lale: sure.here is a difference -- the virus has a date, whether 12 months, 18 months, we know we will have a vaccine at some point in time. a lot of the markets, particulate the equity market, everybody says there is discounting mechanisms, i think marketllenge is, the wants to believe vaccines around the corner, it will be an accelerated timeline that we have ever generated vaccines, that will be off to the races. if you look at the rally yesterday, it was all the things that were beaten down. cyclicals, tourism, it was a monster rally. the reality is, and this is the tricky part, we are bound to have some sort of a pickup as the restrictions are relaxed. the debate that gets forgotten is how much of it is stabilization, how much is an acceleration. we can stabilize at lower levels. that does not make a positive for the market. that is where the jury is still out. alix: on the flipside, if we take a cautious approach then we wind up missing out on a rally. how do we take advantage of the rally

lale: absolutely. those globalization forces are still in place.ing with this trade war, starting with these supply chains back to where the consumption is, i think we will see an acceleration in those supply chains getting more and ist. consumption -- we have tos of leave it here. thank you. let's get a check on the bloomberg first word headlines. mark crumpton has more. mark: house speaker nancy pelosi defended a $3 trillion price tag of democrats pandemic relief package. the speaker said it is what needed to confront the villainous virus in the economic collapse. adding, the american people are worth it. speaker pelosi acknowledged the proposal as a starting point for negotiations with president trump and the republicans who dismissed the coronavirus relief bill heading for the house vote. >> they say instead of doing something they want to pause. there is no pause in hunger or joblessness or paying -- not being able to pay the rent. the list goes on. the american people are in pain. it is heartbreaking the numbers of people who are dying and wh