Investment committee ubs private wealth management. Hes one of forbes top 100 Financial Advisers stocks have given back about half the gains they had earlier today. Dow was up better than 800 points there are concerns lingering about the virus. How quickly the economy will bounce back. I think jim took me up on my invitation i was going to catch the u. S. Open and the opening game of the phillys and the Training Camps what else is there to do other than to be on your show, judge im glad to have you. Of all days. We had this huge run now we had this thunderous move down what does the action tell you about where we truly are im kind of hoping we trade sideways for a while theres some stocks that came down that i think are real buys. Im not kidding. Im not talking about cruise lines. Im not talking about airlines im talking about solid companies that have come back to levels that we havent seen in a while. I am all in on vaccine and ae s antibody i think masks, social distancing until we get to vaccine and then i think were okay thats the message today. Jim, you think yesterday was just a scare shake out some of the weak hands. Oh, yeah. Its necessary we have all seen this game thats being played where we have these stocks that goup early in the morning on our crawl. I know stephanie and i like to get up between 3 30 and 4 00. When you see these pictures and taking American Airlines and someone is buying united its been clobbered in one day pick among those steph, youre not keeping these kramer hours, are you . Yeah, we fight for air time between our emails at 3 30, 4 00 in the morning. How about jims view . Put the last 24 hours in the market into context about how you overall view things. Youve been pretty positive, i must say yeah. Yeah im still constructive, for sure lets put it into perspective here from march lows to mondays highs, the s p is up 44 some sectors are up even more so energy is up like 100 in that same stand. I dont know if you need that at this point the point is he was very clear on wednesday that rates will stay lower for longer. Qe will stay higher for longer until they hit their mandate and the point is liquidity is here to stay and thats very positive for risk assets. You have to watch vaccines j and js news yesterday about accelerating human trials to july from sent is really big news you had moderna say some good things and regeneron saying good things im watching the yields spreads under control. They are well below march highs. Thats a good thing. S p 500 earnings went up last week thats interesting im looking at the economy and leading indicators and claims are down ten straight weeks in a row. Backing and filling is okay opini i think were set to see growth. Josh, do i want to go back to the epicenter stocks or these reopen names they are bouncing back today maybe not as much as the magnitude of which they sold off yesterday. Its up 7 today thats a sizable bounce back american is up double digitings, carnival and norweigan cruise line some of the banks are bouncing back what do you buy then that tells you that what were seeing has nothing to do with fundamentals or people changing their mind about the fundamentals its pure sentiment and a lot of software layered on top of that. Fp you if youre invested in dpacompan and you see a stock price doing that, you dont have to react unless maybe youre doing trading and thats a different story. I think its like a different answer for investors and traders. The main thing i want to get across is because the circus is in town, doesnt mean you have to run away from home and join the circus as a retail investor, you have very few advantages. The pros have information you cannot imagine in information, speed,technology, people they talk to. The one major advantage you have, if youre watching this from home is that youre not forced to play along and youre not forced to try to out perform over any specific time frame no one is looking at your quarterly return e septembxcept. Take advantage of that and dont think you have to have an answer to every move the market makes do you know what happened to the percentage of stocks that were at a 50day high it was at 60 of s p 500 stocks. It went to zero. Thats a five year high in that measure. It went to zero percent. That is ludicrous. Its never happened before theres no play book and no one has a gun to your head to react to everything that happens calm down. I think stephanie is right i think jim is right this may not be your moment if youre an investor this is a lunatic asylum jim, youve spoken a lot about this what we called on the show the pros versus the average joes market and how each of you view different parts of the market. Some pushing, you mentioned the names of the stocks but you know the broader point im making judge, listen, theres a considerable people right now who are saying, josh, picked the wrong time to stop sniffing glue i say, no, josh i still am. I say how the heck is this guy able to do 14 growth in the worst quarter this country has had since the Great Depression thats a stock i want to buy you know what the problem with that stock is, its 400 the people that were talking about, they are looking at that and saying that cant possibly be as cheap as Nordic American Tanker 400 amazon, apple, netflix, and microsoft are all up on the week all 11 s p sectors are down. Can you imagine if those four names were down on the week how much worse yesterday was the 25th worst day in the history of the dow jones. We ran the numbers imagine if those four names had a bad week theyre doing okay on the week that says a lot that makes me feel more comfortable about my optimism but my optimism is on science side and that im so reluctant to part with stocks this moved a lot. If i find out say on monday, j and j says we are so confident we can produce two billion by christmas and ill say to myself, why didnt i buy General Motors what was i thinking . Pete, what is a shorter term trader i know youre trader, investor theres a fine line into sort of how you see the market how are you viewing things exploding vix yesterday relative to where weve been. Give us the mind set here about how youre looking at things well, first of all, josh has all these awesome stats all the time ill give josh one of these stats. Yesterday was the 8th largest jump in volatility in the history of our market. Its pretty impressive that was a 48 move. That was pretty extreme. Sko scott, what ive conveyed for a long time now is when volatility is high and the markets are getting higet ing hit, those are opportunities you take advantage of more of a person who will be involved in stocks and using the options at this higher implied volatility to sell against that it gives you an incredible leverage and a lot of cushion to the down side in many of these names. Thats been the play book ive had this entire time the day before we were down in the 24s, 25s in that range in terms of the volatility index. My amount of volume of sheer positions in the Options Market was probably at the highest level its been since february by now what that really mean s when i see a big pop like we did yesterday and we see that and see that sell off, all right its time to put on the play book again and start buying stocks and selling options against those stocks thats what i continue to do jim was talking about this craziness going on in specific names the the movements of the market has been extraordinary. Ill give you one last thing the biggest option volume day this year was yesterday. Last friday was the second largest and those are some of the biggest youll ever see in the history of options as a matter of fact yesterday, 40 approximate contramillion co hand right now were aver rajjing very close to 30 million contracts per day. That gives you an idea of how much activity really is in the markets right now and how much you can use the options. They can be a friend if you do and you have an understanding of how do you want to use options i think this has been unbelievably fun at times because of fact that weve got this volatility in the marketplace. Now we bring in our top rated adviser. I followed this map, our screen, rob, specifically the way i did because i wanted you to have all of these opinions from our panel as your clients are listening. They call you up and say i heard jim say this and steph say this and pete say this and josh say that what do we do now . See the job i have is to make sense of all this. Thats why you get paid the big bucks, dude. Asis always the answer, it based on context when you have clients that are fully invested and they participate in some of this upturn, we did some rebalancing last week. I think its a very tough environment and my suspicion is were going to turn a bit. Its clear were probably ahead of ourselves but theres two ways that market correct markets correct by moving tar towards the fundamentals or the fundamentals catch up. What jim is saying is the narrative is going to be positive and if the narrative is positive and we saw a little chink in the armor, i would say the coverage is over stated. I dont think it was as negative as it appeared i suspect youll see more negative narrative over time but broadly long term it will be positive therefore, i think the highest probability outcome is that we slowly grinds higher and if theres something that breaks negative, it will take down the markets aggressively like it did yet. My suspicion is that ultimately, fundamentals catch up to the markets and we are telling our clients to invest in the areas of the market that we find the most attractive. Thats it. Jim, i do hear narrative today from some corners on wall street saying, market was ripe for a pull back. You had to get some of these weak hands that are playing around out of the market or at least scare the you know what out of them. Now this rejuvenates the environment to pick up where we left off hiftstorically thats been te case the market did quite well within the next few weeks it was one time where you had a down 3 and then all the other times we kind of just id say kind of broke even for a bit and started going back up again. This would be typical. This was pattern we did see in 2009 which was a break that year you did have that one bad down day then one bad down day yesterday did shake out a lot of people and i think we have stocks at prices that we can, lets say reconcile if we get something from regeneron that makes us feel like its a spike in texas and arizona, its not like the spikes we had in new york city. To me its pretty definitive i like market where you have a fed chief saying that. What do i do with your covid index . These stocks that did so incredibly well if youre as positive about the reopen nar tifr a narrative and the lack of closure narrative. What do you do with the stocks like the teledoc and zoom and the peletons and sochl these other names in your group. I think the index is split. The big change thats happened in our lives in a couple of mons is a lot of companies rise, people work better at home people who work better where they are happiest. Since they wont build out these offices at home, theyre going to be using them i think that part of the covid index which is the adobe, which is the ring centrals, which is the z scaler, they are theyve got a second life. The biggest winner, apple. When youre stuck at the office they always have the hewlettpackard and dell when youre at home, you force the i. T. People to say, you know what, im an apple person. Work it in soc some of that is service revenue. We dont want what you want. We want apple. Three price targets yesterday bumped on apple. The stock has been trading at an all time high at points this week. Bryan says its not going to be fleeting whats going to be the continued winner here . I think its still going to be a combination if you believe like i do and if you believe growth is going to get better and its going to get bett better, gradually, it doesnt need to be a v. I think it will be helpful for the multinational companies. Its up 213 from march lows its huge runs theyre telling you that growth will get better. Thats why i keep an eye on those things i still waennt to own barbell. Pete, i want to talk about a stock while jim is still with us i know jim wants to get on with the rest of his day. Lets do this in a minute and then well let him run hes generous with his time. A lot of that run was based upon the opening we got the asian markets open but what about the United States i think the combination of that gave the stock enough of a move to the upside that, for now, i decided to exit. If i suddenly start seeing a lot more activity, which i have not in casino name, maybe not be bite excited to get back i will continue to sell options against that one. Pete, sorry to interrupt but you said the names wynn dropped bit of its own yesterday. Mccow is maybe not balancing back as much as quickly as some people thought jim, im wonder how you view the casinos here you go elsewhere at this point those guys had we have been back and forth on and that stock is nvidia it had the best quarter. He is going to solve this disease because its his graphical user interface chips that are so fast that they have allowed a lot of companies to rule out drugs that dont work josh loved it too remember we loved it together. I know. It was like a mutual admiration of society youre the best, man. Yeah, steph i would just simply say i own wynn and ive been buying it they have five quarters worth of liquidity. We expect them to be very weak for the Second Quarter they just started to implement easing restrictions. Thats going to get better in the second half of the year. I think even though its had an enormous run and i was buying it at 40 and 50 and 60. I think its a buy here. I disagree with some of the panel members. Thats okay. Thats what we do. You may not like the company or you may not like the operation but the ceo is quite good i think its an opportunity for a trade. Thats fine i agree with you. Okay im a long Term Investor but i also like to be tactical too i think theres an opportunity with it. Thats what we love we love the debate thats what its all about people make their decision on guess who they think made the better argument. Jim, im going to let you go im going to to back to the bar stool. Youre great for sticking around we appreciate it have a good weekend. Thats a perfect day to get your insight. You were sitting there so i dragged you. Steph, lets talk about aptiv. Youre adding to that. Yeah. I pitched it last week i bought it. Ive owned it in past. I bought it last week as well. It quickly fell 12 because the Company Announced a secondary. Very surprising. Why they did it and convert preferred offering as well they did it to sure up their Balance Sheet their stock had a nice recovery too. Im okay with it these guy vs the best technology in safety. They gaining market share. I just took advantage. I felt bad this week to own it down when i owned it, it fell that much. I think its an opportunity for the long term. All right i do want to remind everybody as well, coming up on monday right here, leon cooperman, the billionaire investor will give us his thought ons how far we have come from those lows where he thinks we may not be going e next we look forward to him being with us on monday. We do have more on the markets greg parsons is with us today. So is marc lasry looking forward to that in two minutes. Off the best levels. We are still green across the board. Lets get the headlines with sue. Here is whats happening at this hour. Florida reporting a Record Number of Coronavirus Infections for a second day in a row with more than 1900 new confirmed cases since yesterday. Florida also reporting 29 new deaths raising that states death toll to nearly 2900. New yorks Governor Andrew Cuomo says he will sign an executive order requiring local governments and Police Departments to enact Police Reforms by april 1st or they will not be eligible for state funding. The plan mustards use of force and police bias and other issues that have triggered antiracism protests the oscars are setting up new rules for representation and inclusion. A task force has until july 31st to come up with plan announcing in 2022 there will be ten best picture nominees each year youre up to date. Thats news update this hour skot scott, i wonder if well see big crowds like that in a theater again. Georgia, today, is sort of going all in and i think people can go to theaters, restaurants can be full now, i believe yes in georgia they can im seeing a headline stay with me i am seeing a headline from rou rou reuters that more implication methods like back in march may be needed again. This goes to the issue of we have to figure what Consumer Behavior is going to be if cases continue to rise regardless of what the treasury secretary said on this network yesterday. Of course the government is not going to shut anything down and governors are going to be reticent to do it but if consumers see the headlines, they feel more at risk, they may pull back on their own as happened before. Thats what you have to be cognizant of along those lines, the other day, i was basically the one person in my family that goes out and does the shopping and people in the supermarket were talking about the surge in florida and the surge in california i do think youre right. I think people will start to pull back a little bit regardless of what the State Government does or the federal government does and mr. Mnuchin will say we may not lock down again but im in the sure we can say that at this point given what the cdc just did a and were monitoring that way. More headlines from them i think its very much an open question as to how this virus is going to basically progress. Thank you, sue. Its directly relatable to how you should think about the market these are more cdc headlines were putting on your screen important to continue social distancing they have poken about the need to wear masks as well. This is the conversation central to how the market is trading theres been more optimism about the reopen we get into an interesting place where which stalts are most likely to kind of selfgovern themselves in light of increased surges. You know it will be the states that account for a lot of Economic Activity like new york and california they will behave differently than places like florida thats an interesting component of this as well. I really feel thats why i pointed out earlier in such a disasterous, you still had apple, microsoft, netflix and amazon higher on the week. I think this is exactly why. All right well keep our eye ons that story. Sue said they are fo