appealing. that does offer some reassurance for those that we're worried about, the clogging of credit. >> i was going to say at a price, you're going to get buyers for a resilient businesslike fast food i think that's a bright spot, big parts of the markets are under repair right now after what the fed did, you can look at the mortgage backed mortgage, it's progress so far on stocks, but the debate is not over. >> we're out of time here from mike, sarah and myself, stay healthy and brian sutherland's got you covered on the other side welcome to cnbc's continued coverage of the markets. i am brian sullivan, thanks for joining us here at 5:00 p.m. eastern time we hope you are doing as well as can be the market is doing as well as they could do over the last couple sessions.

we ended last week strong coming off a very weak base last week the best week since 1932, well, we continued some of that momentum today. the dow ending the day up 690 points pretty much most stocks you look at they were higher today we will get to those, the one thing that was not higher continues to be oil. down 7% as well. we'll get to more on oil and what it may be signaling throughout the show. welcoming. we are pleased today to be joined by guy adami and dan nathan for the entire hour, we welcome in emily roland of john hancock financial. it's good to have you back here on cnbc's fast money you said it seemed like the indiscriminate selling might be over, that gave you some comfort, were you more comforted by today's action?

>> yeah, and it's great to see, great to be here i have to give a huge shout out to everyone in englewood cliffs for making this possible to getting us all on. thank you. i hope everybody's safe obviously, and number three, yeah, i take a lot of comfort in the fact that the indiscriminate selling appears to be over for now. and i'll add this on top of it, the volatility index which was rallying all week, which wasn't a great sign on the back of the broader market rally, and down today in a meaningful way for the first time in a while, brian, yeah, i think that's encouraging. >> you know, dan, i tweeted out on friday, i think it was over the weekend. i said, if you have to keep asking if this is the bottom, it probably isn't because it means there's still this sort of buying bias in the market. obviously we've had a number of pretty good days in what has been an awful year on many levels do you think the bottom is in? >> well, not really. i mean, a bottom is in, right?

the bottom of the panic selling that started late february and followed through for most of march, that blot open is in right now, and i know that sounds a bit cavalier, but we had a 33% decline in a little more than a month, that's unprecedented. there was as guy said, a lot of indiscriminate buying, a rally was due, we've been saying that for the last week or so. we have a 20% rally off the bottom we talked about this over the last few weeks, when i look back to 2001, there were two 20% rallies off the low. there were 2 20% rallies, that failed, go to 2008, there were two rallies of 20% off the lows, they fail ed this will is a common -- a feature, not a bug in a bear market this is a great opportunity for

traders, a really good opportunity considering we're still down from the highs. a great time for those to people to dollar cost averaging >> how do you see it, and what are you recommending to clients right now? >> we absolutely agree with that, and i think dollar cost averaging is a perfect way to approach this market we're looking for a few catalysts before we can shift to more risk on positioning right here you'd like to see the number of cases. we'd like to see the economic data bottom. it's just getting bad now, we're likely to see more pain to come, the data we're getting now does not fully reflect the damage that we're going to see from the virus and the containment measures and we'd like to see investor sentiment get to the point of

capitulation even before this rally, they were asking me, where should i be putting money to work to me, that's not really a sign -- the one thing we do need to remember is that bear market bottoms are breeding grounds for bull market. investing at the bottom gets you 15% annualized over the next five years don't get too cute trying to pin point the bottom >> bottom line is, you should be putting some money to work i understand your point about the covid-19 cases, we want those to peak ott for many many reasons, tim seymour, i take a screen shot of the john's hopkins site, we're up 20,000 cases from this time yesterday do you believe that peak and rollover, more importantly to

humanity will be equally important to the stock market like we're starting to come out of this gloom and doom >> yeah, and the sentiment has been about pessimism i think as we get into the technical elements of the quarter end rebalancing. and what was extreme redemption and closures of a bunch of hedge funds that were tapped on the shoulder by risk managers. and said cut exposure aggressively especially in these hedge funds. we're told to close their doors. i think we heard about some of these big muny funds anyway, i want to emphasize that i think the market went through something here and i think the market has largely priced in health back to your question, at what point is that enough that we priced in a lot. the data out of italy is just

absolutely sad but it's better. and the numbers that came out today were as good as they've been in a couple weeks i think the key is what's on the other side much i think it's very, very difficult to in many cases to handicap what the economics are, but what we're all trying to do, obviously the duration of the health crisis affects the credit and all the dynamics in the underlying earnings profile of all the companies we want to roll up our sleeves and look at. >> and we'll do like the draft, tim. we're going to do the snake, we ended with you in the first round, we're going to start with you in the second round as well. what are you watch something encouraged by the action in the semiconductors the action in technology what made you stay focussed today? >> yeah, look, we're a market share, it's nice to be back to fast money for an hour, and talking about things that are part of the dynamics of markets and what they do the fact that we don't spend

always a lot of time talking about credit, but the rally in investment grade credit continues to be extraordinary. we want to wait and see what investment grade does after the fed stops buying everything that moves. there's been a ton of issuance on the long end. that's one of the things you have to be watching. with great companies and we've seen the haves and have notes. apple is now above the 200 a day. i'm not doing cartwheels over this, but if you look at the charts of a handful of companies, look at intel, some of the names that have gotten back to a place where you saw stability. they may have begun to ground out a bottom, i want to see that, i want to continue to see some of the data on obviously the virus. but i think when we look at where companies have priced in the impact of the health crisis. i want to reiterate, i think we priced in a lot of that. the question is going to be -- i want to look at what the job

numbers look like on friday. what goes on with some of these regional fed indexes today's dallas fed is shocking it went back to not only 2008 lows, but well through that, we know that that is the center of a lot of the problems in the energy sector. so it's going to be extreme, but credit, collar, where the macro goes at the end of the week, we know it's not going to be good, good companies, home depot, nike question have started to trade with some normalcy. >> and brian, i'm going to jump in real quick, in terms of what i'm looking here, i'm -- i think we're all saying similar things in a different way, i'm not trying to be cute here, there may be people saying, you know what, this market scares me a lot, is there any more up side and if so, where should i start looking to peel out of things, this is something we talked about last week we saw that

trough down to 2191, and off the recent high, the all time high, if we just made it 50% correction of that move, it takes you to somewhere around 2790 you're you can talking about maybe another 150, 160 s&p points the up side that's maybe where we stall. i'll stand by that, i'm with dan on this, i think a bottom is in. i'm not sure the bottom is in, i think there's potentially a little more upside to that 2800 level or so. and i think that's what folks should be watching >> i don't disagree with that, i would just say, what i'm watching today, the underperformance by the russell 2000, the small cap. i think that is indicative of the stuff that the s&p 500 doesn't really focus on, and that, when you think about this health crisis, it's morphing into an economic crisis. one of the things that cannot be accounted for are the 15 million

restaurant workers that are not being -- that are not employed right now, the tens of thousands of cruise ship workers and airline workers and boeing workers and autoworkers that are being furloughed you think about our economy, 70% of it is the consumer, their inability to access some of this financial assistance in realtime is going to be an issue. what i'm looking at is the russell 2000 i'm looking at the under3er form answer in some industrials like i just mentioned before, energy is a disaster, so you can get all geeked up again and buy the names that got us to the highs in february. but understand that the one thing that this bear market is going to take some time to heel from and make a bottom is going to be time, and i don't think enough time has pass ed you may get to 2790, it may get back to

panic selling. you want to be careful chasing the market here. >> i'm looking at the fact that the markets don't seem to care very much about economic data any more does anybody remember when they did? we talked about the dow's fed index unemployment is at 3 million and climbing certainly we'll be watching thursday this is a remarkable thing, i understand we've got fiscal stimulus, policy makers, central bakers, obviously a lot on what they're doing to spofrt this economy. but we're looking at an environment here where the dat could get much, much worse, and i think it's pretty interesting we're seeing markets look right past that, it's actually amazing to me. work f >> more fast money coming up after the break, we'll see you soon but many need our help.

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welcome back to fast money having a few technical difficulties, we're going hamme hitting an 18 year low, we're going to toss things over to tim seymour. what are you seeing? what do you think? >> shocking, frank thanks for jumping in there. if you look around the country and look at some pricing below what we're seeing in the futures markets. we're seeing american oil being priced at $10 million a barrel

we know some of the supply issues, with he know supply issues, people may not be aware of the storage issues. there's no place to put it ultimately, again, i believe this is an interesting time for oil, and just to take a big top down look at it, 18 years ago, which we're now going back to those lows, that was the early days of the commodity super cycle. global oil demand was 77 million bash els a day, even in the pull back and a global demand shock it's going to be 100 million barrels a day. at that point we're producing somewhere in the neighborhood of again 40% less oil, but ultimately what has to happen in the oil sector is, you're going to have to see a supply response, i realize this takes some time to see some quill ib reum work itself out there's no question that the oil producers that helped to exacerbate this situation have

to be looking at the dynamics of their budgets. we talked about this too, saudi 85 on their budgets, but ultimately, this is a case where this is unsustainable for every player in the world. that means there will be a supply response, and markets will price that in ahead of time >> we're going to toss things over to guy adami. 18 year low for wti. there's a potential that these opec nations could pump even more what does that mean for the global markets >> it seems like they're willing to lose the battle and to win the war, if i'm trying to play what's going on geo politically in terms of what they're attempting to do unfortunately, it looks like they're wing right now in terms of theindividual stocks, tim makes an interesting point, names that everybody watching knows, exxon mobil clearly has issues and that stock has gone from 31 up to.

or so. decent bounce, but then you look at a chevron which has gone from 51 to 71, in terms of percentage, completely outperforming exxon, maybe you say to yourself, maybe chevron's showing themselves to be a bit of a better company, a bit of a better stock here, that's how you have to look at this, i'm not suggesting you're plowing into anything. but you'll be able to take things away if you look at stocks that effectively compete with one another >> tough sector to play here, we know that those majors, they have those fat dividend yields a lot of investors have stuck it out in the sector because of that we know the potential for a cut at exxon would be devastating there are a lot of investors there that won't be there any more when you look at the xle, that's the energy select etf. exxon and chevron make up half the weight of that, and there's

another couple dozen names that make up the rest of the xle. that could be one way to play it, it was at $60 just in january. it's down i think at 28 right now, if you're looking to play for a quick bounce the risk is, you continue to see this war play out. and crude oil go lower, you're going to see more pressure on the major mp guys to cut that dividend >> you've been bearish on energy, what do you think about the moves you're seeing. wti down 6 1/2%. >> we've been looking at the dividend yield on energy as more of a distress signal and less of a value play, for that reason, even more focused on getting exposure to areas like global infrastructure, stocks have the ability to give you that exposure with some growth potential. the other thing that i would mention is just the -- kind of

the multiasset implications of all this, if you have lower for longer oil prices, that's ultimately going to be deflationary or disinflationary, it's going to keep the dollar well bid, it's going to be good for stability and not sao good for sick lickality that's one reason that we've been positioned more toward quality growth and we've been hesitant to lean in to cyclic i cyclicality at this point. >> let's get back to the market, remember, it was that sunday night when we all heard about the price war really early that day on sunday between saudi and russia, that was the linchpin for the market selloff that we got into, i'm not saying that's what this was about, but getting back to credit, high yield is about 10% energy people forget and we talk about this triple b tranche that is

one notch above high yield 10% of that is energy. there's no question, and despite my comments earlier that we're relatively constructive on market dynamics. there's no question, if this deteriorates, it will overshoot to the down side and there will be a credit domino effect that doesn't have to fall into every other asset class, energy really matters here, and it all seems to be noted. all the other commodities outside of gold and precious metals that tend to be those other hedges that we're trading them to be, they're not trading well you name it, look at coal and steal prices you look at rail prices for this week we know they're awful and that tells you that this bigger economic impact of what's going on is something that we're watching >> thanks a lot, tim much more coming up on fast money and much more on the big bombshell today from johnson and johnson to find a coronavirus

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welcome back, you're looking at a live white house briefing on coronavirus, we're going to monitor this and bring you any relevant headlines in the meantime, let's get the latest on the coronavirus, sue >> thank you very much here's what's happening at this hour, everyone, coronavirus cases around the world have gone above 775 now. here in the u.s., there are more than 156,000 cases

some welcome help for new york city with the arrival of the usns comfort hospital ship, it will provide almost 1,000 beds to kash for noncovid patients. an emotional mayor bill de brass yo thanking the crew >> this ship arriving is not just an example of help arriving in a physical form, it's also about hope, it's also about boosting the moral of new yorkers who are going through such it's about saying to our heroes in those hospitals that help has come >> a florida pastor has been arrested for continuing to hold large church services despite restrictions on gatherings the hillsboro county sheriff says the pastor has repeatedly violated social distancing orders from the president, the cdc and local officials, howard

brown once prayed with the president in the white house as always, you can get more coronavirus coverage by heading to cnbc.com. >> thank you very much, sue. much more coming, including more on today's push in the market and why it's moving higher we're going to be right back you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis.

welcome back to fast money, stocks staging a big comeback today. let's bring in nadine terman three words you keep saying, cash is king, tell us why?

>> well, frank, we like to tell our clients that running a bid by yourself is difficult what other investors get caught up on a day like today and go first. when the swrol untilty index -- one of the best things you can do is hold some cash and be patient as you get more asymmetric opportunities >> you say be patient. do we want to be defensive or should we try to look at this rally as a buying opportunity? we tend to get defensive, so i along with most people will have some of those facts you should have sold two months ago, today is a perfect day, last week was a perfect opportunity. you can trim some of those positions, and take advantage of the opportunity to short cash or get defensive position, one of our favorite companies that was down today to be able to pick up some of your more favorite exposures.

>> i'm with you, 100%, by the wray, i understand what you're saying, thanks for being here. >> we could be in an environment where the vicks bleeds away down below 30, and we could be up another 15 or 20% theoretically, is that concerning are you willing to miss that move >> we tend to trade the chop a bit. we'll short and cover, there's a stock i think -- i can't count how many times in the last week i've done that we will do that to make some money for clients when it's appropriate. as you're saying, it could go up, it's never in a straight line you got this choppy volatile environment. add those positions and those days that are defensive on days like today and trim those lawns and have a

little higher bait tarks that's how you get through a period where there may be some up floi, especially since it's quarter end and month end at the same time >> nay teen, it's tim again. as you look at the sub sectors of the market and trades that have worked especially during growth constraint, environments. certainly growth over value is probably what we've seen in terms of triple q's, nasdaq 100 stocks outperforming the s&p what are you thinking here coming out of this whenever you get comfortable and again, s&p earnings estimates are coming down, how far down do you need to see them >> we expect roughly a 25% peek to trough, that is decline in gdp. it's about 10% of gdp, it's not enough, even though people have brought down second quarter

estimates. they really haven't brought down the back half of the year. we're seeing consensus estimates are up 6% by the fourth quarter, that has to be brought down. we're trying to invest in tech, invest in the businesses such as -- i won't say which ones but since 2013 and the like, that might be in the data center business the benefit while people are working from home. the benefit from increase in cross connect for companies to come together and put their technology systems in the clouds together we like those types of businesses, if you're looking for a tech company that has leverage, they may not have a great balance sheet, that is more cyclical, then you're in a little more trouble. you have to be very careful. and we invest globally, across all sectors, so we do unfavorite positions across all sectors >> data centers and reads have become a safety play, dan, where

do you see this market going, what moves do you want to make >> it's interesting. nadine brings up a lot of good points about some of the new technology that's going to benefit from this work from home environment that's likely to stick around here for a long time, it's important to remember that some of these stocks with the 40 billion plus market cap, it's kind of uninvestable here too. so there's a lot of themes that are playing out in this market that are pretty interesting, sub sectors seem to be defensive, others where there's strong secular shifts toward cloud and data centers, it seems great that's one of the reasons tim brought up intel before. one of the reasons why it's acting well or outperforming some of the names in its peer group. to me, listen, there's going to be plenty of opportunities if you think buying right now after this 20% pop, after a 35% peek decline is going to be that generation aloe, i think you're a little too soon.

nadine and our other guests brought in some great points about s&p earnings, about recessions, this stuff takes time, the market can be reversed like it has in the last week, the likelihood of the economy doing that is not particularly great right now. i think investors better be patient for 2020 here. >> patience is always a good thing. we want to thank nadine for joining us give you a last word, emily, what is your bottom line >> our bottom line, really just about positioning in this market, it's all about participate and prop tekt. we don't want to try to call the bottom here, but we went to engage in this market in a thoughtful way for us, that's meant leaning into quality growth. a lot of that is technology, we want companies with strong balance sheets, low earnings variability. and companies with the ability to benefit from this spending that's going to happen after this it's probably not going to be

that big bounce in cyclical stocks you usually see coming out of recessions. it was really about the commodity complex. for us the focus is on technology and then pair iing areas of consumer staples and health care. >> interesting point of view there. more fast money coming up. we're going to be talking about hospitals across the nation scrambling to find key medical supplies our next guest has been on the front lines to keep up with his demand cnbc has continuing coverage of the markets in turmoil.

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welcome back to fast money i got the hamster running again to get that dialup mode open fired back, everybody. great work, it's good to be back let's talk now and go to the front lines of the fight to save lives. we're doing a lot of stuff on the markets on this show, that's great. let's get down to the nitty-gritty about the medical equipment we need and the people we need to go there to make it even while physical and social distancing is in order for that, let's go to a company that's on the corner in new jersey that is k & f newburger, he joins us now by phone to talk about this a lot of people aren't familiar with your company, it's been around since 1946, based in germany, big company, what are you guys doing in new jersey to make sure that ventilators and respirators will be available when we need them? >> thank you for the

opportunity. we're not the biggest company in the world, but we wrestle outside of our weight class. knf is a pump provider, and a pump is a very important component within a ventilator, we heard a lot about ventilators over the past couple weeks, there's many other types of devices as well, things like diagnostic systems, sanitation, disinfectant systems knf is on the front lines as you said, we are a tier one supplier to some of these medical device companies. it's important for our companies to feel engaged, safe, and make it into work so we can supply these pieces of equipment to the companies that are making devices for the hospitals. >> i would imagine that your business has ramped up and the men and women have stepped up even in difficult conditions where do we stand in getting these pumps out so we can ramp up the ventilator production. >> it's been a challenge

we are leverage long term relationships we have with not only the medical device companies ourselves, but our suppliers, that's the whole problem here, is that the supply change itself had to ramp up, and that's not just for the ventilators, it's for companies like mine. but you're right, we are working hard, our team is on it on a daily basis. working with companies around the world. this is a global supply chain effort, and i can tell you that one of the things that really nice to see is the collaboration with these large medical device k347s. as you can imagine, they're under tremendous pressure right now, they've been very accommodating, they've been working very closely with my people, and that gives us the information that we need to pass on to not only our vendors but also to our employees to make them feel good about building the equipment that we do >> i'm going to ask you to step out of your comfort zone totally, you make the pumps, they make the respirators and

ventilators, what do you think where we are in terms of ramping this stuff up, as we know, that peak unfortunately is coming and it's coming in a couple weeks. >> the good news is that it's not like ventilator ator companies have just started making equipment we have already orders on hand, we've been building equipment to go to these manufactures on a monthly basis. that's been ramped up to weekly shipments, i can tell you that our supply chain teams are working around the clock our production teams are working very hard to make sure we can ramp up. where we're at right now, is within the next month, we should be doubling production, and a little past that, we will probably double again. i know we've heard those words used by other companies, that's the forecast that we're seeing

as well. >> well, eric, we appreciate you joining us a big shout out to all the women and men who are coming in day and night at your factory and getsing us through this time that company is designing the pumps to try to keep people alive. the idea is to eliminate the viral entirely, coming up, we have a bombshell from johnson and johnson. another new jers time we'll talk about that with meg terrell. plus, on the option sideay mbe the best -- we'll be back after this short break

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welcome back to cnbc's continued markets of turmoil great to have you back we just talked about a new jersey company making pumps to help keep people alive the idea is to stop the coronavirus in his tracks. develop a vaccine so we don't have to deal with that and johnson & johnson unleashed a bombshell on america and the

world today. let's get more on this good news story with meg terrell meg? >> it's the kind of bombshell we're all looking forethese days, j & j accelerating its time lines for a potential vaccine. saying they have selected a lead candidate and plan to start human clinical trials in september. if all goes well, they could have a vaccine ready for emergency use authorization from the fda in early 2021. that would be just record time here we have a layout of the other players in the field mederna has already started its phase one trial. if that goes well, that vaccine could be available early to mid next year as well. take a listen to sidewaquawk bos morning. >> we expect to have interim results from our trials in december that should put us in a

position early in 2021 to literally hundreds of millions of doses available and then by the end of the year, up to a billion. this is a bit of a moon shot for j & j going-forward, it's one we feel is very important for us to be doing at this point in time >> that would be record speed for vaccine development. we have never seen anything like that before. brian, as we're all waiting for these vaccines and drugs to get developed. testing is going to be a key part of the response and already is abbott getting that clearance from the fda for its test that can give you the results in 5 to 13 minutes what's great about this test, it can be done in the doctor's office, the results are given to you right there on the spot, they're not shipped anywhere or returned abbott says they plan to supply 50,000 of these tests a day starting this week, a lot of hope that will help us get a better handle on this virus as we wait for drugs and vaccines >> you know, meg, i feel like

we're getting there on so many levels, whether it's the testing, the treatment or the elimination of this bug. i want to posit to you a good question i hope we have this problem at some point what happens if multiple companies come up with workable vaccines all around the same time >> that is a problem we are very much hoping we will end up with in 2021. i've been talking to experts in the field about this and they say that would be a good problem, and we've seen that before we have multiple flu vaccines on the market at the same time. it's the marketplace that decides which one to use unless one of the vaccines looks really a lot better than the other one, that's probably what would happen here. of course, there are a lot of variables still to figure out, the vaccines have to get through the tests, to prove they're safe, prove they work. if they do that, it will be wonderful to have them in 2021

>> yeah, let's hope that's the situation there as well. johnson & johnson all those folks in new jersey getting it done thank you all to you and your hard work. tonight on mad money with jim, big deal tonight, you have abbott on mad with jim, we're going to find out about these tests, when will everyone in america be able to do a simple painless quick test with results, abbott may know let's talk more about johnson and johnson. guys it's good to see you again by the way, even though i can't see you. johnson and johnson stock was up 8% today and it's a good news story, j & j has said this is not a for profit earner prize, this vaccine was a sentimental trade on j & j >> you can understand why the stock would go higher regardless of what they said.

>> with that said, you would have expected a bigger move if it were something they could profit from. you throw that 111 out the window, as it turns out, it was a low we made back in june of 2018 if you're looking to trade something against front and

center anyway, i think j & j is a company you hear without today's news, and it's a company that has drivers on their three core businesses >> tim, good point, don't apologize for stepping on me

i disappeared for 30 minutes, it's fine, i apologize for that. >> let's talk about a bullish options trade. michael co, this is a way to play it with options what is that. >> we're seeing that today i think tim was making good points there this thing is trading at 15 times earnings, even if we ignore whether they will or will not be making a profit on coming up with a vaccine. they said for tandemic use they would not. we saw a lot of activity in the options market today they already traded about three times its average daily call volume on its news, and where we saw most of that activity was the april 145 call, those were trading for about 130. buyers of those calls are betting the stock could rally

further. they're looking for a rally of 10% or so over the next couple weeks. i don't think that it's a bad idea to own it, it's not overly expensive and unlike a lot of other companies their business isn't necessarily completely impaired right now >> mike ko looking at actions on johnson and johnson. coming up after the break, we've had a nice little run for stocks and coming into today. what's tomorrow? what's the rest of the week going to bring we'll talk more about it you're watching fa mey 'rba rht after this. ♪ ♪ ♪

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welcome back to fast money, it's going to be a big data week take what you will we have the case schiller home price index. a lot of talk about the mortgage market melting down. you have both the adp private payroll numbers and the weekly jobless number, we added 3.2 million to the jobless rolls last week. emily, i wan the to go to you first, we saw a dallas fed number today that was negative 70 it was supposed to be negative 10 do data points matter right now? >> well, they certainly don't seem to, i think today was an example where we saw some better news in terms of these potential drug therapies for coronavirus and we still are seeing markets respond to this incredible amount of stimulus that policy

makers and central bankers have pumped into the markets. at some point the markets will bottom around the same time that the economic data does, i think we still have some pain to come here, there will be an attractive entry point thank you for coming back. i had the virginia tech diploma on display for you brian i'm glad you had me today. >> it's the only reason i came back, emily. you're very welcome. dan, nathan, is there any data point in particular that you are going to be paying most attention to >> not the economic data this week and not next month either. i mean, literally, it's going to take months to work through this data, and so i think to emily's point. i think at some point the markets will start to discount that data, and that's how you're going to start to form a bottom. right now we have very low visibility on the health crisis. very little visibility on the economic situation and the visibility that we have

right now on the markets is a 20% rally after a 35% peek to drop decline if you go back and look at the past bear markets, the first rally is not the bottom. we have to settle in here and say, we're going to have a recession. it's just a factor of how long that recession is, and how long it takes market participants to digest that and work their way out of it over the next year >> i do wonder, recession or the d word, i mean, you know, you saw the fed estimates could be 32 million unemployed? >> yeah, well, it's a word that i -- i'm not going to use because i don't want to use it right now, there's no -- as bad as people are feeling about things, there's no reason to feel worse i'll mention one thing that i thought was encouraging to end on a high note the fact that president trump came out and said the quarantine is going to last until april

30th, and the market took it as well as it did today i think it was somewhat encouraging. anecdotally, i'll take that as a positive, brian. >> yeah, certainly long time, but we got to kill that curve. let's do our final trades right now. emily, thanks for being patient and cool the entire hour let's start the trades off with you. what are you looking at? >> just to go long, xlk. it's caps in spending is going to recover the lion's share of that is going to go to technology, we want to be where the cash is, we don't think we're going to see that usual bounce from cyclicality. we'll be in a low growth, low inflation plan >> i think you can use 70 to stop the down side >> tim >> i like utx here, we know

their commercial is going to be down the raytheon deal closes some of the parts, this thing is cheap. >> guy >> eli lilly, brian. >> we're going to wrap it up there. simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not just to entertain you, but to educate, teach context. call me 1-800-743-cnbc tweet me @jimcramer. when you talk to grizzly deck about this market as i do, they all pretty much say the

same thing with unemploymen