seems like theyre willing to lose the battle and to win the war, if im trying to play whats going on geo politically in terms of what theyre attempting to do unfortunately, it looks like theyre wing right now in terms of theindividual stocks, tim makes an interesting point, names that everybody watching knows, exxon mobil clearly has issues and that stock has gone from 31 up to. Or so. Decent bounce, but then you look at a chevron which has gone from 51 to 71, in terms of percentage, completely outperforming exxon, maybe you say to yourself, maybe chevrons showing themselves to be a bit of a better company, a bit of a better stock here, thats how you have to look at this, im not suggesting youre plowing into anything. But youll be able to take things away if you look at stocks that effectively compete with one another tough sector to play here, we know that those majors, they have those fat dividend yields a lot of investors have stuck it out in the sector because of that we know the potential for a cut at exxon would be devastating there are a lot of investors there that wont be there any more when you look at the xle, thats the Energy Select etf. Exxon and chevron make up half the weight of that, and theres another couple dozen names that make up the rest of the xle. That could be one way to play it, it was at 60 just in january. Its down i think at 28 right now, if youre looking to play for a quick bounce the risk is, you continue to see this war play out. And crude oil go lower, youre going to see more pressure on the major mp guys to cut that dividend youve been bearish on energy, what do you think about the moves youre seeing. Wti down 6 1 2 . Weve been looking at the dividend yield on energy as more of a distress signal and less of a value play, for that reason, even more focused on getting exposure to areas like global infrastructure, stocks have the ability to give you that exposure with some growth potential. The other thing that i would mention is just the kind of the multiasset implications of all this, if you have lower for longer oil prices, thats ultimately going to be deflationary or disinflationary, its going to keep the dollar well bid, its going to be good for stability and not sao good for sick lickality thats one reason that weve been positioned more toward quality growth and weve been hesitant to lean in to cyclic i cyclicality at this point. Lets get back to the market, remember, it was that sunday night when we all heard about the price war really early that day on sunday between saudi and russia, that was the linchpin for the market selloff that we got into, im not saying thats what this was about, but getting back to credit, high yield is about 10 Energy People forget and we talk about this triple b tranche that is one notch above high yield 10 of that is energy. Theres no question, and despite my comments earlier that were relatively constructive on market dynamics. Theres no question, if this deteriorates, it will overshoot to the down side and there will be a credit domino effect that doesnt have to fall into every other asset class, energy really matters here, and it all seems to be noted. All the other commodities outside of gold and Precious Metals that tend to be those other hedges that were trading them to be, theyre not trading well you name it, look at coal and steal prices you look at rail prices for this week we know theyre awful and that tells you that this bigger Economic Impact of whats going on is something that were watching thanks a lot, tim much more coming up on fast money and much more on the big bombshell today from johnson and johnson to find a coronavirus vaccine. Stay with us you may be learning about, medicare and supplemental insurance. Medicare is great, but it doesnt cover everything. Only about 80 of your part b medicare costs. A Medicare SupplementInsurance Plan may help cover some of the rest. Learn how an aarp Medicare SupplementInsurance Plan, insured by Unitedhealthcare Insurance Company might be the right choice for you. A free decision guide is a great place to start. Call today to request yours. So what makes an aarp Medicare Supplement plan unique . These are the only Medicare Supplement plans endorsed by aarp because they meet aarps high standards of quality and service. Youre also getting the great features that any Medicare Supplement plan provides. You may choose any doctor that accepts medicare patients. You can even visit a specialist. With this type of plan there are no networks or referrals needed. Also, a Medicare Supplement plan. Goes with you when you travel anywhere in the u. S. Call today for a free guide. But when allergies attack,f any the excitement fades. Allegra helps you say yes with the fastest nondrowsy allergy relief and turning a half hearted yes, into an all in yes. Allegra. Live your life, not your allergies. Welcome back, youre looking at a live White House Briefing on coronavirus, were going to monitor this and bring you any relevant headlines in the meantime, lets get the latest on the coronavirus, sue thank you very much heres whats happening at this hour, everyone, coronavirus cases around the world have gone above 775 now. Here in the u. S. , there are more than 156,000 cases some welcome help for new york city with the arrival of the usns comfort hospital ship, it will provide almost 1,000 beds to kash for noncovid patients. An emotional mayor bill de brass yo thanking the crew this ship arriving is not just an example of help arriving in a physical form, its also about hope, its also about boosting the moral of new yorkers who are going through such its about saying to our heroes in those hospitals that help has come a florida pastor has been arrested for continuing to hold large Church Services despite restrictions on gatherings the hillsboro county sheriff says the pastor has repeatedly violated social distancing orders from the presi