Transcripts For FBC Making Money With Charles Payne 20240713

We have that and a whole lot more on making money. Charles major indices in selloff mode this morning with most testing key support points. Many are bracing for this. Many are hoping for a pullback in a long time. How does an investor know when it is overdone . I want to discuss that with Gibbs Wealth Management cio erin gibbs and liz young and Capital Wealth Planning jeff saut. Let me start with you, liz first because youve been kind of feeling like okay, wall street has been talking up this day for a few weeks, perhaps over a month when it came. Were at this moment. Where do we go from here . Leading up to this day weve been saying the risk for disappointment was pretty high. The shanghai composite was down only 2 before this. That didnt seem like enough. Markets in the u. S. Rallied through the beginning of the year. Didnt seem like there was enough after pullback. It felt like it had to be shakeup. Charles everyone agreed there wasnt enough of a pullback and you couldnt get the pullback. People watching we expected coronavirus to be a more flash in the pan. It would be contained in china. That is the good news we agreed upon. It was contained in china. They got it under control if it doesnt spread, the second derivative, change in number of cases slows down were okay. The news over the weekend that is not happening. Right. It will be more than a flash in the pan. Maybe last through the first quarter. Charles isnt that irony, erin, the news out of china, cases slowing dramatically, xi trying to force people back to work the World Health Organization says every country should learn from china this morning. Meantime i am concerned about the way italy and i think has mismanaged this early on. I think there is a lot of fault across the board, keeping people contained and quarantined on the ships created a petri dish. People are really starting to learn, adapt, try to find better ways to handle it, particularly we know the contagion rate or spread rate is much higher. So, again, with the markets, one of the reasons we didnt get a pull back because the u. S. Still looked the healthy evident. Felt more insulated. Now we see this could have bigger impact were seeing bigger, revisions downward for earnings expectations in that first and Second Quarter but still expecting to rebound in the second half of the year. Charles right. That is, as were getting more information this could still be pentup demand, pentup production in the second hatch of the year and that is how to position portfolios. Charles i want to come back to you on that. Let me bring in jeff saut. Jeff, interesting erin talked about america looking the best. Every single Economic Data point came out not only beat, but if you look at the new york fed, we started with them modeling a 1. 39 gdp. Ended the week with them over 2 . Every single day their numbers got better and better whether it was manufacturing, housing, whatever so which one is it going to be in your mind . Will it be what we see domestically here, momentum particular any in areas that were headwinds or will it be the Economic Impact, inevitable, some of the inevitable toll happening around the world . Charles, ive been on your show a number of times since our short term proprietary model flashed a sell signal in midjanuary, we sold trading positions and raised cash in the investment positions. I dont know where this will end. Maybe 3150 on the s p 500. Everyone is blaming this on the virus. Im not so sure that bernie surging in the polls is not also the cause of this. I mean if bernie gets elected president the market is going down because of his policies. So, im cautious right here and were holding cash. Charles jeff, you may be cautious all the way until november . Im not so sure of that. You know, markets, markets go to extremes both on the upside and the downside and this market is approaching a pretty severe oversold condition. So well see what happens in the next week or two. Charles liz, just like that oversold condition. The question of course is at this italy and south korea. I think of italy more humanitarian. How densely populated europe is, open borders, ease of access, which is one of the selling point unless youre in the uk, versus south korea is more of an Economic Impact particularly with the semiconductors today. You couple that with china and that supply chain. How long will it take before some people are comfortable enough to think that the coast is clear . That is the biggest risk here that it takes longer than anybody expected for to us really figure this out. If it goes on longer, lets say goes on through the Second Quarter, you have companies that have to start shifting their supply chains because they cant get back online. They cant get workers. They cant build up inventory that has been hospital or depleted through the first quarter. If that happens you might see companies ship their supply chains out of Southeast Asia completely not just out of china. Which is a completely different conversation. The question is what is the catalyst that takes us to that point . To jeffs point it is about the virus. Last year it was about trade. The at lift were talking about. The important part is the effect if supply chains shift Southeast Asia suffers as a region. You cant just shift supply chains back. You have a supply side force that will ripple throughout the globe. I think it is too early to think that will happen but that is one of the early risks. The headline ability is also concerned because theyre more on the buying, more of our demand. We sell a lot to europe f it spreads in europe and people stop buying things, now you have less production coming out of asia in order to make less goods to sell less to outside the u. S. Charles are you feeling what jeff is saying, that were getting near shortterm oversold conditions . No. I think we could easily, healthily, down 7 , right now, 3 1 2. And that would bring us to much healthier valuation levels, much more reasonable prices. Charles that is one of your issues. Yes. Charles you wanted we shouldnt be pricing and trading at alltime high valuations when were not sure what will happen with the rest of the world. Charles erin, liz. Jeff. Thank you all very, very much. Right now were going to the white house, see what is going on there amidst this chaos from the coronavirus and other things, bring in white house trade advisor peter navarro. Peter, your initial thoughts. President trump of course is over in india and a lot of folks are kind of concerned because they want to hear from the white house today. All right. Lets hear from the white house. From the day that President Trump made the decision to stop the flights from china into the United States which was a very prudent decision he has had a very handson approach with the task force to managing this crisis in a way to protect the American People and the American Economy and there is four items, charles, that we need to insure. We need to insure that weve got enough personal protective equipment for our Health Care Professionals and others. That is face masks, the gloves, the goggles. We need to have Treatment Options developed and were moving in trump time, which to say as quickly as possible on things like rendispere, oral vaccine, an oral antiviral. The third is development of a vaccine. Were moving real fast with four companies. I think we can do this in half the time it usually takes under the president s leadership and finally the fourth thing it is important, what we call the point of care diagnostics. These are the kind of handheld devices taken out in the field. Right now the state state of tht is taking samples at hospitals, wait being waiting 24 to 48 hours for results and it really slows down things. Here is the thing. The task force is performing beautifully. President trump is personally involved on a daily basis and were doing everything in trump time to insure that the American People are protected. Charles peter, you wrote an oped, it was in the Financial Times yesterday. We talk about another one of these agencies within the u. N. , maybe china being in control of it but before we focus specifically on the oped, a lot of people are concerned, you brought up treatment and health issues, that too much of our medical supplies, particularly the ingredients for drugs are manufactured in china and there is concern there could be a delay or even some sort of shortage. How should we feel about that . So part of my mission on this issue, charles, is to make sure that those supply chains are delivering what we need and the epiphany ive had, far too many of our Pharmaceuticals Medical equipment, supplies are offshore. Charles, for the same reason we offshored autos, electronics and machine tools. Cheap labor, the lax environmental regs and of course the unfair trade practices. What were doing focusing now bringing those supply chains home as quickly as possible by developing domestic production. In terms of innovation there is a technique called advanced manufacturing in pharmaceuticals. That would allow us to not only bring things home, lower the cost of our pharmaceuticals. So were focused charles youre saying no shortage . Youre pretty confident there wont be major or significant shortages . Take, face masks for for example. N95 face mask typical problem. China, basically make as bun of them. First thing they did put on export restrictions so we couldnt get any of them. Next thing they did,nal alize effectively 3m, our company in china to prevent us from sending any of our stuff okay . What were doing this week, putting out request for proposals in trump time for a billion face masks to mobilize four companies that make these things in the United States. Charles right. So were skating charles, where the puck might be on this crisis again under the personal direction of President Trump through the task force. What were going to try to do, working with dod, the va, hhs, is to make sure that the American Public is protected. So were moving in trump time on this there is an interesting twist on this, this oped that i wrote, charles. Charles right. It is a story about how china, the biggest intellectual property thief is trying to gain the presidency of the World Intellectual Property Organization which is basically the holder of charles weve run over. Well bring you back to talk more specifically about that but as we all know you have been sounding the alarm in that and it is ironic, the Biggest Country accused of stealing intellectual property would actually be in charge of Something Like that. Peter, we have to let you go. Appreciate the update. Thank you very much. Of course were on the market selloff throughout the hour. It is not just of course about the coronavirus. The Health Care Sector appears to be rattled too. As jeff saut says Bernie Sanders may have something to do with that because many people think he will be the nominee. Ironically though the market is not freaking out nearly as much as the democratic establishment. Later in the hour how they blatantly showed their contempt. How President Trump is crushing media narrative that america is not respected in the world. Take a look. I like liberty mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com how you watch it does too. Tv just keeps getting better. This is xfinity x1. Featuring the Emmy Awardwinning voice remote. Streaming Services Without changing passwords and input. Live sports with realtime stats and scores. Access to the most 4k content. And your movies and shows to go. The best tv experience is the best tv value. Xfinity x1. Simple. Easy. Awesome. Xfinity. The future of awesome. [cheering] charles President Trump basking in indias warm embrace today as a massive megarally. Trumps was marked with over the top pageantry as he told cheering crowds of ad admiration for indian Prime Minister modi. The two toured the taj mahal. They will meet tomorrow specifically on trade. Stocks are falling sharply on the Coronavirus Spread outside of asia. European officials scrambling to stop the outbreak especially in italy where 250 people tested positive for the virus and 70 have died. Ashley webster in the newsroom with the latest. Ashley charles, this issue out of italy cropped out of nowhere. It put a chill in the markets, not only the United States but around the world and certainly the european markets. 230 cases confirmed in italy mainly in the north in two areas. Lombardi which contains milan the Financial Hub and venito which contains venice. The authorities are trying to find socalled patient zero, the super spreader they believe may show absolutely no symptoms but someone who is passing on the virus. If they do have symptoms they would be very mild. In other words they have no clue what theyre doing is passing on the virus. Because of that, it is expected that the number of cases could indeed move higher. Of those that have died, the government has so far said five people have died but all media in italy says up to seven. Mostly elderly patients with Underlying Health issues. But it is raising questions about the openness of europe and the sheng, no border patrols or no borders within europe. We ask questions about whether there should be if concerns people moving out of italy and further north into europe . In fact a train from venice to munich overnight was stopped at the austrian border because two passengers showed signs perhaps of coronavirus. All trains were halted across the border. Eventually they were proven not to have the virus but it gives you an idea of the difficulty of trying to manage something they cant really get their hands on. The austrians have set up a special commission to decide what to do. Germany for the meantime says it will not impose any border controls but, charles, this is the kind of thing, it is not a pandemic according to the World Health Organization but it is something causing considerable concern how and when it will stop. Charles ashley, youre 100 right. We expect western nations watching china deal with this over a month, appears italy was caught flatfooted. Exactly right. Thank you very much, my friend. Ashley sure. Charles the dow wiping out all 2020 gains weve seen so far, lets head to the floor of the New York Stock Exchange when we get back. Well find out what traders are saying about the todays selloff. Coal industry under serious pressure in West Virginia communities. One nonprofit is looking to end the cycle of generational poverty once and for all. Their medicare options. Ere people go to learn about before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan well, youve come to the right place. Its also a great time to learn about an aarp Medicare Supplement insurance plan, insured by Unitedhealthcare Insurance Company. Heres why. Medicare part b doesnt pay for everything. Only about 80 of your medical costs. This part is up to you. Yeah, everyones a little surprised to learn that one. A Medicare Supplement plan helps pay for some of what medicare doesnt. That could help cut down on those outofyourpocket medical costs. Call Unitedhealthcare Insurance Company today. To request this free, and very helpful, decision guide. And learn about the only Medicare Supplement plans endorsed by aarp. Selected for meeting their high standards of quality and service. This type of plan lets you say yes to any doctor or hospital that accepts medicare patients. There are no networks or referrals to worry about. Do you accept medicare patients . I sure do see . Youre able to stick with him. Like to travel . This kind of plan goes with you anywhere you travel in the country. So go ahead, spend winter somewhere warm. If youre turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. Thumbs up to that remember, the time to prepare is before you go on medicare dont wait. Get started today. Call unitedhealthcare and ask for your free decision guide. Learn more about aarp Medicare Supplement plan options and rates to fit your needs oh, and happy birthday. Or retirement. In advance. Charles stocks plunging today amid fears about the Economic Impact of the coronavirus. Kristina partsinevelos on the floor of the Gibbs Wealth Management<\/a> cio erin gibbs and liz young and Capital Wealth Planning<\/a> jeff saut. Let me start with you, liz first because youve been kind of feeling like okay, wall street has been talking up this day for a few weeks, perhaps over a month when it came. Were at this moment. Where do we go from here . Leading up to this day weve been saying the risk for disappointment was pretty high. The shanghai composite was down only 2 before this. That didnt seem like enough. Markets in the u. S. Rallied through the beginning of the year. Didnt seem like there was enough after pullback. It felt like it had to be shakeup. Charles everyone agreed there wasnt enough of a pullback and you couldnt get the pullback. People watching we expected coronavirus to be a more flash in the pan. It would be contained in china. That is the good news we agreed upon. It was contained in china. They got it under control if it doesnt spread, the second derivative, change in number of cases slows down were okay. The news over the weekend that is not happening. Right. It will be more than a flash in the pan. Maybe last through the first quarter. Charles isnt that irony, erin, the news out of china, cases slowing dramatically, xi trying to force people back to work the World Health Organization<\/a> says every country should learn from china this morning. Meantime i am concerned about the way italy and i think has mismanaged this early on. I think there is a lot of fault across the board, keeping people contained and quarantined on the ships created a petri dish. People are really starting to learn, adapt, try to find better ways to handle it, particularly we know the contagion rate or spread rate is much higher. So, again, with the markets, one of the reasons we didnt get a pull back because the u. S. Still looked the healthy evident. Felt more insulated. Now we see this could have bigger impact were seeing bigger, revisions downward for earnings expectations in that first and Second Quarter<\/a> but still expecting to rebound in the second half of the year. Charles right. That is, as were getting more information this could still be pentup demand, pentup production in the second hatch of the year and that is how to position portfolios. Charles i want to come back to you on that. Let me bring in jeff saut. Jeff, interesting erin talked about america looking the best. Every single Economic Data<\/a> point came out not only beat, but if you look at the new york fed, we started with them modeling a 1. 39 gdp. Ended the week with them over 2 . Every single day their numbers got better and better whether it was manufacturing, housing, whatever so which one is it going to be in your mind . Will it be what we see domestically here, momentum particular any in areas that were headwinds or will it be the Economic Impact<\/a>, inevitable, some of the inevitable toll happening around the world . Charles, ive been on your show a number of times since our short term proprietary model flashed a sell signal in midjanuary, we sold trading positions and raised cash in the investment positions. I dont know where this will end. Maybe 3150 on the s p 500. Everyone is blaming this on the virus. Im not so sure that bernie surging in the polls is not also the cause of this. I mean if bernie gets elected president the market is going down because of his policies. So, im cautious right here and were holding cash. Charles jeff, you may be cautious all the way until november . Im not so sure of that. You know, markets, markets go to extremes both on the upside and the downside and this market is approaching a pretty severe oversold condition. So well see what happens in the next week or two. Charles liz, just like that oversold condition. The question of course is at this italy and south korea. I think of italy more humanitarian. How densely populated europe is, open borders, ease of access, which is one of the selling point unless youre in the uk, versus south korea is more of an Economic Impact<\/a> particularly with the semiconductors today. You couple that with china and that supply chain. How long will it take before some people are comfortable enough to think that the coast is clear . That is the biggest risk here that it takes longer than anybody expected for to us really figure this out. If it goes on longer, lets say goes on through the Second Quarter<\/a>, you have companies that have to start shifting their supply chains because they cant get back online. They cant get workers. They cant build up inventory that has been hospital or depleted through the first quarter. If that happens you might see companies ship their supply chains out of Southeast Asia<\/a> completely not just out of china. Which is a completely different conversation. The question is what is the catalyst that takes us to that point . To jeffs point it is about the virus. Last year it was about trade. The at lift were talking about. The important part is the effect if supply chains shift Southeast Asia<\/a> suffers as a region. You cant just shift supply chains back. You have a supply side force that will ripple throughout the globe. I think it is too early to think that will happen but that is one of the early risks. The headline ability is also concerned because theyre more on the buying, more of our demand. We sell a lot to europe f it spreads in europe and people stop buying things, now you have less production coming out of asia in order to make less goods to sell less to outside the u. S. Charles are you feeling what jeff is saying, that were getting near shortterm oversold conditions . No. I think we could easily, healthily, down 7 , right now, 3 1 2. And that would bring us to much healthier valuation levels, much more reasonable prices. Charles that is one of your issues. Yes. Charles you wanted we shouldnt be pricing and trading at alltime high valuations when were not sure what will happen with the rest of the world. Charles erin, liz. Jeff. Thank you all very, very much. Right now were going to the white house, see what is going on there amidst this chaos from the coronavirus and other things, bring in white house trade advisor peter navarro. Peter, your initial thoughts. President trump of course is over in india and a lot of folks are kind of concerned because they want to hear from the white house today. All right. Lets hear from the white house. From the day that President Trump<\/a> made the decision to stop the flights from china into the United States<\/a> which was a very prudent decision he has had a very handson approach with the task force to managing this crisis in a way to protect the American People<\/a> and the American Economy<\/a> and there is four items, charles, that we need to insure. We need to insure that weve got enough personal protective equipment for our Health Care Professionals<\/a> and others. That is face masks, the gloves, the goggles. We need to have Treatment Options<\/a> developed and were moving in trump time, which to say as quickly as possible on things like rendispere, oral vaccine, an oral antiviral. The third is development of a vaccine. Were moving real fast with four companies. I think we can do this in half the time it usually takes under the president s leadership and finally the fourth thing it is important, what we call the point of care diagnostics. These are the kind of handheld devices taken out in the field. Right now the state state of tht is taking samples at hospitals, wait being waiting 24 to 48 hours for results and it really slows down things. Here is the thing. The task force is performing beautifully. President trump is personally involved on a daily basis and were doing everything in trump time to insure that the American People<\/a> are protected. Charles peter, you wrote an oped, it was in the Financial Times<\/a> yesterday. We talk about another one of these agencies within the u. N. , maybe china being in control of it but before we focus specifically on the oped, a lot of people are concerned, you brought up treatment and health issues, that too much of our medical supplies, particularly the ingredients for drugs are manufactured in china and there is concern there could be a delay or even some sort of shortage. How should we feel about that . So part of my mission on this issue, charles, is to make sure that those supply chains are delivering what we need and the epiphany ive had, far too many of our Pharmaceuticals Medical<\/a> equipment, supplies are offshore. Charles, for the same reason we offshored autos, electronics and machine tools. Cheap labor, the lax environmental regs and of course the unfair trade practices. What were doing focusing now bringing those supply chains home as quickly as possible by developing domestic production. In terms of innovation there is a technique called advanced manufacturing in pharmaceuticals. That would allow us to not only bring things home, lower the cost of our pharmaceuticals. So were focused charles youre saying no shortage . Youre pretty confident there wont be major or significant shortages . Take, face masks for for example. N95 face mask typical problem. China, basically make as bun of them. First thing they did put on export restrictions so we couldnt get any of them. Next thing they did,nal alize effectively 3m, our company in china to prevent us from sending any of our stuff okay . What were doing this week, putting out request for proposals in trump time for a billion face masks to mobilize four companies that make these things in the United States<\/a>. Charles right. So were skating charles, where the puck might be on this crisis again under the personal direction of President Trump<\/a> through the task force. What were going to try to do, working with dod, the va, hhs, is to make sure that the American Public<\/a> is protected. So were moving in trump time on this there is an interesting twist on this, this oped that i wrote, charles. Charles right. It is a story about how china, the biggest intellectual property thief is trying to gain the presidency of the World Intellectual Property Organization<\/a> which is basically the holder of charles weve run over. Well bring you back to talk more specifically about that but as we all know you have been sounding the alarm in that and it is ironic, the Biggest Country<\/a> accused of stealing intellectual property would actually be in charge of Something Like<\/a> that. Peter, we have to let you go. Appreciate the update. Thank you very much. Of course were on the market selloff throughout the hour. It is not just of course about the coronavirus. The Health Care Sector<\/a> appears to be rattled too. As jeff saut says Bernie Sanders<\/a> may have something to do with that because many people think he will be the nominee. Ironically though the market is not freaking out nearly as much as the democratic establishment. Later in the hour how they blatantly showed their contempt. How President Trump<\/a> is crushing media narrative that america is not respected in the world. Take a look. I like liberty mutual. They get that no two people are alike and customize your Car Insurance<\/a> so you only pay for what you need. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time<\/a> they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com how you watch it does too. Tv just keeps getting better. This is xfinity x1. Featuring the Emmy Awardwinning<\/a> voice remote. Streaming Services Without<\/a> changing passwords and input. Live sports with realtime stats and scores. Access to the most 4k content. And your movies and shows to go. The best tv experience is the best tv value. Xfinity x1. Simple. Easy. Awesome. Xfinity. The future of awesome. [cheering] charles President Trump<\/a> basking in indias warm embrace today as a massive megarally. Trumps was marked with over the top pageantry as he told cheering crowds of ad admiration for indian Prime Minister<\/a> modi. The two toured the taj mahal. They will meet tomorrow specifically on trade. Stocks are falling sharply on the Coronavirus Spread<\/a> outside of asia. European officials scrambling to stop the outbreak especially in italy where 250 people tested positive for the virus and 70 have died. Ashley webster in the newsroom with the latest. Ashley charles, this issue out of italy cropped out of nowhere. It put a chill in the markets, not only the United States<\/a> but around the world and certainly the european markets. 230 cases confirmed in italy mainly in the north in two areas. Lombardi which contains milan the Financial Hub<\/a> and venito which contains venice. The authorities are trying to find socalled patient zero, the super spreader they believe may show absolutely no symptoms but someone who is passing on the virus. If they do have symptoms they would be very mild. In other words they have no clue what theyre doing is passing on the virus. Because of that, it is expected that the number of cases could indeed move higher. Of those that have died, the government has so far said five people have died but all media in italy says up to seven. Mostly elderly patients with Underlying Health<\/a> issues. But it is raising questions about the openness of europe and the sheng, no border patrols or no borders within europe. We ask questions about whether there should be if concerns people moving out of italy and further north into europe . In fact a train from venice to munich overnight was stopped at the austrian border because two passengers showed signs perhaps of coronavirus. All trains were halted across the border. Eventually they were proven not to have the virus but it gives you an idea of the difficulty of trying to manage something they cant really get their hands on. The austrians have set up a special commission to decide what to do. Germany for the meantime says it will not impose any border controls but, charles, this is the kind of thing, it is not a pandemic according to the World Health Organization<\/a> but it is something causing considerable concern how and when it will stop. Charles ashley, youre 100 right. We expect western nations watching china deal with this over a month, appears italy was caught flatfooted. Exactly right. Thank you very much, my friend. Ashley sure. Charles the dow wiping out all 2020 gains weve seen so far, lets head to the floor of the New York Stock Exchange<\/a> when we get back. Well find out what traders are saying about the todays selloff. Coal industry under serious pressure in West Virginia<\/a> communities. One nonprofit is looking to end the cycle of generational poverty once and for all. Their medicare options. Ere people go to learn about before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan well, youve come to the right place. Its also a great time to learn about an aarp Medicare Supplement<\/a> insurance plan, insured by Unitedhealthcare Insurance Company<\/a>. Heres why. Medicare part b doesnt pay for everything. Only about 80 of your medical costs. This part is up to you. Yeah, everyones a little surprised to learn that one. A Medicare Supplement<\/a> plan helps pay for some of what medicare doesnt. That could help cut down on those outofyourpocket medical costs. Call Unitedhealthcare Insurance Company<\/a> today. To request this free, and very helpful, decision guide. And learn about the only Medicare Supplement<\/a> plans endorsed by aarp. Selected for meeting their high standards of quality and service. This type of plan lets you say yes to any doctor or hospital that accepts medicare patients. There are no networks or referrals to worry about. Do you accept medicare patients . I sure do see . Youre able to stick with him. Like to travel . This kind of plan goes with you anywhere you travel in the country. So go ahead, spend winter somewhere warm. If youre turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. Thumbs up to that remember, the time to prepare is before you go on medicare dont wait. Get started today. Call unitedhealthcare and ask for your free decision guide. Learn more about aarp Medicare Supplement<\/a> plan options and rates to fit your needs oh, and happy birthday. Or retirement. In advance. Charles stocks plunging today amid fears about the Economic Impact<\/a> of the coronavirus. Kristina partsinevelos on the floor of the New York Stock Exchange<\/a>. How is it going down there, kristina . I have stories for you. Traders taking bets that we could see a close of minus 1500 points today. A lot of traders are talking about investor psyche at the moment because this is a different market. A lot of people, Retail Investors<\/a> using free platforms, td ameritrade. Looking for down next two days. A lot of Money Managers<\/a> have not seen a 1000 point swing or exposed to that that often or a recession or huge, huge selloff. There is a lot of newbies in the market. That is adding to potential selloff. Now the dow is negative 91 points. Part has to do with the algorithms. One key word and you see up swing. 10year treasury yield, were seeing if it hits right now a little lower than that, that will be the worst weve seen in the past decade. Were also seeing gold to a high we havent seen since 2013. A lot of Risk Movement<\/a> over there. Traders are, i will end on this, you want to know what theyre saying over here. Right now the sentiment is not get in at the moment. Could see more downturn tomorrow as well. Why this negative 956 pointer on the dow continues, charles. Charles real quick, besides the newbies, baptism by fire, some of the old hands down there are they saying they will buy sometime soon . I had a big debate with two guys saying fundamentals in the market are really strong. Just because you have the virus spread to italy the numbers are quite strong there, it is still not a description how the economy here in the United States<\/a> is doing. The stocks, these companies have been changed here in the u. S. So why jump out and get rid of everything when a lot of those fundamentals are still the same . Charles right. That is the discussion i had moments ago before going live. Charles must be a lot of fun down there today. You know i love coming down here. It is the greatest. I love chatting with all the guys. Charles thanks a lot, kristina. Thank you. Investors not only worried about the coronavirus but after Bernie Sanders<\/a>s huge need win wall street is taking him more seriously. Not only wall street but the democratic establishment is showing disdain for sanders even trump is defending the democratic socialist. I think it was a great win for Bernie Sanders<\/a>. Well see how it all turns out. They have a lot of winning to do. I hope they treat him fairly. Frankly i dont care who i run against. I hope they treat them fairly. I hope it will not be a rigged deal. 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Health insurers and hospitals, some drug names trading much lower following Bernie Sanders<\/a>s convincing win in nevada. What the money plays say is going on here . I want to bring in Bahnsen Group<\/a> cio david bahnsen. From what i understand, you dont think the big bernie win in nevada is actually having any impact on that sector . I dont, charles. I hate disagreeing with you. Maybe well get to a place on the same page as you and i usually are but in this case i first of all believe there is an inverse relationship between trumps likelihood of getting reelected and Bernie Sanders<\/a>s likelihood of winning the democratic nomination. I think it helps President Trump<\/a> which the market would like to see reelected. I dont believe that President Trump<\/a> has 100 chance of winning with Bernie Sanders<\/a> as his opponent but i believe he has a better chance of winning than some of the others in the race but when you look at Market Action<\/a> today, look, merck is barely down on the day. Gilead is up quite a bit. A lot of drugs s, amgen is down much less than the market. Some Health Care Stocks<\/a> are not down as much as the overall market. I really think this is a coronavirus panic, much more than a Bernie Sanders<\/a> story. Charles well the coronavirus is why gilead is up. I mean the Health Insurers<\/a> themselves, because he is talking about wiping out that entire industry and i think Elizabeth Warren<\/a> as well. Molina down eight, unitedhealth down five, humana down five. Theyre down a lot more than the broad market. Im saying that specific area sort of acknowledges in my mind that bernie is going to be the nominee. Sometimes the better part of valor just react to things like that, not necessarily the overall market which i agree, no doubt the overall market would like to see President Trump<\/a> reelected . I understand what youre saying but i think that those managed care stocks also have a coronavirus reason for being down more than the market today. The market down three, to 3 1 2, theyre down four to five, that isnt that much additional downside whereas Bernie Sanders<\/a> would represent an existential threat but i dont believe the market believes the senate is going to flip, let alone 60 votes in the senate and allow Bernie Sanders<\/a> the sort of insanity of his medicare for all agenda. So my own view is, that the more likely explanation, you never know exactly what a given market actor is doing, you and i both know that, but i think the preponderance of Market Movement<\/a> is fear trade in responding to the uncertainty of control control. Charles david, got to go, real quick your thoughts on the fear trade, how long it lasts . If i know the answer to that i would be sharing it with you privately as opposed to charles [laughter]. All right. That is only second thing you couldnt do. Thanks a lot. I do want to say no one else knows either, charles, that is the important part. Charles but i think everyone kind of agrees at some point fundamentals probably return to drive the market. David bahnsen, thank you very much, friend. Of course well stay with these markets. The dow off more than 900 points as the Coronavirus Spread<\/a> beyond china. Well analyze that a lot more. Plus im calling it a bernie bloom. The socialist rallies the base, it has inflamed the party. In fact well have more on the democratic frontrunner and disdain from the left after the break. In a multitude of countries, where we get to know the people that drive a companys growth and gain new perspectives. Thats why we go beyond the numbers. T. Rowe price. 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Com the end might not be as happy as ayou think. End. It was a total game changer. After all, 4 out of 5 people who have a stroke, their first symptom is a stroke but the good news is you can rewrite your ending and get screened for stroke and cardiovascular disease. Life line screening is the easy and affordable way to make you aware of undetected Health Problems<\/a> before they hurt you. We use Ultrasound Technology<\/a> to literally look inside your arteries for plaque that builds up as you age and increases your risk for stroke and heart disease. So if youre over 40, call to schedule an appointment for five painless screenings that go beyond annual checkups. And if you call us today, youll only pay 149an over 50 savings. Read it again, papa . Sure. Ive got plenty of time. Life line screening. The power of prevention. Call now to learn more. Charles Bernie Sanders<\/a> blew away the competition in nevada making him one step closer to the democrat partys nominee. And party establishment, they could not be more upset. Joining me to discuss, fox nation host david webb, president of democracy for america, charles chamberlain. David, let me start with you. Im so confused now, when i toggle the channels i feel like bernie to a degree is an extension of president obama. The things he said on 60 minutes about cuba. President obama went to cuba. Traveled to cuba. Did the wave with one of the castro brothers. Why do you feel theyre losing their minds bernie being the candidate . Reality hit the democrat party. America is not ready for a economist. Call bernie what he is a communist and policies that drag the party further to the left. You have a party split. Bloomberg has been planning a hostile take over for years, starting before the midterms and you have the bernie wing. They have this contrast in the party and america gets to see a clear contrast who Bernie Sanders<\/a> really is, has been since his early days when he left brooklyn, went to burlington. Went to the soviet union. Admired cuba, venezuelan, nicaragua dictators this guy is who he is. Charles i dont think he is a surprise to america yet, if you listen to some folks on msnbc they were particularly upset. Particularly chris matthews. Take a listen. Im reading last night about the fall of france in the summer of 1940, the general renault, calls up churchhill says it is over. How can it be you have the greatest army in europe, how can it be over . He says its over. So i had suppressed feeling, i cant be as wild as carville. He is damn smart and i think he is right on this one. The man cares nothing for intersectionality. The island ever miss fit black girls you defend you in a regular basis that cant Charles Charles<\/a> what is going on . I think you have got a scared democratic establishment which is typical. What you see over and over again, every election cycle. They thought obama couldnt win. If obama won the nomination all the clinton voters would flip to mccain, that didnt happen. We really know is that at the end of the day this will be an election with a democrat on the ballot and a republican on the ballot. That is what it will say. Bernie sanders is strong candidate driving a multigenerational, Multiracial Coalition<\/a> that can win this up and down the ballot all across this country. Charles why, i dont know, i find it compelling you know these folks have, every day they talk about President Trump<\/a> and how, whatever they made a lot of claims against President Trump<\/a> and now, they are trying to grapple with some one like a mayor bloomberg who might have done things in actual practice to avoid going with sanders. Is it because they fear sanders would lose so badly they dont care . It is just about beating trump . No more about ideas . , charles . Im sorry. Look, you know i think when it comes down to it you have a wing of the party that is very corporatebased. They tend to think entirely about their own pocketbook. The reality is that a candidate like Bernie Sanders<\/a> is thinking about the americans pocketbook. Somebody at their Kitchen Table<\/a> trying to decide between paying for health care or paying for their rent. That is why Bernie Sanders<\/a> is surging. He has a base of the party. Every election is base election. Saw that with donald trump, didnt we . Donald trump proved that every is a base election. Not even close. This is, im really glad rick ungar chickened out today so i could take this on. Ill tell you what, charles, bernie has a vocal and a lot of support across the country. Charles 47 in nevada. Right but that is caucus. He has three contests into it. One of which charles werent people saying this about trump, winning by 30 . It is voters he is appealing to. Bernies base is small but vocal. Problem is bernies not palatable to the American People<\/a> and look, you want to talk about black and poverty and all these things, areas bernie is claiming. Worse than the democrats, whats destroyed entire societies . Socialism and communism has destroyed societies for people of all colors, all around the world. You look at africa. Subsaharan africa. Social iminto greece. There is no outcome where socialism has done anything good for the world and bernie needs to be destroyed. He is a communist and will not get his dream in america. I love charles trying their best to destroy him. Well see what happens. David, charles, thank you very much. Bernies big win came in part due to a surge in support from the Latino Community<\/a> in nevada which makes up roughly a third of the electorate there. The census predicts by 2045, they will be majority minority that will shape politics for years to come. I want to bring in former new mexico governor susana governor first female governor of hispanic dissent. Thanks for having me, charles. Charles what do you think a message from Bernie Sanders<\/a> and all of these elections but particularly over the weekend . You know, i think what is important that what is, what i as a proud american of hispanic descent, mexican descent, everything important to me is important to every other American Voter<\/a>. I want to make sure my kids are educated well. I want to make sure im safe at home. I want to have opportunity toe have a job move up in my job, make more money and get paid better as i increase in my skills. I want to be safe in schools an safe when i go shopping. Were no different than the average American Voter<\/a> in the United States<\/a>. Charles sure. So you know, i read something over the weekend, because im grappling with all of this like everyone else. Where 50 million americans used a gofundme page to help either for them or someone elses medical care. There are these niche issues that appeal to certain voters more than others. This might be a defining issue for the election. Is this one of the things that you think that makes bernie more popular with younger folks and perhaps even hispanic voters or latino voters . You know, nothing is free. Lets talk about our veterans. 1 of the population in the military. We cant take care of our veterans at 100 as we should for all of the sacrifices they have given. But then we want to spread, have medicare for all . Its not free. Someone is going to pay for it. Im going to pay for it. You will pay for it. Our taxes are going to go up. It is impossible for seniors who invested in their medicare, we keep talking about that going bankrupt but now we want to spread it to make sure for everyone. College is free for everyone. Making sure were getting rid of school debt, college debt. Making sure health care is for free for everyone. Eventually it will run out. It is unsustainable. We have to remember, not just as latinos but as American Voter<\/a>s that is unsustainable. It cannot be something that america can live on for years and decade and century as ahead of us. Charles 1. 5 trillion announced by Bernie Sanders<\/a> this morning for child care, should i put you down as a no for that many . Absolutely not. He wants to raids your children, put them through school, high school, college, give them free, higher salaries, make sure they have medicare. It its impossible. We want immigrants to be in our country. That is part of our tapestry in the United States<\/a>. We welcome them but we also have to have be proud americans with amazing dreams, that we can stand on our own two feet and that we can be selfsustained. We can make sure to provide for our families. Were no different than any other american. Charles i think we take special pride pulling ourselves up by the bootstraps as well. Governor martins. We do. Charles thank you very much. Hope we have you back on real soon. Thanks, charles. Charles hey, were watching the markets for you. I got a tweet moment ago about the cp effect. I got you 150 points. It still aint pretty. All major averages are down. That will make the last hour of trading really more exciting than normal. Claman countdown host liz claman on the floor of the New York Stock Exchange<\/a>. Liz, it must be crazy down there. Whats going on . Let me tell you something, a couple issues here, when this final hour of trade kicks in, what were talking about, 14, 13 minutes from now, well go commercial free, charles. Because there are a whole bunch of waystations, signposts we hit during the hour always hit on this day. Whether march begin calls for etfs. Revelation what happened, margin calls for commodities and stocks . What will that mean . Well explain that and much more. I never thought i would say down 7, 877 points was off the lows of the session but it is. Were talking to a lot of traders already. Just apropos what you were discussing with bernie, i spoke not one, not two, three traders who said this selloff has nothing to do with Bernie Sanders<\/a> winning the nevada caucus. It is all about the fear index, the volatility index, indicating that this coronavirus is now spreading to unlikely countries like italy and iran. So well be watching every single metric for you. We have peter schiff on gold. We have ed coyne on gold. Gold is spiking. It is coming off the highs of the session. We have all the floor show traders. Sarge is here, yes. We have byron wien in the final hour. He is the most followed market guru of many decades and what is he going to say . He was saying this morning, oh, dont panic, dont worry but he may be singing a little bit of a different tune in the final hour of trade. No commercials, right here, Fox Business Networks<\/a> claman countdown, stay here with you and us. They have to watch. Charles theyre not going anywhere, liz. I can assure you of that. You have allstar lineup. Byron wien bring as gravitas very few van bring. Cant wait to hear what he says. Folks. Stay tuned. Top of the hour. Last hour of trading buckle up. All i can say. Making money will be right back. Moments. Thats why its so important to help reduce your risk of fracture with prolia\u00ae. Only prolia\u00ae is proven to help strengthen and protect bones from fracture with 1 shot every 6 months. Do not take prolia\u00ae if you have low blood calcium, are pregnant, are allergic to it, or take xgeva. Serious allergic reactions like low blood pressure, trouble breathing, throat tightness, face, lip or tongue swelling, rash, itching or hives have happened. Tell your doctor about dental problems, as severe jaw bone problems may happen. Or new or unusual pain in your hip, groin or thigh, as unusual thigh bone fractures have occurred. Speak to your doctor before stopping, skipping or delaying prolia\u00ae, as spine and other bone fractures have occurred. Prolia\u00ae can cause serious side effects, like low blood calcium, serious infections, which could need hospitalization, skin problems, and severe bone, joint, or muscle pain. Are you ready . Ask your doctor how prolia\u00ae can help strengthen your bones. Charles the coal industry has helped our nation prosper for decades. However, production has declined significantly over recent years and with it, the number of coal mining jobs. Its devastating communities, particularly in the appalachian economy. One report finds that dozens of counties in the area are distressed which means their economies are among the worst 1 10 . This is fueling coal fuels commitment to end the cycle of poverty. The goal is to train, retrain and prepare West Virginia<\/a>ns for different kind of economy. Its founder joins me now. Brandon, thank you so much for joining. This is something, listen, lbj started his great society, the great war on poverty, was promising it would be eradicated, over 50 years ago. Yeah, these are generational problems. I think folks here are frustrated there have been a lot of promises made both from forprofit, nonprofit, government sectors and it feels like things keep not getting better. So its all about more Creative Strategies<\/a> that are really going to stick and improve the quality of life here. Charles we dont have a lot of time so get right to the point of what you are doing different. Coalfield Development Starts<\/a> new businesses, social enterprises, so we are blending the compassion of the nonprofit with the efficiencies of the forprofit together in a Business Model<\/a> that takes people who are unemployed, folks who are on public assistance, gets them back in the work force with modern companies, companies that are driving whole new markets and trying to get the gears of an economy going again. But we do it from the bottom up as opposed to from the top down. Charles whats the reception been like . I know while people want better economic opportunities, when you Start Talking<\/a> about retraining, it can be intimidating. Well, in a lot of retraining programs have not worked so theres a lot of cynicism about retraining. Whats key about our model is it comes with a job. Were not doing training, then promising a job on the back end. We are doing onthejob training through our family of social enterprises. We organize the work week according to what we call 33, 6 and 3. 33 hours of paid work, 6 hours of higher education, everyones working towards a college degree, then 3 hours of life skills development. Charles i love that model. It sounds amazing. How many people are watching this because its not just this community thats grappling with how to retrain workers, particularly in a changing world, because maybe its something that could be transferred in other places. I think so. I think the 33, 6 and 3 model is replicable, scaleable. Community colleges are key partners for the 6 in the model. If you have a local community college, some local entrepreneurs who are excited about actually getting the gears of an economy going again, we would be happy to share everything we know. Charles brandon, thank you very much. This is the kind of thing we like to hear. Long overdue. We will check up on you for a progress report. Thank you, sir. Charles see you soon. Of course, we are approaching the final hour of trade on a day when stocks are making exaggerated moves all over the place, mostly to the downside. That could trigger more selling, although the buy on dips crowd is always lingering. I want to bring in jim awad, perhaps the perfect person to go to today, because we also had Warren Buffett<\/a> who released his annual investor letter and always made so much money during times of panic. I thought the letter was perfect that it came out today. Someone who has been around the block, who understands these kind of things, what do you make of the environment were in . The short term risk is to the downside because you could get a little more bad news combined with quantitative trading but my experience is that you normalize through periods like this and you have a 12 to 18 month viewpoint, this is a buying opportunity, in spite of the human pain that they will get this virus contained, its just a matter of time. The supply chains will reignite, there will be some pentup demand. It may not be a v but it will be at least a u recovery and i think two years from today, they wont be talking about this as the major event. I think the election is far more important although right now, this is going to drive stock prices. Charles jim, there have been a lot folks, you have been on this show a lot recently saying the market is sort of priced for perfection so for many, it was due to trip up. For many, this sort of day was going to come and of course, the numbers are so big right now, we knew there would be a big splashy 1,000 dow point to the downside but there is a psychological impact that it has, particularly on investors who might have lingered back into the market in the last couple years or so. Warren buffett saying you know what, invest for the long term, of course, but he said something interesting. Dont reach for yield. In other words, if you are investing, invest for bigtime profits, not necessarily 4 , 5 in yield. I thought that was pretty interesting. He said it was stupid, dumb, rather, but it was human nature. Yeah. Well, theres no free lunch. If you are going to take risk, take it on the welequity side. Thats where you will get return. On the fixed income side, theres no free lunch. The markets are very efficient. You can invest based on the quality and maturity that you are comfortable with, but if you reach for yield on the fixed income side, youve got a twothirds chance of losing. If things continue, slow growth, stable inflation, youre okay. If the economy improves and Interest Rates<\/a> go up, you will get killed on the Interest Rate<\/a> if you go into recession, you are going to get downgrades and defaults, you will get killed that way. Take the risk on the equity side. Do not reach for yield on the fixed income side. Asset allocate, which you need to, but stick with quality. Charles speaking of quality, on the stock market side, for me, when we go straight down like this, i start to salivate. I really do. I dont mean to belittle whats happening or people who may be afraid but i know names i wish i owned on friday and they are cheaper today and might be cheaper tomorrow. Is that the process . Yeah. You buy a little every day the market is down, this order of magnitude, understand what you want to buy, buy every day. Like day follows night, this will pass. The economy will recover. This is america. You do great over the long term and you do even better if you buy charles just in a couple seconds left, do we need to hear from anyone . Do we need to hear from the Central Banks<\/a> or the white house or do we let this thing happen . I think if the white house and Central Banks<\/a> could actually cause a little more panic and fear. I would just let it work out. The markets and medicine will take their way. Charles back to liz claman on the floor of the New York Stock Exchange<\/a>. We have come back a couple hundred points, liz. Liz yeah. Yeah. But we are still down 810 for the Dow Jones Industrials<\/a> and we are kicking off what could be a historic final hour of trade. Certainly, the story behind this final hour is definitely something for the history books and that is this massive concern about the coronavirus and of course, what its doing to stocks. Over the weekend, the fear started building up and we want to tell our viewers that it got so bad late last night that the futures were plummeting, no surprise then. The Dow Jones Industrials<\/a> gapped open at the top. 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