 Melissa Armo as well, founder and owner of the stock swoosh, good friend of Cheddar. Melissa, great to see you here on the day, and thanks for joining us. Let's dive in with the first and foremost pressing thing, President Trump signing several executive orders over the weekend named that extending coronavirus relief. How do you believe that this impacts the market, and what else do you need to see from an investor standpoint? Well, the market definitely has been strong. And when you look at the unemployment numbers, even though we had improvement last week, you still see a tremendous amount of people out of work. So I definitely think that this executive order will help people from being evicted from their properties and also the extra $400 a week that people are getting. But eventually, the government isn't going to be able to continue this forever and people are going to be able, people are going to have to get back on their feet. And the problem is that if states don't allow some of these businesses to reopen, the jobs aren't there for people to go back to. Some on both sides of the aisle questioning the legality of the president's move. Do you think that there will be a more concerted effort now for some type of bipartisan, broader coronavirus relief and aid that lawmakers can actually kind of rally around at this point as the questioning of the legality of the executive orders came in to the conversation and into the fold over the weekend? Well, whether it's legal or not, I don't know. I'm not an attorney, but I will say this. It's going to look really bad for the Democrats if they try to say that it's not legal when the executive order, again, helps people from being evicted from their properties and then the extra stimulus money. It's always this way with Congress. You have it back and forth because we got houses with two different parties where there is a tug of war between both of them. So something's probably going to happen. I would say now because Trump has forced their hand to make this happen. But again, this ultimately long term is only putting a bandaid. It's like putting a bandaid on a gash that needs really more than just a bandaid. It needs stitches and this needs a permanent solution. And I think the only thing the market really is going to take off on and never, never look back is when we get a vaccine. And as of right now, that could be the beginning of 2021, even though people are really optimistic and President Trump has been optimistic, saying we could have one by the fall. I think that that may be overshooting in a bit. I think it might be closer towards the end of the year, beginning of 2021. And even then, not everybody's going to take the vaccine. And I guess the question is, is this the new normal where every single place you go to, you have to wear a mask or it's mandated in certain restaurants, cities, stores, you know, that's the kind of environment that I guess we never thought we'd see, you know, rewind back January 2020. The thought of having to wear a mask every single place you go, at least in New York, it's depressing quite frankly. And if this is a new normal, I think it's going to be a tough new normal for people to get used to everywhere, everywhere in the country. Certainly, we're going to be watching closely for that, even as we're kind of discussing this, you know, just the fact that you can't have the president appropriate funds, that's certainly continuing to come up in the conversation and GOP is even pushing back on that right now. However, for the airline industry, some of these industries that have been hit extremely hard, they do need funds. And we're going to be watching us to see if this $25 billion gets sent through as relief for the airline industry. What do you kind of make of the activity that we were watching here on the day as you had TSA numbers that were rising, hitting the highest levels that we'd seen since March, but still have a ways to go? We saw a lot of the airlines rally around that going into the close. I still think these airlines have a long, long, long way to go. And I know Boeing was a driver today and it rallied and got up to that 180 area, which everybody loves. But again, it's still so far off the previous highs. It's nowhere near that. I'd be watching maybe the next earnings to see how those airlines work into the end, how the earnings report towards the end of this year. But again, we're in the summer months, typically when people are traveling and going on vacations, while we've seen a little bit of a pickup and momentum in some of these airlines would travel. Now it's nowhere near like it used to be, like the previous reporter was saying on the numbers. We're still so far back where these companies need to be. And so to buy any of these stocks right now, whether it's JetBlue, whether it's American, whether it's Boeing, I just even the cruise airlines, too, anything to do with travel or hospitality, I think is taking a huge risk right now. And again, the government's talking about doing another PPP program, but the government cannot continue to bail out these companies until the end of time. And eventually some of these companies are not going to make it. And I think that's the problem. Not everybody is going to survive even with another barrel out. There's not going to some of these companies are going to end up going bankrupt is what's going to happen. And that's terrible to say, but it's true. And so people need to be careful when they're buying some of these things and putting them in their portfolio, realizing that that could happen. Well, so you've also got names that are heavily reliant on whatever action that the Fed takes. Of course, the Fed is essentially trying to make it easier for lending patterns while there is heavy spending that needs to take place just to ensure that we can start to rebuild wherever possible. And so walk us through the tough line that the Fed is towing here. And as for when, when in the near future, perhaps not even in the near future, but the extended and long term kind of view on when they can start to exit from some of the announcements that they have made on the repo side, on the Main Street lending facilities and different programs as they're throwing everything that they can at an economy that needs to rebuild. Well, at the beginning of the pandemic, after the markets sold off, remember that big, big sell off after the country was in that 15 days of a 30 day period to slow the spread. After that massive sell off, the Fed just stepped in was willing to do almost anything to really kind of save the market. Whether or not they're going to have to do anything else remains to be seen, although I will say if we see some other kind of big massive sell off like that, you certainly could see more of that. But again, then you say, OK, well, then the Fed just keeps printing money over and over and over again. And eventually, you know, eventually just catches up with it. At this point now, though, the only way I can see the market falling off a cliff like it didn't march and then the Fed would have to come in with some tremendous effort like maybe buying equities, which you could look at as something good if you own equities, but also something bad with the stuff that they have to do that. The only way I see that happening is if a vaccine wouldn't come out any time, I'd say in the next six to nine months, which obviously the market is expecting. Or if we have some kind of massive thing that happens with China, which could happen, some kind of retaliation, you know, against the United States with China because of what happened with COVID or array tariffs. I think I think the dealings with China are a danger to the market. The market reacts very negative whenever anything has to do with tariffs or China. And if anyone thinks that that is off the table now, think again, because I can tell you right now that is still on the table. Those dangers loom out there. And even though the spy is at almost a brand new all-time highs and the Q's made new all-time highs in the last week, you have these pressing issues with China. And that is probably going to come to a head sometime in the next year. I just want to end on retail as well, Melissa. We often talk about retail together. And specifically on a day where we saw a new all-time high from Nike, you have a lot of focus on retail as even on the other side, the bad end of retail. You've seen some bankruptcies, extended closures. And so what are you making of the broader environment that they are trying to reopen to? We're expecting earnings out from Simon as well. So just walk us through your mindset in the retail industry at this point in time. The retail industry is in trouble. Similar to the restaurant industry as well, the food industry. Retail industry is in trouble. And here's why. Because one, some people are not making as much money as they used to, even with some people are in unemployment, some people out of work. So people aren't spending as much. Also, people are not going out. Some of these stores are still closed. Some of the stores like here in New York City are open, but they're boarded up since the riot. So you can't you don't know that they're open. And also a lot of people are still scared to go out. And it's not really that fun going out in 98 degrees with a mask on, going shopping. That's not like a fun afternoon. So the fact is that a lot of these retails are suffering. Now, people aren't going to work. And if you're not going out in the weekends to Broadway, to shows, what's the point of buying any new clothes? I've seen the best sales I've ever seen at the beginning of the pandemic. I actually took advantage of them myself. I was buying things at Nordstrom, 25% of 40% on balance. But I bought a bag. I said, I just bought a full coat. I said, I don't know why I'm buying this because I'm probably never going to go out in my apartment the rest of the year, but I'll buy it. It's half off. I mean, at some point you said there's no reason for me to buy anything anymore because I'm not leaving. And so I think that's one of the reasons that retail suffering. And Neiman Marcus was was a big, big anchor for Heads and Yards. And I just want to touch on this when you see when you see anchors like that disappear from a project like Heads and Yards, which was 10 years in the making and then and then related once replaced with commercial office space, that to me, that's a terrible idea. Because again, people are working from home. Who's going to rent out the office space when people are working from home? The whole landscape has changed. This whole idea of having shopping malls, this whole idea of people going into work, all of this has changed. And again, going into the Simon Property Group that's that's supposed to report shortly here, you have these massive real estate companies that are having all these people that are not paying their rents. And at any cost, they need to get these rented out to keep the cash flow coming in so it trickles it trickles down. It's the small businesses and it trickles up. It affects the small businesses, which affects the larger businesses, which may be well capitalized, but ultimately they still need cash flow coming in too. Right, yeah. And it's it's a tricky kind of long term positioning and battle that they are having to think through in Facebook's case. Of course, striking a deal to take over a part of the old post office right across from Penn Station recently for some of their own square footage. So we'll see, ultimately, where there is this change over from retail to office space or vice versa. Always a good guest to have on Melissa Armo, who's the founder and owner of the stock swoosh.