we are back with tony dwyer.you look at the chinese example as a template or something that will be replicated across the western countries, this is not a problem that will be solved quickly. it will probably be a long time before the world as a whole resumes life like it was before the pandemic. we were talk about -- talking about your calls in the market. what do you do with gold? tony: it is funny, i literally just pulled up the chart of it because i was looking at how it was down. of a run because you printed so much money and there is a perception that the currencies will be in trouble or inflation will ramp. similar to the market, i don't know that i would chase it given its strength, and wait for pullback to get back into it. francine: how quickly what the economy actually work out? what lessons can we learn from china? tony: i am having the hardest time in the world trying to base data off of china because i never believed their numbers and i don't think anything that has transpired over the last six mont

it's -- >> you can't be more emphatic about it, let's bring in tony dwyer. listening to this, dan is emphatic about the way we need to be looking at this, the only real historical model we might have in america is 1957 where we had a flu pandemic, had 116,000 souls lost, which back then was very high, higher than some of the models we have now you've been listening to us, what do you think? do you think today meant anything or just a bear market rally inside of a down market. >> dan being emphatic, really? it doesn't mean anything 100% it means something, less people it looks like, the curve is flat thing sooner or peaking, sooner than people expected. and that's a great thing, but from our view has not changed, brian. since we talked to you last and the time before that, once you started that 12% decline in april, you had -- remember, it was the fastest correction in the history of the s&p from a new high to a greater than 10% correction i think it happened in six days. as soon as you did that, you kicked off a human nature event. there's three phases of a

this will be the conversation of on day, tony dwyer joins us the bull market you do not believe in. this is bloomberg. ♪ nowadays you do more from home than ever before. the xfinity my account app puts you in control with digital tools to give you the help you need when you need it. get fast and easy answers with personalized help 24 hours a day, 7 days a week. change your wifi password to a phrase that's easy to remember. even troubleshoot your services on your own. we're working to make things a little easier for everyone. download the xfinity my account app today. ♪ tom: this morning, the four decade economic boom that is china has ended. america loses nine years of job growth in one month. 300 $49 billion evaporates for small businesses. they scream, washington, do something now. from total authority to call your own shots, the president capitulates. to of new york city adjusts an explosion in new cases, up nearly 10% in one day. too.n has a boom, netflix modest risk on. plunges near $17 a barrel in america. "surveillance"rg a

. >> thank you >> tony dwyer. guy adami, reverse square route, i know that's going to take a lot of thinking on your part you agree with that? >> i don't even know what it -- five of all, i changed my backdrop in honor of you coming back to the show >> it looks very modern, very westin lobby. >> yes, number one well, i mean -- there you go number two, let me say this, and i think karen might agree with this, you can make an argument that the market's down, whatever it's down 15% from an all time high, stocks might be a tad more expensive than they were at an all time high, unless you factor in the fact that we're in a zero rate environment in perpetuity and you have to change the multiple it seems like we're three months into this thing and stocks may be more expensive. i tend to favor the tony camp, i don't know if we're going to test that, but i think the trajectory now is probably somewhat lower from here, i would agree with t.d. >>> coming up, we're watching shares of ibm. they're on the move, down almost 3% r

withg up on "the open" jonathan ferro, tony dwyer will be joining him.ening with oil. really rolling over. wti on the june futures off 24%. $20, off 7%.ow more downside percolating. will it be a negative day-to-day? probably not. with earnings out tomorrow. happy monday. this is bloomberg. ♪ save hundreds on your wireless bill without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you'll only have to pay for the data you need- starting at just $12 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. it's the most reliable wireless network. and it could save you hundreds. xfinity mobile. ♪ from new york city for our audience worldwide, good morning, good morning. the countdown to the open starts right now. 30 minutes away from the opening bell. here is your price action. after a week of losses on the s&p 500, we bounceback 26 points higher. .9%. reflecting the improving