robin hood sells their customer data the customers get the service free but what how they pay for it is their data get sold to high frequency traders which is algorithmic trading and they're front running these out robin hood the dumb money right front high frequency traders front running down money but the ironic thing about this situation is that we could see. these high frequency traders their algorithm so no human of all bought the is bankrupt shares were no you know banker actually working at citadel or any of these high frequency traders would ever dare buy a bankrupt company because they don't want to get caught with their oh but they could be left holding these bankrupt bags exactly and they'll get another bailout so if citadel which is ken griffey and ben bernanke the former fed chairman if they get caught holding the bag at this trade and the millennia old scalpel with the average they get scalp by the robin hood traders they'll just go to the fed get another bailout and that'll inject more capital into the whole fraud and start to cycle all over again so now there's an

had plenty of track record and even regulators admit that it is a manipulated market maybe the robin hood people are saying let's do our own looting let's do our own manipulation we could quickly turn a lot of these gains into big one which i can also buy robin in a strange way warren buffett. poison and kind of got the anger up of the millennial after he blew out of his airline stocks of huge losses the robber to me as a buying it up and profiting and converting it into becoming so warren buffett has been funding their retirement their big coin retirement of robin hood millennial and gen z. users with his his his misinformed. airlines well ok on the one hand the problems that apple has have maybe been 100 percent or 200 percent for the day or 2 whether or not all of those streets evaporated instantly as obviously chesapeake collapsed the more in the overnight trading when robin hood after his aren't trading it's only sophisticated guys able to access the the over the counter market in the off you know after market hours i think they maybe one day at least for a bow you know half an hour

out burst you know the other side of the trade was the robin hood apparatus they're up 65 percent carl icahn another guy from probably the silent generation perhaps boomer he is you know dumped his hertz stock he owned hertz he saw he owned about 40 percent of it he saw that they were going to declare bankruptcy and he knows and the old system that we've had for thousands of years that equity holders lose everything they lose all their equity so he dumped everything but this new generation who are only no on sound money only know colonel 1st this way this world makes sense to them so they can land on a fraction of the atlanta fed just said the economy in the 2nd quarter down 51 percent. half of what it was a fraction of what it was and yet stock markets nasdaq just had an all time high so for them it makes perfect sense because they can land on a fraction right in fact robin-hood or cash or other and now offers fractional shares of of stocks so they are in fact planning on fractional shares you can buy a fraction of a share and that's something relatively new but you kind of exten

many of the top stocks on robin hood have seen triple digit returns in the past month.wall street veterans were left on the sidelines. robin hood ceo saying at a virtual conference last week they were seeing a lot of buying of industries hit by the pandemic including airlines, hotels, and casinos. a lot of the names have come roaring back, take a look. the top names on robin hood in the past month, children's media company genius brands. that up is more than 700% for the month of may airlines also a top trade with american airlines jumping 100% robin hood and major brokerage firms have seen record new accounts open this year. in some cases the first time traders are beating wall street legends and billionaire hedge fund managers. we thought the market would retest the lows. some day traders are not afraid to take a victory lap on twitter. take bar stool sports that picked up day trading calling out warren buffett for unleading airline stocks too soon. he said he made $300,000 in a day on the airlines. guys >> it's so interesting we were just talking about how at the low

it will go to 0 you are about to lose everything and the walking dead the zombie investor is on robin hood like give me your bad shares right there camels i'd like to eat the carrion of dead equity. it's like betting on which and of the titanic will sink 1st if you're buying her stock the whole ship is sinking but you make a bet as to which one it will you know which end will end up in the water 1st i mean this is worse than going to a casino because at a casino you have a very small chance of winning when you're involved in the hertz float of the sabi stock offering you have 0 chance of winning it is worse than casino economy it's worse than buying a lottery ticket it's the most egregious example 'd of blatant captured regulators who are essentially distorting the economy so that they if you make a point or you ask the question well it's not just the donors no it's not just the donors because behind the dollars of the banks this is all about bailing out the banks on wall street and why because they are the biggest contributors and owners of the fed the fed is bailing itself out the fed ow

obviously, we are talking about the robin hood rally.t will be a feature of the quadruple witching today. mark connors is joining us now to talk about what is happening. great to see you, thanks for joining us today. we have spent a lot of time talking about this robin hood rally, the antithesis of bad is that some hedge funds have been caught flat-footed. what i am wondering from you is, how are they managing risk? these look like pretty treacherous markets. are they being too cautious? whenever the fed or liquidity,k opens up you just jump in, or you reset. that is certainly the case. if there is no distinguishing meant, in fact, the names that have higher beta or are riskier usually run more. that has been the case the last couple of weeks. how are hedge funds positioned? hedge funds still remain core in longs, names that will be able to handle a low growth environment because of their scale. they are large-cap and can handle ratios. year to date, the top five names of the s&p account for over 500% of the gains. since march 23, under

is part of that now you have schwab, e trade, fidelity and robin hood. there aren't sports to watch, so day trading has become the new sport. all of these firms sell their order flow to high-speed traders. this is a key reason for how some of these stocks have behaved that you would think have very little to back them to support the equity valuations you can see today. i can explain how that works >> that's an incredibly important point. the order flow you and i have been talking about this since october last year when you were on this show as well. on robin hood, they are not putting the orders through the new york stock exchange, they are putting it through the citedel. do you believe the high frequency traders are getting ahead of it and getting tipped off and is just a self-fulfilling cycle? >> well yes. it is the natural of the market. there are elements about it that we can look at it and i'll describe how this works and how it triggers the volatility take chesapeake. before the halt yesterday, it was trading at 70. going back to late march, it was

returns but as the momentum turned around yesterday, some are getting squeezed the top names on robin hoode all in the red that's according to third partying a ge gator robin track. ford was a top pick. it was down 10%. the airlines which were a winner for some investors as they rebounded were down double digits carnival falling 15% robinhood's ceo saying they were seeing a lot of buying in industries hit by the pandemic traders were favoring names like delta with expectations of a swift economic recovery. bar clay is weighing in saying robinhood's top trades and retail traders are not behind this rally they're saying that the more robinhood customers moving into a stock -- excuse me robinhood traders moving into a stock means that they might have lower returns rather than higher they found no clear relationship between robinhood customers adding shares and s&p moves. two other names to tell you about, tesla and nikola. they were down 5% in yesterday's session. nikola back in the green today tesla has not recovered from the losses guys, paback to you. >> that's what we heard from morgan st

the robin hood rally the influx of traders and how much evimpact are they having o this market?n to what jim bianco said. >> you cut commissions to zero and allow the purchase of less than one share and get millions of accounts opened up, explosion of trading in the market and when you talk to them or read the boards, the word fed always comes up if you think the market is going to sell off soon, you have to find something that says it's going to be so powerful to bring the market down, even the feds' unlimited printing and the trader crowd buying like mad is not going to be able to stop it. >> our next guest has new numbers on just how much impact the day traders are having on the market richard follows it rich, always great to speak with you. >> good ervening, melissa. >> i feel this is a big question on the street. do retail investors, are they big enough, size big enough to have an impact on where the market is going? what have you found? >> certainly the volumes are at record levels. if you look at the trade reporting facility volumes, that's volumes that aren't done on exc

the stock was one of the most bought on robin hood, according to robin track it was also among the tops in millenial heavy platform sofi it announced a partnership with arnold schwarzenegger. he will star in one of their animated shows the stock has soared almost 2,000% in the past three months. we saw retail buyers picking up electric car companies tesla and nikola were among the top buys on robin hood and sofi, and a surge in stay-at-home stocks zoom, shopify. and finally, the airlines, delta and american, seeing a surge of buyers on robin hood and sofi as well. >>> the retail trading boom is giving one man a whole lot of attention. "the new york times" calling him, quote, the captain of the day traders. the ft coining him a retail bro and barstool saying he's leegds an army of day traders let's welcome back davie day trader portnoy always great to speak with you. >> thanks for having me. >> you've gotten a lot of press. do you think that's true do you think that you are leading an army of day traders out there? pause we all know that there is a rise in trading activity at the point

that got printed by ben bernanke and he gets given the trades on robin hood before they hit the floor before the trades are hit the floor of the exchange to be executed ben bernanke the looks at the robin hood traders and he says oh my god these idiots are buying hertz so he puts an order in before they do they flood the market with their orders price moves up and he's out so he scalping scalping scalping the robber to traders he's stealing from them he's like sticking a hose in the gas tank and siphoning gas out of the neighbor's car he's a larcenous dick pilfer and just so you understand max keiser has the patent on a virtual specialist technology and citadel all these derivatives traders all the high frequency traders j.p. morgan black rock which is now managing this bailout fund for the fed all of those companies have their own patents that rests on top of max's patton you can see the references if you go to the google patent on line with your patent number 595-0176 so this is the this is the expertise they're building on that macs create well i feel like robert oppenheimer you kn

we'll be right back with author and head of the robin hood foundation, wes moore. e li.we'll be doing what we do best. providing some calm amidst the chaos. asefoa little help, nd off t road. now when you buy or lease a new lincoln, we'll make up to 3 payments on your behalf. now when you buy or lease a new lincoln, my skin gets so tired. this new olay serum feels so dewy, and hydrated... gives my skin an extra boost of life. it's full of energy. it finally matches me. i'm denise bidot, and my skin is powerful. and i can face anything with my olay. boost mobile has a new upgraded network!!! eeeeyyoooooouuuu!!! get ready for a stronger signal, faster speeds and more coverage. so you can do more of this... a little bit of that... and a lot of whatever this is... boost mobile has changed the game! get a new upgraded network and get ready to change yo life!!! step up with boost mobile's new upgraded network - stronger signal. faster speeds. more coverage. switch and get 4 free lg k51 phones. as an essential service, we're committed to keeping you connected by remaining open.

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hearts and petroleum both are favorites on retail platform robin hood and have something important in common. their parent companies are bankrupt, which means likely the equity has exactly $0 of value or a few cents hertz shares are now higher than they were before the company filed for chapter 11 folks, i'll editorialize a bit this is not investing. this is gambling i say that because the future of the equity is mostly now not in the market's hands, it is in the hands of the bankruptcy courts and lawyers. you may get it right if you time it but be careful because you could also go bust these stocks are bankrupt. just be careful. red arrows around the world. oil major bp getting ready to slash 10,000 jobs. steve sedgwick is outside bp hq in london. >> good to see you, my friend. you know the oil price dynamics. there are a couple of things going on here. one is the pandemic and the extraordinary isolation we've seen highlighted from just over a month ago. the energy is this energy transition both factors means bp has to take aggressive action on the cost front now seeing the jobs rami

traders, robin hood gets a bad name, lots of companies that are like robin hood.i'll call them nubbies fr inewbw on it is somewhat pejorative. the newbies who love speculation, who feel like geniuses, they bought a bunch of cheap stocks in march and april and wrote off the lows in late may, 34,000 robin hood users owned hertz. they made it the third most popular stock on the platform in the past week. measured by the number of new owners there is so much speculative interest in this thing, it changed the ordinary calculus of bankruptcy hertz saw how the traders were bidding up its stock so they decided to -- all the new found demand taking a buyer beware caveat emterem emptor approach to the market. there is a chance this could save a lot of jobs i like that. as for the judge it not her job to keep worthless stock out of the hands of clueless invest evinvesters. i said hertz continuing to trade is absurd. this offering is a worthless stock, it takes that absurdity to new heights the s.e.c. should have stopped this, but they have been abdicating its responsibility

from the nysc that's moving ahead, they're going to challenge that, but the commentary regarding robin hoodeven their marketing, jim, the way they're pressing young millennials to invest, it's not fomo, they're using yolo, you only live once. >> yeah, yolo that's not an investment strategy. i was pushing last night for hertz to be delisted on ""mad money"" because there were 500 million shares that traded two days ago and there are only 140 million shares in the flow or 250 million yesterday. there's a lot of people, young investors, who don't understand the capital structure, don't understand the common stock is the lowest, don't understand if carl icahn sold his 38% stake in the 70 cent area don't think that he is someone who throws in the towel, think that he is someone who knows what that common stock is really worth there was -- my friend david portnoy was quoted saying you buy stocks, they go up well, they didn't go up yesterday and they might not go up today i think that david has just -- he has a great time, i love him on sports, he is enjoying himself, but, remember, these are stoc

both know if you're stealing from a shop and give it now it is the very robin hood but i don't think that's how they should be protesting it all but not by stealing doesn't set a good example of how the both of them. is a pretty big pot of quid just to keep it away but at the same time. you don't really need to pay the eye on. all that would turn to good what they've done. but at the end of day no not they didn't pay for it and i think the concept is a good idea i'm all for it you know taxing the rich or more in order to redistribute up funds you know more efficiently and fairly but to display they're doing right by it is the right way to go back to my. ex are clearly have some big plans but they might have a way to go from sitting on the streets to sitting in parliament shouted especially arty. the detroit police department and prosecutor's office are to reassess events which did lead to the wrongful arrest of a black man robert williams to a flaw in facial recognition technology city's mayor has apologized for the case. of the rio group that case and joined prosecutor kym worthy in

you know if you're stealing from a shop and you know what is the very robin hood esque but i don't think that's how it should be practiced it's all by stealing doesn't set a good example how do both of them. been a lot of put just to keep it away but at the same time. you don't really need to take. on. all that would turn to good what they've done. but at the end of day no not they didn't pay for it and i think the concept is a good idea i'm all for you know taxing the rich or more in order to redistribute up funds you know more efficiently and fairly but to display they're doing right but isn't the right way to go back to my. ex are clearly have some big plans but they might have a way to go from sitting on the street to sitting in parliament shouted especially arty. crowds gathered in the u.s. capitol to again demand the removal of a memorial to abraham lincoln which shows a black american kneeling at lincoln's feet protos to surrounded the area which already has a protective barrier around it older black americans reportedly argued to keep the statue in place as it marks an important

other speculative robin hood favorites seeing a dip, nicola and tesla.nd 5% respectively. some of the top stocks looking to open higher as futures rebound. guys, back to you. >> okay. kate, great to see you we should mention, by the way, kate was our producer for so many years we're so proud of her. thanks for joining us this morning. we will see you in a little bit again. >> thanks, andrew. >> absolutely. we want to talk more about the retail trade and more importantly money pouring into electric vehicle stocks and nicola two big calls morgan stanley downgrading tesla to under weight. lowering its price target to $650 a share goldman sachs downgrading tesla to neutral raised the 12-month price target to $950. it's positive on tesla's long-term outlook. we have vlf auto ceo and cnbc contributor, and our own mike santoli senior markets commentator is with us bob, i can't imagine what you're going to say about nicola. what do you make about what's happened over the past couple of days with this stock >> well, i don't know what's causing it, but nicola has

hertz, chesapeake, whiting, the are all in the top 15 of robin hood be careful out there you might need a bigger boat >> free trading is only free unless you lose your shirt brian, fascinating we appreciate the detail on these two companies. it's so emblematic of what's going on as you can see, chesapeake is back open for trade. we'll continue to monitor the situation. >>> coming up, we'll talk about shares of tesla barely pausing afr hitting an all-time high we'll hear how high they think tesla will go. >>> the record keepers have spoken we'll speak with the man behind the call ahead stay with us this is decision tech. >> announcer: this is "the exchange" on cnbc. in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... transfer your service

i want to circle back on the notion of so-called robin hood traders. worry if someone is out there, typically an investor, they're looking for opportunity they would hesitate because some some millenial buying a bankrupt stock. let them by what they want to buy. there are amazing opportunities out there and they continue to reveal themselves in we look further. you can't use traditional metrics. forward pe earnings will come in much better than expected. we saw that last earnings season. for people who want to be investors you're saying stay cautious. go with something that is paying a hefty dividend? >> you know i love dividends, charles. i agree with you, charles. there has been a lot of crazy volatility i think puts a lot of people off. that to me, is an opportunity in of itself. when day traders pump something up, get destroyed. god bless you all, i will take advantage when it comes down. charles: okay. i want to bring into our conversation jeff saut, the world-renowned jeff saut who has been right on this market, and jeff, i want to ask you, becau

robin hood's a great site but they have to make money. they are a company. make money to survive. they make money by selling. a lot of that is going to regular third parties, it's going to high frequency trading firms which are able to execute hundreds of millions of trades a second. so it's almost as if they are front-running. you think you are getting this trade for free but we understand that behind the scenes, they are seeing these orders, special limited noorders in the market which is showing your hand and they are able to front-run a lot of these things. that's one of the ways they generate money. another way you have to be careful. charles: frank, in 20 seconds, fast, special acquisition companies are hot as heck. are you buying any of them? draftkings? a new one, tortoise acquisitions. you buying any of them? >> draftkings i would buy. you look at the total addressable market. don't look at the fundamentals, the fundamentals are going to be really crazy just like with apple and netflix in their early growth phases. that's what i would recommend. not

go to market watch when you look for data about a stock like hertz or swab or any of these apps robin-hood what you'll find is that you know it gives you all what the analysis is that how many analysts are saying this is a buy how many of sell so it hasn't caught up to the fact that it's declared bankruptcy there's no big red warning sign saying warning this company has declared bankruptcy as still has those old buy and sell so it with hurts the majority of analysts in the last quarter saying it's a buy before pandemic hit so everything has become rat poison rachel maddow warren buffett her stock that's the american diet rat poison all right well we're going to take a break and when we come back much more coming your way. we go to work. straight home. that. fits. and so are you can't get away from advertisement to change your appearance. many local people see plastic surgery as a prerequisite for a successful career employers are often most interested in a job seekers appearance as a graduation present parents often give daughters plastic surgery for an extra fold in the eyelids to make th

it tracks moves on the millennial heavy trading app robin hood in real time.as another big standout, double since the car rental company filed for bankruptcy last week. luckin coffee, controversial stock, made the top ten on robin hood as well mgm resorts, at top buy on robin hood, seeing a 25% pop as its properties began to reopen on sofi, which is majority traders 18 to 40 years old, investors were also big on airlines, that platform saw a 100% increase in airline stocks this week. also saw a big jump in online gambling with draft kings and game accounts network. melissa, back to you. >> thank you. >>> a lot of this makes sense. people are using some stimulus money for trading and, dan, you brought up the point earlier, there aren't any sports to bet on, what are you going to do >> yeah, it is interesting, i saw jason robin, ceo of draft king, on the network the other day, he was asked the question whether without daily fantasy, without some of the sports betting that recently has become legal in a bunch of states whether some of their customers are going in

there is a story of the robin hood traders. managers have been very bearish.rs caught offside by this. you have to think there are some that are trying to play catch-up. extraordinary what we are seeing. up 22% inicola now after-hours trading. breakout your robin hood account. is there anything necessarily wrong with this? at the end of the day, people get to make decisions about what stocks they think have potential. i guess if enough people buy into it and they are willing to hold onto it, what is the harm? joe: that is right. the question is, does the economic recovery happened to justify it? so far, the reopening has gone better than expected. the spending has been better than expected. but there is still a huge gap between where we are now in the real economy, which is going in the right direction, and something that resembles a robust economy. i think investors are really banking on a lot of things to get it right. we own a member the pessimism of late march and early april, when the whole country, the economy, everything was so intensely negative. we co

many investors are buying the shares through the robin hood pp. that is -- robin hood app.continue to attract the virus. bloomberg developed a partnership with a leading firm in covid-19. johns hopkins has been at the forefront of the response and we are bringing new insight from experts in public health, infectious disease and emergency preparedness. joining us now is lauren sauer, a johns hopkins assistant professor of emergency medicine. thank you for joining us. the world health organization seems to be going backwards and forwards about how the virus gets spread from people a some dramatic -- from people with no symptoms. what do we know about the virus being spread with people with no symptoms? lauren: we have a lot to learn about how it occurs. ateral studies are looking the rate, and when we talk about asymptotic versus presymptomatic. i much of what we know is based on the transmission around people who have symptoms, whether mild or severe. francine: what do we know about genetics? we were hearing earlier if you have the type o, there is a lesser chance of you dev

every time i think of robin hood that is what i think about. alix: cary elwes. let's get back to markets. any comments on yield curve control when the fed releases its decision in about three hours. joining us is marilyn watson of blackrock. thanks a much for joining us. with the exception of the last few days, it has been thebb conversation of about a -- about a curb steepener. what is the best conversation into or out of the fed? think expectations for anything new from the fed are extremely low. good in termsery of the labor market on friday. in terms of that being in earlyement, it is still days in terms of the u.s. economy reopening. in terms of how we will see further opening in the economy and what will happen in the labor market. at the fed we expect to see yields and rates anchored at the front end for some time to palm. expectely neutral and we rates will remain neutral for a long time. we are much more focused on the medium-term and much more focused on income, on assets such as securitized parts of em, parts of high-quality credit where we think we c

certainly the story around the robin hood rally keeps going.will talk about that a little later on. alix: we definitely will. but it looks like tesla has some stuff although hurts is bankrupt. but tesla at least does things. yeah, and what a road it has been for that company. the fact that it's now trading in the thousand. you wonder what elon musk's policy on ownership and rhetoric fills. he said the water -- the stock was worth too much. also point out that airline stocks are being hit hard. guy: absolutely. got secretary .inasian -- secretary mnuchin that's coming up, this is bloomberg. ♪ bloomberg. ♪ i'm guy johnson, this is bloomberg markets. we are waiting for the oil inventory numbers, the api yesterday was at over eight lien barrels, but we have not yet see if we canwill do that, we did see a draw last week, what is rise of the boards slowed down. will we see a confirmation, sort of. it is not great. crude inventory pushing, that's interesting as well. andng a look at gasoline fiscal inventories, those are building. a great not painted

being one of -- these cheap broker accounts, robin hood being one of them.on volume picking up. they are only 2% of the overall trading volume, so really just a drop in the bucket. markets did a study and found a negative correlation between stocks that the crowd tends to buy, the price action following after, there is a huge spur of that falling. there is not much of an impact, francine. francine: dani burger there with the latest about some of these markets. 36% ind plunging some frankfurt after renewed reporting. we have brought you a lot of news on wirecard. we will continue following wirecard. this is on spurious balance sheet confirmation. this is bloomberg. ♪ francine: bolton bombshells. extracts from john bolton's book says the president sought xi jinping's help to win reelection. trump calls his former national security advisor a liar. coronavirus cases rise in china, brazil, and several united states, while optimism about additional stimulus fades in the market. and the bank of england is expected to boost bond buys by 100 billion pounds today as i

how the robin hood retail investor is upending stocks. thesation social media campaign addressing racial inequity in the u.s. all that and more coming up. romaine: we had a brilliant opening. the s&p 500 opened up 2%. 496 stocks in the s&p 500 trading in the green. that has completely reversed. this has been selling from the start.

the only thing i would say, this is what we're discussing warren buffett versus robin hood trades, havearren buffetts of the world lost. he has called them admittedly called them early and stomached a lot of short-term pain in the process. we're in the middle of that. he's sticking to his guns but increasing his confidence he feels we're close to the top of a bubble for a moment, even if he started positioning for it too early. >> he had some great one-liners, wilfred. i wasn't sure which one was better, the real mccoy bubble, the greatest in his career or the market has a lot of chutzpah doing this at a time of great uncertainty when it comes to the global economy i was wondering throughout this whether he's missed out on 40% or so rally off the bottom and how long he's been positioned in this bearish way right now. >> based on the last shareholder letter that went out from gmo, it suggested during the process of march and april they went from 55% equities, roughly down to 25% equities. exactly which stock that was and what prices that was at, we don't know yeah, clearly they have miss

you get threatened to be broken up the second market is what i call the robin hoods market i was laughing with my wife the other day. i'm a contributor for robinhoods for 35 years and given the conditions of the economy, i took a couple of dividend checks and i sent two checks to west more at robinhood because they do such great work i think they said they had 13 million clients and the average age was 31 they are just doing stupid things and will end in tears carl icon liquid dates his position at 72 cents a share >> in hertz. >> excuse me i think the robinhood market is a second market where a lot of crazy things are being done. it's almost understandable the government is giving you more money to stay at home than go to work the gambling ka seep kncaseinos. the fed is promising you free money for two years. let them speculate i think from my experience this kind of thing will end in tears. the third market is the market i traffic in that's basically the value that's everything else you can find lots of value in the market even if the s&p is fully valued wung of our favorites, mr. coope

the '80s to the players in the '90s all that kind of thing now we have this guy and we have the robin hood clients it looks like this has taken on a bit of a speculative frenzy that marks very late cycle moves in a particular, what do you want to call it, a bull market or bear market rally whatever this thing is i think it's gotten wide listlyo frothy sgr ron is going to have the beards town ladies coming after him in full force after that i think you agree in spirit that the market has come a long way, maybe too far too fast do i have you right? >> that's right. i think we kucurrent pull back s something healthy for the markets even after the volatility we have seen this week we're still about 38% off the lows we saw on march 23rd. there's still concern in the market about a sluggish, economic recovery and a second wave of the virus. i think the key point to be made here is that we don't really expect any surprises from the fed. it remains committed to employing all its tools to support the economy. chair powell haven't went as far as utilizing, capping the treasury yields. i think what w