Some places are reporting record single day increases lets kick things off with meg terre terrell. Were seeing a couple days worth of data with record cases. If you look at the United States in total, now the sevenday average of new cases is starting to tick higher again meaning trends to the south and west of increasing cases are starting to overcome the positive trends coming down in the northeast as of yesterday, 27,000 new cases were reported across the United StatesUnited States. If you look at individual case, weve been getting the new case counts for today for states like arizona now up to an additional 3200 cases today california reporting 4300 additional cases today but that could be due to Testing Backlog from l. A. County we saw in the numbers yesterday. Florida also reporting record high cases today 3800 South Carolina another one of those states reporting record highs. Now in terms of the hot spots in the country, the areas with the fastest case doubling times, it is close states, phoenix in a bad spot seeing cases double every 12 days. Were seeing similar trends in tampa, orlando, san an ttonio a austin you mentioned apple store reclosures in 11 different areas and i was interested to see where those were and how they mapped against the trends that we are seeing across the country. You can see the counties here. Arizona apple closed all six of its Stores Across that state but it was pretty discerning Closing Two Stores in florida not including Tampa Orlando seeing the fastest case growth. North carolina Closing Two Stores in charlotte but leaving the rest of the state open while all of those counties are seeing doublings and triples of cases, where apple closed stores is where there are more cases per population level they are being pretty discerning within the states. Thank you meg terrell, the other point is 11 stores out of what is the base here . Many, many Stores Across the u. S. 11 is a small sampling here. Here we ask this question because a rally has been built on the reopening trade and what if we take a look at this reclosing of america and will that sort of dash this rally that has been built on all of these hopes, guy, that things are going to open up without a hitch . Yeah, thats one of the pillars of this rally, no question this reopening portion, which, you know, ive been skeptical not because im not p ocoptimisc but trying to follow the science on what people say this virus doesnt care its getting nice out and it nice to go to the beach or want a couple beers with friends it doesnt seem to be going away in warm weather but seems to be getting worse. If youre building your hopes on a seamless reopen, thats the wrong thing. The other leg of this, obviously, is central bank intervention, the stronger of the two legs and that seems to be bolsters things again, im not trying to be dower here im just trying to be realistic and be honest. I dont think this reopening is going to go nearly as smoothly as the market seemed to suggest until recently. Dan yeah, so listen, mel, it was a pretty clear example of buying the rumor, selling the news a little bit the market is kind of caught a little resistance over the last week and a half or so. The apple news is really interesting because listen, i dont think there is much demand by the masses here in america to have mass lockdowns again and if you think back to march when we started having these lockdowns, it really started in the private sector we saw the nba shut down we saw a lot of businesses like apple close their stores and try to be a bit careful because remember, its not just their employees, their consumers they need an atmosphere where people want to go shop at the end of the day, you know, i think that the private sector is likely to lead. Well have spotty, spotty reopenings over the course of the summer and i think investors are going to have to get used to that a little bit. I think thats sort of the point here were trying to make and that is, you know, states and the United States as a whole may not want to do more lockdowns but its the private sector stores close and decide on their own to close, thats the Economic Impact and isnt that what we care about that is going to be the impact to earnings and the hit to the economy. If they do not reopen as planned. Tim . Regardless of what states are doing. But i think apple has a social responsibility, at least, they feel they have a social responsibility and deemed to be. Its interesting because when apple reopened stores in china, that was a Glass Half Full moment the fact they are closing on where they have already opened up but that ultimately we are look, as a country were moving to a reopening phase and its moving into head winds but the reality is its interesting to me its a glass half empty apple, when they started Closing Stores in china, when we started to understand the impact and what it meant for their china business, it was a very big deal for the market is this a very big deal today . Look, as it relates to the Health Related cycles here, im not sure that a lot of the places where were seeing, you know, strong case or case rebounds or cases places that we ultimately had ever really gotten the right measure on what the impact of the virus had been were now hearing that places that are a little either more remote or certain parts of the country are doing poorly and thats to me, i think, part of that still, that first wave. It depends how we want to measure this and i think the data is very inconsistent. This is not good news and i think sending the week out on this message for apple, which hit alltime highs this week is a very important thing for the market to reflect on this i can woo end. Yeah, guy, the virus doesnt care if you want to go outside the virus doesnt care if the weather is nice. That reminds me of mr. Market. Mr. Virus doesnt care its an entity in and of itself. It decides what it wants to do, right . So mr. Market, guy, is telling us, mr. Market does not care if there are these fits and starts. Mr. Market wants to go higher. Mr. Market do you like that term mr. Market i dont know. It reminds me of mr. Mets. Thats an aside. Mr. Market doesnt care that mr. Virus doesnt care because mr. Market wants to go higher and ro rice and hope. Markets always want to go higher, no question. I understand that for the majority of the people, if not everybody watching, they actually have a vested interest and want the markets to go higher, as well. I get all of those things. I left my pom poms at home 13 years ago. Im not suggesting youre saying that but our job, ive never viewed our job to be a cheerleader for this market, be dog mat tick ematic either way earnings will be affected absolutely the market is laooking past that the market is trading at a ridiculous multiple maybe justified because wehave a reckless Central Bank Federal reserve. With that said, again, this reopening is not going nearly as well as i think people had hoped or people expected and i think were seeing that now and, you know, hopefully im wrong but all thoel tthough administratios there is a magic vaccine coming, the science suggests however many years of people developing vaccines suggest it doesnt happen that quickly. Yeah, just so you know, if you were a cheerleader, it would have to be for a funeral parlor or morgue and i would be your teammate on that one were not the cheeriest people when it comes to this stuff here. What does that mean wow. He just said hes not a market cheerleader hey, here is the thing, right . You use the term science a lot and i think its really interesting when we think about it as were heading into the summer and people want to be out and you talked about what the rye vus is virus is going to do there are simple things as we wait for therapies and vaccines and hopeful for all of that to come sooner rather than later, there seems to be pretty clear science wearing a mask helps the spread of this disease you know, for some reason everything in this countriy, it rather political it interesting if you look at the red, blue map and see where this is spreading and you see what the prognosis is or just the inclination is for people to wear masks, you see that its spreading there. I think that thats a really interesting thing to keep an eye on because i think were headed into a very political season here and it seems that this is like really ground zero for that environment. I think that the a really good point and reminds me of the note from our friend marco of j. P. Morgan when he wrote in a note one of the biggest risks of the market is this poll litization of the reopening and part of that is his politica politicalization of mask and mask wearing and if mask is the root to limiting the spread, as we go into the political season, we could see the spread increase because of this, you know, seeing this as a red or blue kind of stance, tim. Well, yeah, i mean, and god bless dan. I think i know what color his pom poms are i think there is a dynamic here which unfortunately this disease has become a political football at times and i do think also on a week when we heard from mr. Powell, you know, the fed has been thrown into this political season, as well, even though we all would like to believe that thats not what happens. So i just think that the reality of the virus and what its meant for markets is its been all about assessing the length of time and the amount of time were going to have to push back on earnings and assessments and giving Companies One year or tw and a mulligan and i think thats really what it comes down to the disease is all about a vaccine to the extent but this country as dan pointed out, i dont think were going to get shut down again. I think the reality is that this is going to be a process where were going to see some rebound. There is no question that this has been seen by some parts of the country as, you know, a political dynamic more heavyhanded than it should be the reality is this is a health issue, folks and markets are responding most to the health issue. All right were just Getting Started here on the fast money five. Up next, well tackle a look into who is really in the dri r e stoojo seat on wall street and onfa fd int slimming down in a big way. Stay with us were back after this. Where will you go first . Wherever you may go, lexus will welcome you back with exceptional offers on exceptional vehicles. Get zero percent financing and make no payments for up to 90 days on all 2020 lexus models. Experience amazing at your lexus dealer. Experience amazing yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Welcome back to the fast five. The robin hood rally the influx of traders and how much evimpact are they having o this market . Listen to what jim bianco said. You cut commissions to zero and allow the purchase of less than one share and get millions of accounts opened up, explosion of trading in the market and when you talk to them or read the boards, the word fed always comes up if you think the market is going to sell off soon, you have to find something that says its going to be so powerful to bring the market down, even the feds unlimited printing and the trader crowd buying like mad is not going to be able to stop it. Our next guest has new numbers on just how much impact the day traders are having on the market richard follows it rich, always great to speak with you. Good ervening, melissa. I feel this is a big question on the street. Do Retail Investors, are they big enough, size big enough to have an impact on where the market is going . What have you found . Certainly the volumes are at record levels. If you look at the trade reporting facility volumes, thats volumes that arent done on exchanges, mostly retail, those are at a record high as far as percentage of all volumes. If you look at the actual trade say, a mrme erk ameritrade, i mean shares because there is a lot of activity in retail right now. So there is a lot of activity but back to the original question, are they having an impact on the overall market were trying to get at that. There are a lot of people who actually think there do and others say the retail guy, never going to be big enough to make any difference. I still think that they have a limited impact certainly with time, you know, well know but relatively small percentage of the market a lot of tyimes they are low priced stock. Rich, sorry to cut you off. The connection is really terrible were going to have to let you go we look forward to speaking to you again. This is the big question, tim, you had your doubts. Rich has his doubts and here we are saying its the robin hood rally. Well, look, im of the view that if you look where majority of those robin hood checks went in the economic bracket, income bracket and you look at the trading frequency on the week before stimulus checks came out and the week after, cnbc did a nice note about mid may. The reality is a lot of stimulus checks went into the market. Are they moving the market if you think about the masses and in terms of frequency and timing of liquidity, there are days we could have pushed this around we spent a lot of time this week and the last three weeks also though talking about these companies that had been of particular interest to this crowd. Weve been talking about Companies Either on the verge of bankrupt bankruptcy, stocks in a momentum vortex of shororts and there iso question when you look at the overall market and size of the market and the fact the nasdaq 100 is basically dominated by the four Biggest Companies in the world, i dont think retail is necessarily moving them overnight. I would also then look at retail trends this week and over the last couple weeks in terms of measuring bullish or bearish sentiment and its very interesting bearish sentiment within the Retail Community is significantly higher than it should be when you consider where the market has moved the Retail Investor is in. They are sup pesposed to be movg the market but not measuring terribly bullish here. Guy ill jump in here. Sorry. Oh i think that point is an interesting one, the last point tim made about the bearishness of the Retail Investor a lot of that has to do with the fact we got those cheecks, opene the market and having fun with it and making money but at the end of the day, a lot of people who are furloughed are getting worried about the fact they may not have a job when their bonus unemployment money running out in the end of july i think there is probably a level of bearishness about the economy and about their ability to earn wages that are higher than they were, lets say, in the prior six months in the back half of this year. So that could have something to do with the push and pull and i think the most important point is this. Weve been talking about this for a long time. All this cash thats sitting in money market funds, where is it going when it goes into the market ti tim just said it it goes into the top stocks and those are the ones just absolutely surging apple, microsoft, new alltime highs today and reverse lower but thats where passive money is going to directly. The rest of this stuff, planes, trains and automobiles the guys will keep playing around but it will act as an accelerator to the downside. These checks came after the low in march for many of these folks, last thursday not with standing, a lot of them never seen the market go down it goes up every day you get desensitized to the fact this is easy markets go higher. Number one number two, as a point tim made but we all agree upon its one thing to have 1200 and to go to zero its bad but its not potentially catastrophic its another thing to have, you know, 1200 being allowed to leverage or leverage that 1200 and not only lose that but lose some multiple of it. Thats what we saw with this poor individual that took his own life this is not an easy game despite the fact that people want to see try to make it out to be and remember, you know, for a lot of these folks, they only seen the things they own go higher the sun also sets, if you get my draft. Yeah, i mean, trading on your phone is so similar to just trading like a video game. I mean, it almost you almost dont feel like its real money because youre pressing a bunch of buttons and trades go through but the reality is there is a lot at stake dan makes a good point were talking about loans being in forbearanceforbearance. When those are up and ppp runs out, what do you do . You need that money in your robin hood account. We do we believe that those stimulus checks are going to keep coming. They are going to extend those benefits if we are at 20 million unemployedis 20 . But there is no question that its a very difficult time to gauge the health of the consumer and so taking the robin hood dynamic and impact on the market and then just also playing, how many of them are people not paying loans i dont know but i bet there is a descent correlation there, as well and at some level, as weve talked about, people that are not paying loans, if given an opportunity at forbearance or sleep three mon skip three months of payments, youre going to do. Three big stories down, three to go. The fed, fast fo a aodnd frauit company. The countdown will continue after this as business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will you can rely on the people and the network of at t. To help keep your business connected. Can i find an Investment Firm with a truly longterm view thats been through multiple market cycles for over 85 years . With capital group, i can. Talk to your financial professional or consultant for investment risks and information. Yeah yyeah yeah hey, hey welcome back to the special edition of fast money. Two down, three to go. Major League Sports