President trump set to meet with top pharmaceutical executives as the first drug shortages in the United States are starting to be reported. Well have a preview from the white house on that. Just breaking news, moments ago, folks. Amy klobuchar is out. She will endorse joe biden as establishment tries to box out Bernie Sanders. All that and so much more on making money. Charles all right has been a roller coaster session, investor motions, potential Central Bank Involvement all of that is in the cauldron if you will. There is a lot to break down and digest. Lefts bring in the best, Gibbs Wealth Management cio president , erin gibbs and capital Wave Management shah gilani. Erin, youve been calling this on the emotional side amazingly. Even last couple months. Last monday you said it is too early to get into the market just yet. Weve come down a lot since then. Whats changed . So i think, first we have to digest, oh, were really attached to the chinese economy more than we realized. Then once we sort of realized, wait this is an illness. This is sickness. There is going to be recovery. It may not be a very shaped recovery. It may not be one quarter event t might be two or three quarters of a slowdown but it is something recoverable. You eventually will have to go back to work. Part of it was, we came into the market priced not just for perfection but overachievement. 20year highs when it comes to valuations. Friday we hit 17 times forward earnings. Charles that was a perfect buy signal. It was perfect buy signal. Came in dead on the money. We popped up. Seeing 2 1 2 today already. I think investors will push us back up to 17 1 2. Really stablize. Were seeing more stabilization in wall street, being better able to forecast how the profits are going to play out this year. Charles you show, shah, it is interesting this session up almost 800 points on the dow. Viewers would be interested in knowing top three performing sectors in the overall market are defensive. You have consumer staples, real estate and utility stocks are killing it, perhaps, because the dow utilities pay a dividend of over 3 . And 10year is just right above 1 . I think it speaks to Investor Sentiment in terms of the defensive moves. I dont believe, i think investors are a little insecure about this rally, is it a deadcat bounce . Im not sure. May be. Kind of looks like that. I believe well test the lows from last week f you take the lows out we have further 10 to go. So i am concerned in here. Im looking to bottom fish in here. I have a long list of names that i would like to start buying into. We bought some this morning but im buying cautiously, certainly not jumping in with both feet. I will come back and ask you to share a couple of those names but i also want to mings on friday we had a similar conversation and one of things i brought up we should be expecting these kind of sessions. When i mentioned it to our good friend heather zumarriaga, she kind of chuckled at me but take a listen. I guess we dont have that. Erin, let me come back to you then, so this is the first area, you know, where we find some support. Yep. One of the things i sent out to all of our guests is this sort of wheel of emotions, right . And you get down toward capitulation, discouragement, dismay that is bottoming out process mentally. How quickly does it take to get through Something Like that. To shahs point could this be a false alarm . I think were in earlier in the stage of fear. Were stillew news. Charles isnt that part of the process though . I think basically, what it really is about is humans test unknowns, particularly negative unknowns. We dont like risk. We dont like unknown, could it be worse, could it slow down, is there Recession Risk . A lot of things are up in the air. Were still getting new information how easily does it spread. What is the real mortality rate. Who is most at risk, how do you prevent yourself, how do you even identify you have it . And until those unknowns are really better set up, we better communication from the cdc, we get more information that this is really starting to contain and slow down, that is i think were going to see capitulation. As long as we have negative news, also a lot of unknowns, what is this, how do i catch it, how do i protect myself, people are more likely to say home. You will see less productivity that will continue to hurt the economy and growth. Charles although at some point the markets should adjust long before those things are some completely answered is. Absolutely. Charles which is why i said on friday we should expect these kind of big up days. I think we do have the tape now if we listen to it. I think were all probably unanimously feel the longer we go out the more likely it is well recover from this but nearer term the big debate now is ushaped recovery in the market, vshaped recovery . I personally think there are going to be sessions real soon when the dow is up 700 points, 800 points, 900 points. Wow. I dont think it will sustain itself. But go back to 2018, for instance, the sort of volatility that we saw there, the swings were phenomenal even as we were melting down. Even during the great depression, we had many, many bull markets inside of a stretch of the historic period. I needed a little powder there. I was a little sweaty up there. Shah, incident take long for the 700 point session. Who knows before the end of the day we might get more considering g7 ministers and Central Banks are meeting tomorrow to discuss a coordinated effort. Would that feel better about going deeper into your buy list . Yes it would but i dont think that is the beallendall. Look at brief history in time. What happened the markets were rising nicely. As coronavirus fears started to impact markets they went down. As chinese said we have this under control. Infection rate is reversing. Next thing we made new highs, i think, february 12th. The following saturday, chinese came out in one day they discovered 15,000 new cases and had a oneday total of 254 deaths. That was a saturday. Monday, market started to sell. They were in denile. They recognized anxiety and fear took over. The denial was perhaps fake news, markets were on. Were back here with a bounce here. We dont have positive good news. We hope there will be virus vaccine but we know that months or a year off. I dont see any good news that justifies the move. This simply is bounce back from hard selling last week. It is all good. If we base here it will be great. I dont think we can. Charles erin, shah, were out of time, if you want to tweet a couple ideas i will retweet it. Thanks to both of you. Joining us by phone, chief Market Strategist jeff saut. Jeff, to the point shah was making, headlines drive this market, today we also had headlines i thought were a little bit, i dont know, they bothered me a little bit. Phase of coronavirus outbreak a boom in u. S. Cases. Then this was from usa today. New york times says, u. S. Cases skyrocket over 35 . I think numbers will get higher as we test more people. If this is the way youre going to describe 80 cases what are you going to describe 800 . Is there a point at some point jeff, we become not immune but we understand that were bracing for this kind of news and market doesnt negatively react to it . The question, charles, is, has the market already discounted that, the fact that the coronavirus is surging and bernie is surging in the polls . Now, as you will recall, our shortterm proprietary model flash ad sell signal in midjanuary. We told people to sell trading positions and raise cash into investment accounts. Quite frankly i didnt think the downside was going to be as severe. We came in last week with monday, tuesday, were 90 downside days. Meaning 90 of the up to down volume came in on the downside. That is pretty rare event t tend to indicate sellers are worn out. By the end of last week the market was more oversold than it has been since 1998. So a throwback rally was certainly due. I actually thought selling would come in a little more this morning which it did initially. Charles sure. Then it faded out. So the question now becomes, were getting this throwback rally. The question becomes if we come back down to test the lows. I werent know that until i run the models. Charles so there is a chance though, that we can retest, i think it is last thursday, last fridays intraday low . Yeah. I actually think the lows are in. Charles okay. That is right brain opinion on my part. We put a little bit of the money back to work that we raised in midjanuary last week but not much. Charles okay. Jeff saut, thank you very much. Always appreciate your wisdom. Thank you very much. Thank you. Charles by the way, folks, remembering a true business icon, jack welch. Transformed General Electric into highly profitable, multinational conglomerate. It was juggernaut. At one point ge was most valuable company in the world. On personal note i had serious personal issue and jack called me up, said he believed in me to lend me support. We had great conversations in the past i can tell you that i still dont know to this day how he got my number that day. This is, only thing is, this is what he meant to me but he also meant so much more to the entire world. Welch was a ceo but he was truly resultsdriven. Many people know him for his six sigma approach that almost over other Major Business adopted. Bottom line he changed businesses around the world forever and he will be missed. Were watching markets throughout the hour. Stocks hitting the session high moments ago. We want to talk about coronavirus and how it is affecting goods coming into the country and anything from Prescription Drugs to wedding dresses. Is it time to rethink our relationship with china . Former trump trade advisor curtis ellis will weigh in to tell us what we can do with the supply chain. Months after very crowded democratic field, finally looking like it is maybe a twocandidate race. Well be right back. As a struggling actor, i need all the breaks that i can get. At liberty butchumal cut. Liberty biberty cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Can you help keep these iguys protected online . . Easy, connect to the xfi gateway. What about internet speeds that keep up with my gaming . Lets hook you up with the Fastest Internet from xfinity. What about wireless data options for the family . Of course, you can customize and save. 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Their official pmi plunging to a record low read of 35. 7 in february a full 10 points lower than what wall street was expecting, even lower than when we had the financial crisis. Although the u. S. Manufacturing is expanding here, there is no doubt that shutting down china and south korea means a very rocky period for our very own manufacturing supply chain. As we struggle, folks, many are wondering if this is the perfect time to rethink offshoring . Maybe businesses think there is a better way . This man has the answers. Trump trade advisor curtis ellis. You were warning about this relationship for a long time. Thats right. Charles always against the or the do, sy of big business, particularly conservatives. If china wants to subsidize the steel industry, sell it at such a cheap price we should take it. No one counted americans who lost their jobs, kids who lost hope, became opioid addicts, no one put that into the equation t was nice and cheap. Here we are with the idea we may not get drugs that we need because it is all made in china. Thats right. Do you think now is the time that theyre thinking nabe there is an epiphany in the csuite maybe we should pay a little extra for the security of having some of that here at home . Thats right. Exactly right. President trump campaigned on the promise of bringing American Manufacturing back, bringing those jobs back here. Border security and lets be aware of whats going on in china. It is not scandinavia. It is not an industrial democracy. This proves it all. So now is the time. Lets start making it in america. We need, whether its automobiles, automobile parts, but especially medicines, stuff we rely on, essential goods. We need to have the security and selfsufficiency in this stuff. So were not subject to these kind of interruptions. Look, this didnt happen by accident in china. They cover things up. The doctor that first reported virus didnt happen or hamfisted way it was initially, they werent honest . They werent hon e. The doctor said we got some weird thing going on here, they arrested him. They said shut up, dont tell everybody. Charles signed phase one . They absolutely did. President xi he had a meeting, Central Committee meeting january 7th. When did they sign this . January 15th. We need to start bringing stuff back here, the supply chains. We can afford it. They always told us, we dont need manufacturing. Bigger than the Service Sector economy. If it is such a small part of our economy we can afford if it cost as little more. Charles so you didnt make 10 a share this year, you made 9. 95. Right, exactly. Charles the jobs you created, you also created customers. Customers for the services and for everything else. Let me ask real quick. I have less than a minute. I go out, say, i think this is good time for President Trump if he gets xi to work with him, suspend the tariffs f they call could, same three month period. It could help them get back online. It would be magnanimous. Shows leadership. America saved the world over and over again. This might be a good time for that. I goat heat for that. China needs to open up books. Be honest what happened with the virus. Tell us everything. Give us the information. Live up to the agreement they signed on january 15th. Theyre invoking force majure all areas, not taking deliveries of contracts, trying to get out of contracts, deliveries of lng and everything else. Start playing straight. We can talk about the next steps from there. Charles curtis, appreciate it. Both stocks extending gains. Seeing the worst week in the market for the financial crisis. Were all over the markets. President trump is meeting with pharmaceutical executives in 45 minutes. The race for Coronavirus Vaccine is on. 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