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 towards policy stuff again after we showed the jobless claims today and the question of do we does the market crave a little more of a cushion from congress, facebook were not hearing a lot on that front and that might become a little more of a talker. Yeah. Mike, if i recall, it seems like months ago, i think it was only a week, week and a half ago, when the markets took a particularly big plunge, the s p closed at around 2480 i believe and kind of bounced around since then given that in the past couple days we had the estimate of potential deaths in the u. S. Which was a shock to many, we just had this big jobless claims number this morning. I see the s p is just above 2500 does that speak to the kind of potential bottoming youre talking about . Yeah. If we go to the extreme lows below 2200 on an intraday basis and closed a little bit above there. Thats the zone were kind of tentatively saying is perhaps some kind of a floor on the upside, the market hasnt really demonstrated all that much except for a bounce so far. Its very much a day to day. I think that its one of those deals where we look at the past instances an im going to reach into mba jargon and people say trust process and the process is you tank first, have awful performance, that would be that 35 Straight Line drop, and then youre not really good, but youre improving and trying to monitor progress and have ugly gains along the way. In theory you get better draft picks at a pretty good bargain as you try to reinvest and then maybe you win down the road. Thats where were looking at if we can follow that path. Mike, i want to go back to crude right now. The move were seeing in brent, 30 increase today, maybe it doesnt feel like a lot after all the volatility weve seen over the past month in the crude market but in jenle from a Historical Perspective that is a huge move and then the impact its having on Energy Equities as well. We have President Trump poised to meet with Oil Executives tomorrow and in the meantime you have the beginnings of bankrupts, whiting, for example, saying its going to declare bankruptcy yesterday and that seems to be rippling out into the credit market and causing angst there as well. How much, if we were to see some sort of deal, how much does that actually calm Something Like the credit market . I think you would have to see it build from here to really calm the credit markets. If youre looking at implied default rates in high yield debt its extreme at this point and really thats not going to be rectified by, you know, crude oil trading in the mid 20s unless it did stay there for a while. I think the bar is relatively high for reversing the process, but to sort of get to a point where you say, the Energy Stocks were just completely sold out and abandoned for months on end and oil itself was very much a heavy short and people saw no relief in terms of supply or demand at least on the supply side you can say it interis rupts that feedback loop interrupts that feedback loop for a little while for all the things that have beset this economy this is the one area where a phone call between leaders can have material and you might have seen it right there yeah. This is headline risk on steroids dou dow jones saying the kremlin denies putin spoke with the Saudi Crown Prince we have Seen Oil Back off. Until we get these production cuts verified and on the books its going to be hard to trust, regardless of what the president or state media in saudi arabia say. Although interestingly, the tell sometimes will be if the story is refuted and the market still trades higher, it was such an extreme point at least even the hint there could be some change the iin that equation is probable enough for today. Mike, what are you looking for from here, whether its today, whether its throughout the rest of the week as far as how the market behaves whether its volume, reaction to particular news to get a better sense of where we are . I think its a matter of containing the selloffs. Yesterday was, you know, down 4. 5 day on almost every major index but it was slightly less intense than the week ago monday and then a couple rally days in a row, you want to see breath expand on the rallies. You want to have a couple of these days where 80, 90 of volume is to the upside and volatility will continue in that context probably to drain away a little bit it seems like a little more of a trading range as opposed to just this pinball type action that says theres no conviction within the market on the buy and sell side so the market continually has to go vast distances to find willing buyers and sellers. Thats the environment that essentially is hard to handicap until it settles down. Mike, along those lines as we get the march jobs report tomorrow which is really being shrugged off given what weve seen in more real time in terms of unemployment claims, the 6. 6 million reading on top of a record last week, but as we start to get more of this data, which so far has been back dated and has been in many cases while weaker has still been better than expected, what holds the most stock right now what matters, if any of it i have to say, the incoming numbers, they need to build up more in the coming weeks and months in order to get some kind of a picture of this arc, this story line were going to be able to tell in terms of whether we front loaded the impact evident in the claims numbers and then we are going to be monitoring the wear and tear on Business Activity and credit markets and all those things that are knock on effects and state budgets and this stuff i think the macro data, theres a high burden of proof for when that becomes relevant in an immediate basis. I think you have to have it accumulate for a while now mike, always great to see start the show with you. Mike santoli. Fema making efforts to coordinate medical supplies in the wake of the coronavirus. Elon has more for us. President trump has been talking about a new White House Initiative thats designed to get those critical medical supplies to the u. S. Faster. Its called project air bridge and essentially fema is chartering planes to get the gear from overseas to the u. S. In a matter of hours or even days this plane left shanghai yesterday. It arrived in columbus, ohio, at 6 00 a. M. This morning its carrying 83 metric tuns of cargo that includes masks, hand sanitizer, the gloves. The federal government is not directly purchasing this equipment. Its shipping it fema told us the goal is for 50 of the product to go to highrisk counties that have been designated by the government and the other 50 to go into the private market now there is a lot of frustration amongst state and local officials over the process for getting the items in the private market and say its a free for all while the federal process, they say, is opaque and confusing. Its not clear if all of that equipment that you see in ohio, will even stay in ohio if they will be getting any of it, even though the state has said it is face something critical shortages on twitter President Trump dismissed some of the complaints and wrote, massive amounts of medical supplies, even hospitals and medical centers, are being delivered directly to states and hospitals by the federal government some have appetites and are never satisfied. Politics remember we are a backup guys, this is a sign that the president is trying to sort of shift the blame from the government to the states for the shortage of supplies, even though we know that everyone is scrambling to get their hands on what they need. Yeah. Elon, scrambling being the key word there im curious, because even though the air freight data, the traffic is down, were getting reports that rates right now to transport some of these goods on airplanes, on aircraft are surging. Any sense of who specifically is working with the government to move these supplies . Is it your fedex and ups of the world or others as well . So we dont know exactly what is being paid in order to move this critical medical gear we do know that the white house has convened a supply Chain Task Force that met at the white house on sunday being led by Jared Kushner trying to coordinate some of these efforts. Part of the frustration that we have had and also that the state and local leaders are having, its really not clear who is getting this product at the end of the day, where its goingp and how much anyone is getting were trying to find out all those details. Hopefully well have more visibility into this process that has been one of the central issues with the supply chain states arent sure why theyre getting what theyre getting and why theyre not getting the things theyve asked for. Elon, thank you especially during a crisis of this magnitude i dont think many people are looking at the federal government as a backstop theyre an essential coordinator. Dont miss ajit pai on the latest efforts amid the virus ayitustbak st wh issues facing our world, what do you see . We see a billion more people breathing free. We see access to fresh food being the global norm, not the exception. We see homes staying cooler, without the planet getting warmer. At emerson, when issues become inspiration, focusing core strengths to create a better world isnt just a result, its a responsibility. Emerson. Consider it solved. So it doesnt make a whole lot of Financial Sense for them to stay in this great big house. But, well, this is home. Its where they raised their three boys. Could they downsize . Sure. Will they . Not as long as thanksgiving is a holiday. Planning for the future is about more than just money. Let equitable be your guide. On a day when we have record jobless claims and multiple people who are working are trying to work from home, joining us to talk about Cyber Security risks for business, is ceo and shark tank investor robert good morning great to have you back. Good morning jon, morgan, carl, thanks for having me. I want to start with Small Business and the employment picture. Many people know you from shark tank as an investor in small, startup businesses. The weekly jobless claims are at 6. 6 million, double last weeks record number. We just last hour had dallas fed president Robert Kaplan on and he was talking about Small Business and questions about how tough it is for them going through this period, how hard it might be for them to recover what are you advising your invested companies to do when it comes to employees these days . Do you think theyre going to be able to hold on to them . Are they going to have to let many go . Yeah. You know, its really tough. I saw that report. Weve been advising our Small Businesses and ive been talking to a lot of Small Businesses every day and its really painful. These numbers are of biblical proportions. The key for every Small Business is you have to survive i think its easy to say, dont let anybody go and do the right thing, but nobody really knows how long this is going to last our advice to Small Businesses make your own decision because you have to survive. If the business doesnt survive, theres nothing to come back to. A lot of our businesses they break into two camps people who saw it comingen and moved quickly and now people who are seeing the reality of these numbers and i think were going to see more layoffs in april. Wow does this in down to the importance of cash and having access to it, having it on hand . Yeah. The first thing we said to all our businesses and the advice to the Small Businesses out there, is hoard cash. Not physically in your house, but in your bank account take anything on your Balance Sheet that you can put into liquid cash right now and do that then look at all your expenses and put them afteoff. Thats awful every time you dont pay a bill thats another business thats affected but you know yesterday was represent day and i have to tell you my gut feel tells me very few people paid rent today and now were going to start seeing the Ripple Effect of that. Yeah. Certainly a the lot of Ripple Effects. Im curious, i want to get your take on the c. A. R. E. S. Act and what that is going to mean for Small Businesses since tomorrow is date where they can begin to connect with their lenders and start to take on these loans, hopefully i guess potentially on a first come, first served basis to be able to weather the situation. Is it going to be enough is it clear enough what companies are going to be able to do and the steps they have to take to be able to hook into this government assistance first of all i think the government has done an amazing job with the c. A. R. E. S. Act and im happy and optimistic with the amount of stimulus being put in i think were going to need another stimulus act in about a month. Heres the challenge everybody is going to file immediately. Its like the unemployment numbers. I saw a report you were doing, people cant get through on unemployment think about how many people are going to file for this right now. I think theres going to be a challenge in getting it out there, but its coming again, youve got to sur vive t get that stimulus. If your business isnt around theres no point in getting the stimulus, but i think you got to apply right away and make sure that you can qualify for it. Its a Great Program yeah. Well see what the execution is like its going to be tough i mean well see how the servers perform tomorrow i want to go back to your point about rent im looking at some is forecasts of mortgage delinquencies, you might see 10 to 12 this month how high do you think that number can get i think its going to be quite a bit higher than that i have to tell you i think people that have a business and the general population are going down different tracks people that have a Small Business or mediumsized business or a Large Business in some cases, the reality of this situation is very stark for them and anything they can do to push off costs or expenses theyre doing right now. I dont know if the delinquencies are going to be high it all depends on how long it goes for the next two to three months, a lot of people arent going to pay their rent. A lot of people are going to push off those kind of bills its going to be interesting to see what happens if the entire population goes back at once, which i dont think is going to happen, but if parts of the population start going back, things are going to slowly return. The if extnext two months are go be brutal for mortgages, commercial paper and leases. Heres the reality, what are the commercial landlords going to do theyre not going to kick anybody out because its not like anybody is looking for office space right now they have to take it then youve got so many more companies where their workforce is operating remotely right now and youve got to think some of that might become a more permanent structural change as well and what is that going to do for commercial real estate longer term which brings me to another question on another topic for you, theres a lot of focus on privacy right now on some of these different apps being used so heavily, zoom, for example, today, which has doubled its user numbers rapidly. How do businesses an consumers and students and employees navigate those privacy issues and make sure that what theyre doing online right now is secure and safe . Yeah. This is the golden age for hackers and people like that i mean you couldnt have picked a more perfect time to hack somebody you know, we run a pretty large Cyber Security business and were seeing alert volumes way up and were seeing the amount of i. R. , remediation work, people who have been breached, way up weve seen more work in the last three weeks in that area than in the last 16 years. The hackers are definitely out there. In terms of zoom, theres a lot of privacy settings in zoom. If you just go to settings and add passwords and encryption and a lot of people arent doing that because theyre just rushing to zoom. We encourage people to do that the second part of that is phishing 85 of all malware still comes through phishing attacks and phishing preys on our ego, on our vanity and on our weaknesses people are looking for information right now, so were seeing a lot of covid19 update or how to apply for an sba loan update and all those kind of things were encouraging people to be very, very careful of those. If you dont know the link, one of the easy ways to do is hover over the link when somebody sends you an email if it doesnt appear the way it is in the email, it could be a phishing attack. Just be very careful the final point that were seeing a lot of people that work for Big Companies are working from home with secure connections. They have a secure laptop or connection heres the challenge they go out to the bathroom or they go get breakfast and leave their laptop open and their teenager comes along and starts opening another session. Youve got to make sure every time youre on a secure connection youre not using it, make sure you log out and log back in. A lot of great information. We started off talking broadly