 All right, we are back, and we're going to revisit the stock market. We tried to speak to Melissa Armo earlier shortly after the stock market opened. We had a little technical difficulties, but Melissa, you're with us now. You're the CEO and founder of the stock swoosh. I wonder if we can like pop up the stock market and see where things are at right now. You know, it seemed like it was opening with a bit of an uptick, right, Vlad? And that's what we're seeing now. We know that over the weekend, the president extended the social distancing guidelines. And it seemed like, you know, for really the first time he had acknowledged and accepted that this coronavirus epidemic was going to, you know, not be wrapped up by Easter. And I don't know. Maybe what we're seeing is the stock market liking what they heard from the president. Well, good morning. Thanks for having me. The market was actually down, the futures were down last night when the president announced that news, because I think everyone was expecting the extension just to be through Easter. And then to have it through the end of April, which was on the doctor's recommendations. I think the market was startled by that. Now today, we are trying to hold on. We are crying desperately not to fall, but market hasn't moved much today. I have to be honest with you. I think the only reason the market's up a pinch today is Microsoft is rallying, there are many, many stocks that are still down. Carnival cruise lines is down. In fact, that was halted on news earlier. They are still not going to be doing cruises for one more month. They extended it and then bowing is down again. That is falling hard as we speak. So the question, Melissa, I guess will be for a lot of people. And this is something that we've talked about in the past. But everyone who's sitting at home, who's working from home or who, unfortunately is out of a job, is probably wondering about their long term investments. They're probably wondering about what they're going to have to do once this economy picks back up again to get back to a point that they were before we saw the downturns in the stock market. So if you are somebody who has a long term outlook on the market, let's say you're just in your 30s or your 40s, you've got a long way to go until retirement, you should be OK. But talk to me about the folks who have to retire in the next year or if they retire in the next three years. What are they looking at? Unfortunately, people are going to have to make some very, very difficult decisions who are getting their retirement or currently in retirement because U.S. households cross the board, whether you're young or in the older age range or under, just mind-boggling stress right now, not just the financial stress, but people are stressed when you turn on the television and you see the death toll, particularly in New York and which we're just listening to what was happening in the other states in the press conference. People are very, very stressed out. So I think it's hard to stay positive, but people need to try to do that. If you don't need the money right now and you're in retirement, then you can hold through. If you've got three years to wait it out and you can ride it out. If you cannot and you are in a position where in 2020 or 2021 you will need the funds and the money that you have invested in the market. And I'm telling you right now that the market could be lower and you may want to think about selling if not your entire position, maybe 25 percent, 30 percent of your positions or 50 percent of your positions just so you can sleep at night. Because again, people are under an enormous amount of stress. I will say, though, that this week is a very important week for the market where it seems they're going to drop and break the lows that we saw just a week ago on March 23rd or it could turn around. Now, why am I saying that Tuesday is a big number? Consumer confidence comes out tomorrow morning. So that's a big number to see what it is and how the market reacts. Thursday, then we have unemployment claims again. And then Friday is the big number with the unemployment rate. So the market could nose dive this week if these numbers are negative or it could hang on. And I think best case scenario, the market hangs on, although it's very hard to be optimistic about the short term right now because as President Trump said last night, we haven't reached the peak number of cases. That's why they extended the stay at home order for 30 more days and we still don't have a vaccine. Now, one good stock here I'm seeing today is J&J Johnson and Johnson. That stock is up. They are developing a lead COVID-19 candidate for a vaccine. So that's fun to watch. So let me ask you a question, Melissa. What are investors looking for to indicate any sort of positivity? I'm wondering, isn't stuff that's happened domestically, like a slowing in the rate of new coronavirus cases or something the president says, or are they looking internationally? Does it have to do with the price of oil? Does it have to do with the supply lines that were disrupted when China was at the epicenter of this whole thing? What are investors looking for? Well, they're looking for a whole host of things. But I think the number one thing that our investors would have a positive reaction to that you would see a wave of buying in the market and not just for one day, but consistent three to five days of buying and updating is the vaccine. And the problem is it could take months. It could take into 2021 for that. People are not going to feel good about their investments, their future, their employment, paying their bills on time, going back to work until until one a vaccine is out for the people. Even if they put tomorrow there was a vaccine, then people people could go out and they could walk about the streets and feel like even if they caught it, they could take something to feel better. Right now, even if even if President Trump hadn't put the order out there, people really don't want to go out because when you when you see the death toll continue to rise, it's problematic. So I don't think it's so much other countries. I think it's what's happening right now in the U.S. specifically in New York. You're seeing the rises. Michigan, you're seeing the rise of the cases until we see a drop off, which won't be till the peak is hit. And then it goes down where you see less people having it, less death. I think people are going to continue to be stressed out. So I think that the market is looking for a long term solution on this, which would be the vaccine. And even short of that, I don't really standing to stay in hold of every rally. Every rally, it seems like the big rally we had Thursday of last week. We sold off on that Friday. Every rally seems to be getting sold off right now. I would be looking for the Dow this week to see if it can hold the level, which was around 18,200. That was near the low on March 23rd. If we break that, look out below, a thousand, following down to 15,000. And that's a big number from where we are right now. As far as a place to go in long, where people can feel better, I would look for over 24,000, 25,000. And so we're right in that midway point, actually, right now, here today, around 21,900. Wow, 15,000 Dow, that would be. Yeah, I was just saying, Emery, that that would be something if we if we got down to that point, 15,000 Dow. And Melissa, if you're still with us and Marie, you know, one of the things that I keep thinking about as well, and that's why I like having these discussions around some of the practical applications of what we're seeing happening across the economy. I keep thinking about the number of Americans who have credit card debt, you guys, and there's a new number out from creditcards.com that finds that 59 percent of credit card holders, that's 110 million Americans, entered the coronavirus pandemic and the subsequent slowdown of the stock market with credit card debt. So if you're out of a job right now or you you have no money coming in, you're going to be stuck with that debt. And it's not clear. I haven't seen any research yet on what the credit card companies are going to do or what they're willing to do for people to find themselves stuck. I'm going to do nothing. I wouldn't be shocked. I would fall off my chair right here if they do anything for that. Honest to God, credit card companies, I don't see them putting a thing on people for 30 days, not making their payments. No way, no, how I would be utterly shocked if that happens. So I mean, people should not look for that to happen. And that's the problem. Ever we had that conversation last week, you're going to see default. You're going to see people default in mortgages and car loans and credit cards. And that is where it's problematic for the average consumer. That is the stress that I was talking about. People are stressed out. So when that happens, guess what? People don't want to spend more money because if they already have that currently, they're not going to want to spend any more if they're worried that they're not going to be able to keep up with the debt. It's unfortunate that that, but banks have to make money, too. You understand, so they make money on fees. They make money on interest rates and even though interest rates have plummeted from mortgages, interest rates and credit cards are still sky high. And that is really unfortunate. I'm looking at Visa right now, to be honest with you, if the stock's rallying, Visa's rallying. So I don't think they're going to do anything. And it's tough to say that I really don't think... I would just absolutely fall off my chair. If the credit card company's saying that, then don't worry about making your payment for 30 days. I think that those are both really good points, Vlad. The other thing that I was sort of thinking about when you talk about, you know, once we turn the corner with this and we kind of restart the economy and if people are getting their mortgage payments suspended or their rents suspended for the period of time, does that still have an impact on their credit ratings? Like, are we all going to sort of emerge from this now with credit scores that are in the tank and then not having the ability to borrow or do anything that would kind of like restart this economy? Well, the banks, there was one bank that came out and said that they were going to add the period once to the end of the loan. So therefore it would not impact their credit. In other words, they weren't going to report them late. And they weren't going to report them late. They were going to add two months extra, 60 days extension where they wouldn't have to make payments. I think it was Bank of America, but you want to double triple check that. If you have a mortgage with Bank of America, I think Bank of America would spend, they would spend it for 60 days and then they would add it onto the terms of the loan. Now you say, okay, well, they have to re-sign a new note. I don't know. As far as landlords are concerned, I think that has to be the city or state and it's landlord specific. As far as whether landlords again are going to accept late payments, but you know as well, landlords are having or going to have financial problems too because many of them have mortgages. They also have taxes that are due to the city and speed and they have to continue to pay the electric, the gas, all of the utilities. So that I don't think all landlords are going to forgive all payments. Yep. Those are questions that a lot of people aren't clearly. We'll be exploring in the future. Let's say one thing, the people are, I can't just say people ruin their credit. So I think if people can make their payments and this is the passport, mortgages number one, car loans and then unsecured debt would be third in line. If people can make their payments, they should make their payments. Even if they're worried about the future right now, even if we're to make our payments, can people make their payments? I think your credit, but the administration is looking at doing another plan to try to help people, another stimulus package. So what I wouldn't want to see people do is start to default or go with the lease and then they end up getting more money and another 30 to 60 days from the government. So people should continue to make their payments if they can because it will affect their credit if they're not doing it today. Other parents and certain mortgage companies in Harlem are not going to allow them to miss a payment without a recording it. Then I would continue to make their payments because it will affect your credit and especially a mortgage thing, that stays on your credit report for 12 months. It's not like if you get caught up in 60 days then it's gonna, it'll still be on there and it will talk your store tremendously and we'll sit on there for 12 months from now. Some really grim prospects there looking ahead to the market and the economy overall. Melissa, it's so great to have you to talk us through this. Thank you so much for joining us.