Should congress pay people to come back to work or cut the spigots off. I will ask congressman matt gaetz about that and so much more on making money. Charles stocks making a huge turn around this morning but i think several factors influenced pressure of selling in the last several sessions. The main problem i think is the fact that the market was and still is overbought. I take issue with blaming Retail Investors for being too enthusiastic. Second concerns about the economy as states do delay or reverse reopening plans. 10year bond yield plunged when it looked like we were on the verge of seeing massive rotation back into stocks. Fed action, accommodation has been fading, folks and wall street dithering. Wall street needs clarity from washington about what is going on there and playing the same old politics as usual. I want to ask to of my favorite experts, Gibbs Wealth Management president , erin gibbs and jack ablin. I will ask both of you in general, i will start with you, erin, there is no argument the market was overbought. We know that. So the rebound goes up it pulls back, but where are we in your mind with respect to where this market is . Is it fairly valued. No. I think were still at highend. You saw how quickly the market went down on a few increased fears. I think well see those continued waves as we move forward as long as we remain on the really high valuations. I see it as not so much institutional Retail Investors. When you look at sentiment and optimism scores we break out under 40, and retirees, which, need their savings for just expenses. Charles right. You see a mass of difference in optimism and expectations. So i think the push and pull right now is between those who need their savings, versus the under 40 that have clearly been a massive riskon trade and been pushing the market higher. Charles you know, jack, i got to tell you, even today or late last night or early this morning, however you want to look at it, dow futures were off 1000 points. The nasdaq, of course the first index higher. S p higher. Now of course, the Dow Jones Industrial average is has joined them. As much as the breadth was on thursday and rebound on friday despite the fact it dipped twice. One on news from the Federal Reserve, one on news from the cdc and then this morning . Friday into today we could see the market off significantly more and then theyre not . Remarkable. Certainly tough to predict on a daytoday basis. What is remarkable to me this turnaround. I would say echoing a lot of what erin said that you know, in terms of valuation i would give the market a cminus. The economy probably, a d, just because where were stuck right now but, liquidity an a and investor psychology, probably a b or c. Theyre still pretty cautious and momentum is still remarkably strong. So putting it all together if youre in stay in. If youve got cash on the sidelines and you want to get in, you can probably take your time and find opportunity over the next few months. Charles jack, to that point wall street keeps whining about the Retail Investors. According to goldman, ma and pa, really beating the experts. I think it is a bogus blame game for many reasons. Wall street does pretty well scaring regular folks into sending them their money and they will buy microsoft on their behalf for a small commission. What do you make of this notion, somehow this rally is not in good or treacherous or precarious because it is driven by the Retail Investor . For those that really want to look more closely at it, i would suggest your viewers look at the smart money index. That is something i look at. Not necessarily a goto, but certainly something that i refer to from time to time. It has been actually pretty good at calling terms. It called the turn in the market in october 2018. And it called the turn in the market at the march bottom. What it does is, it looks at the first half hour of trading and the last half hour of trading and puts it together. Essentially taking the first half hour, reversing the sign and then adding the last half hour. So i like to see you know, a day where were down a ton in the morning, right in the first half hour and then we rally back in the afternoon. So we continue to go along that path charles were getting that today. Yeah. Were getting that today, if you call this a buy signal i like intraday reversals. Erin, i i want to lean on you a little bit. Last week was all about defensive portfolio. Those are the kind of names that held up. What would a defensive portfolio look like and is that where people should be right now . I dont think you need to be as defensive where youre in Consumer Staples and in clorox. We know those stocks go up also based off the fear factor but theyre not necessarily long term stocks that are really going to get us through the next 12 to 24 months with this recession. Everyone is really at credit quality, are you not going to go bankrupt because of debt . Are you increasing revenues . Do you have a wellmanaged company . You know couple ways to look at that are Credit Ratings as absolute amount of debt, income to debt ratio. I think those are some, there are a few recessionary stocks, even in the economy, particularly software, high margins. Also one of my favorites, home improvement. So i dont think you have to go full on defensive but being a little conservative about quality. Charles all right. Its important. Charles i got you. Real quick, jack, last time we spoke, we talked about debt, how dangerous it could be. I see the fed, theyre kind of slowing their asset purchase a little bit. Is this the right time for the fed to be cutting off the spigot and the federal government still as were trying to come out of this pandemic . Yeah. I was a little concerned with kudlows remarks related to cutting off this 600dollar extension or enhancement i should say of, you know, paychecks. I think, you know, trying to decide who is going to go back to work and who will not go back to work, i think it is probably a little too premature at the moment. I refer to err on the side of more checks in more peoples hands and get people perceived to be off their couch. Charles im with you, jack. Later on in the show i will be asking representative matt gaetz the same question. Jack, erin, thank you very much. Thank you. The markets are on a roller coaster were seeing signs of a vshaped recover emerging so far from jobs retail, economy playing more Important Role than ever. I want to bring storch advisor, jerry storr. This is taking on more importance than i can ever remember. We want to make sure consumers are going out there spending some of that 6 trillion that households are sitting on. Theyre out there. Never underestimate the resilience of the u consumer or the adaptability of our consumerism. I had the opportunity to drive the i95 corridor from new york to new jersey, let me tell you, the parking lots were mobbed. Stores were crowded. Restaurants were open. There were lines at some of the stores, only go in one time. So it will be really hard to put this genie back in the bottle. Charles the pressure is on. However it is where were spending money. A lot of stores you may have driven by, big boxmakers were allowed to stay open that sort of skewed things. Do you think other retailers stay alive, will they get some those customers back who have become very comfortable who have been ordering on lyne or picking up curbside at walmart . Im optimistic they will get customers back. Much of retail was troubled long before they heard of coronavirus. Just because people come out and shop, that massive shift to online from bricks and mortar started a long time ago. Department stores from maulbased shopping out of apparel and things people need a little bit more. That is where walmart and target, lowes, costco really thrive and amazon. Those shifts will not change. People before are emerging into a environment where consumers may be shopping but customers are more leveraged than they were before. They had to draw down all the lines of credit to go get through this period. Charles i wrote a piece where Big Companies so far pledged 1. 6 billion toe fight inequality. The fortune 100 companies, 58 still have not announced anything. Youve been in the role of ceo. You understand what is going on in corporate america. Do you think well see some bonified change from all the news and all the pledges . What really has to happen . I absolutely do think we will see change. Some people talk about tipping points. I dont know about that but i do know it is on everyones radar particularly in retail. Youre sew close to the customer you need to be in touch and feel them every day. Talking about hearing their heartbeat of the customer. That is where she is right now. That is where you have to be. There is no other side to this one. It is not like some debate, well on other hand, x, y or z. This is all on one side. Charles right. This is important thing to stand side and every other retailer will have to do it. They have no choice but to live where their customers are. These ceos are good people. They will do what is right and theyre going to. Charles of course. Doing what is right is always great business ultimately. Jerry, always love hearing your voice. Thank you very much. My pleasure. Charles meanwhile folks, new York Governor Andrew Cuomo threatening small twists for doing business. After being locked out of business for weeks. Fox news contributor liz peak on is the governor going too far . Everything weve seen so far in 2020, it might make sense, a new read of the mayan calendar says the end of the world is this week. Later in the show i will tell you the date. Well be right back. People are violating everything, everything. No masks, no social distancing. You are violating the rules. What are you doing . And look, the state is going to enforce the rules. Charles new york city hasnt been open a week yet and already Governor Andrew Cuomo is threatening to shut them down again over folks violating health guide lines but in a twist, folks, mayor bill de blasio coming to the defense of businesses saying, it is taking away their livelihoods is not the answer. Joining me for the answer, Fox News Contributor liz peek. Liz, i have a feeling you might be siding with comrade de blasio on this one . I guess king cuomo is not amused his subjects are misbehaving. Charles, you have to laugh. You have all the demonstrations, all the protests, not a word was raised about not being out there with masks on and so forth. We all saw it. A lot of people were not being protected this is ridiculous and its a shock to hear bill de blasio come to the defense of Small Businesses but look, we know about 22 of Small Businesses have gone under during this time of shutdown, because of the shutdown and by the way, 41 of blackowned businesses, apparently have gone out of business s this really the time that cuomo wants to really throw cold water on the hopes of those dying Small Businesses, particularly minorityowned businesses coming back to life . I dont think so. Charles it is so crazy to me. You have got 25,000 complaints. People in manhattan tend to complain. We know about that. 25,000 amy coopers. They dont like two or three people having beer in the middle of the street after months of being shut in. The most vulnerable businesses bars restaurants, is he crazy to threaten them like this . You know, charles, you know what is happening, yes, it is crazy. People are selflecting, people have a beer in openair at night with friends, not Wearing Masks hard to do that drinking beer they are not older infirmed people vulnerable to the virus. Young, Healthy People saying you know what, the chance i get this, the chance of me being terribly sick, heaven forbid is tiny. I will take that chance, because i need to go back to work. I need to socialize with my friends. We know there are huge negative consequences of this shutdown. This is what really become clear over the last month. Charles right. Suicide rates, Mental Health issues, come on, youre going to turn this around now . I dont think so. Charles and yet, you know, a lot of folks on wall street are sounding the alarm on spikes. Theyre being very selective. It is texas, arkansas, florida, oregon, california or michigan but point is, ultimately i dont think that we will see massive lockdowns anymore. I think everyone is got realization that it is counterproductive at this point. Absolutely. In fact all of those increases in cases, almost all of them, not all of them, but most of them are correlated with more testing. You do more testing you have more cases. What you need to look at is hospitalizations. And that really has not changed dramatically in most of those state has you cited. Texas, for example, rolling average, weekly rolling average hospitalizations are basically flat. By the way, there are still a tiny fraction of what you have in new york. So i think, i think this is something, i think on the right track. It is very important to get this country back to work. Gradually were doing that. Charles absolutely. Liz, always a pleasure. Thank you. Thanks, charles. Charles well, folks, the Supreme Court delivering a landmark ruling on lgbtq rights today, barring companies from discriminating against gay and transgender workers. Justices find theyre also protected under the Civil Rights Act of 1964 which prohibits discrimination based on race, color and religion. The vote was 63, with trump appointee Justice Neil Gorsuch righting the actual decision ruling. If 2020 hasnt been bad enough, apparently the world is due to end this sunday. You want to take the day off by all means. Probably shouldnt put anything on your calendar. Tic tock stars, theyre looking for how the room looks for the zoom conferences. Stock market extending rebound, after the Federal Reserve says they will buy individual Corporate Bonds. Folks, this is what i talked about at the top of the show. Well be right back. Like you, my hands are everything to me. But i was diagnosed with dupuytrens contracture. And it got to the point where things i took for granted got tougher to do. Thought surgery was my only option. Turns out i was wrong. So when a hand specialist told me about nonsurgical treatments, it was a total game changer. Like you, my hands have a lot more to do. Learn more at factsonhand. Com today. And right now, is a time for action. So, for a second time were giving members a credit on their auto insurance. Because its the right thing to do. Were also giving Payment Relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. Right now is the time to take care of what matters most. Like weve done together, so many times before. Discover all the ways were helping members at usaa. Com coronavirus. Charles well, folks, tiktok stars are living it up in luxurious mansions. This is all for the purpose of getting content. Lauren simonetti has details of this brave new world. Lauren i guess, charles, it is about influencing each other and us in the process. Well show you some of the houses if you will. Mostly theyre in california. Clubhouse is 8800 square foot mansion in beverly hills, youre looking at it. Beautiful backdrop for all the tiktok videos that often go viral but there are other houses. One is called the hype house t has its own social media handle and millions of followers. Another, charles, is called the sway house which has rated allegedly like a frat house with late night food delivery, amazon boxes, piling up and complaints from neighbors. But the rules of all the houses are, you know, you cant really have visitors without permission. No partying. You have to make content. Usually three content, three videos per day. And as you know, a lot of snows can make a lot of money. That is how they pay for the houses. Either Talent Manager of these stars, i guess we can call them stars, these tiktok stars or stars themselves pay for the house. Let me show you how much they can make. Mind you, charles, these are teenagers. Charlie, is at number one tiktoker, she is 16 years old. She has 64 million followers on tiktok. She can make up to 51,000 per post. Similar stories. Tens of millions of follow lars. Tens of thousands of dollars per post. They didnt even graduate high school. The whole idea of putting this talent together in one house, you can support each other, get ideas from each other. If one video or one content creator does well others can do. So you build everybodys numbers. Apparently its a thing. Tiktok has been downloaded 2 billion times. Takes minimal effort to make a video. You can maximize your potential. Number of followers, with that, often times your profit. What did they do wrong . Im joking. That is a complete joke, charles. Charles lauren, im also reading where, by the way i get 51 a post. No, im just joking. Im reading also, lauren, where Real Estate Agents are saying people should have a content house or room as theyre trying to sell their house. People want this when they buy a house for themselves . Real estate in general is changing especially as we all work from home. You will need more screens. You will need more private space, Better Internet connections, you name it. So, yes the way we live is certainly changing, to live up to, well the status of the moment where the pandemic is. But also, yes, social media is here to stay. Keeps evolving. I was reading a New York Times article. It basically said l. A. Is the city of the moment. That the status of an influencer, you used to be popular on youtube. Now itistic tock. Whats next . What is required of you . Seems like it is fun. Like really cool dance video everybody wants to copy. It takes a lot of workers specially when youre responsible for three of them a day. Charles tiktok, changing the world, lauren, thank you very much. All right, folks, lets be honest, 2020 obviously has been a very challenging year so far. I want to add, but we should add to the list the new claim the end of the year could be sunday. Cheryl casone has details and other trending headlines. Repo