RUSH TRANSCRIPT Jackie time ░░░░░░░░ for the word on ░░░░░░░░ Street top investors watching ░░░░░░░░ money Joining me now ░░░░░░░░ Stanley managing director and ░░░░░░░░ wealth advisor kathy enwistle ░░░░░░░░ with me is Mark ░░░░░░░░ Looking at futures we ░░░░░░░░ a decline on our ░░░░░░░░ 6789 investors are feeling ░░░░░░░░ after President Trump softened ░░░░░░░░ stance on China China ░░░░░░░░ if the U S ░░░░░░░░ to resolve the problem ░░░░░░░░ should cancel all the ░░░░░░░░ measures on China This ░░░░░░░░ just a day after ░░░░░░░░ Trump was pressed about ░░░░░░░░ time line of bringing ░░░░░░░░ 145 China tariff down ░░░░░░░░ s watch How soon ░░░░░░░░ you want to bring ░░░░░░░░ tariffs on China down ░░░░░░░░ depends on them We ░░░░░░░░ a situation where we ░░░░░░░░ a very very great ░░░░░░░░ it s called the ░░░░░░░░ States of America and ░░░░░░░░ s been ripped off ░░░░░░░░ years and years These ░░░░░░░░ know it We talked ░░░░░░░░ it before you came ░░░░░░░░ It would have been ░░░░░░░░ off by every country ░░░░░░░░ the world practically Friend ░░░░░░░░ foe And we will ░░░░░░░░ re not doing that ░░░░░░░░ Jackie Treasury secretary Scott ░░░░░░░░ says China s economic ░░░░░░░░ is harming the entire ░░░░░░░░ Watch China s current ░░░░░░░░ model is built on ░░░░░░░░ its way out of ░░░░░░░░ economic troubles It s ░░░░░░░░ unsustainable model that is ░░░░░░░░ only harming China but ░░░░░░░░ entire world China needs ░░░░░░░░ change We want to ░░░░░░░░ it change because we ░░░░░░░░ rebalancing too China can ░░░░░░░░ by moving its economy ░░░░░░░░ from export overcapacity and ░░░░░░░░ supporting its own consumers ░░░░░░░░ domestic demand Such a ░░░░░░░░ would help with global ░░░░░░░░ that the world desperate ░░░░░░░░ this desperat jackie your ░░░░░░░░ on this The uncertainty ░░░░░░░░ from main street to ░░░░░░░░ Street We were saying ░░░░░░░░ my show yesterday we ░░░░░░░░ a deal of some ░░░░░░░░ with a country that ░░░░░░░░ an ally to people ░░░░░░░░ deals are coming it ░░░░░░░░ really in the works ░░░░░░░░ the China situation is ░░░░░░░░ to take quite some ░░░░░░░░ but this is going ░░░░░░░░ go on and I ░░░░░░░░ the markets will continue ░░░░░░░░ be bumpy We are ░░░░░░░░ bumpy markets trading range ░░░░░░░░ year long up and ░░░░░░░░ As you can see ░░░░░░░░ tariffs provide a lot ░░░░░░░░ uncertainty and people don ░░░░░░░░ like uncertainty and neither ░░░░░░░░ markets so we are ░░░░░░░░ to see a lot ░░░░░░░░ that and the longer ░░░░░░░░ takes to get to ░░░░░░░░ deal the harder it ░░░░░░░░ going to become Because ░░░░░░░░ have very short time ░░░░░░░░ for their patience Jackie ░░░░░░░░ also were talking about ░░░░░░░░ the break with me ░░░░░░░░ are opportunities here How ░░░░░░░░ an investor find an ░░░░░░░░ in a market like ░░░░░░░░ It s just tough ░░░░░░░░ know where to look ░░░░░░░░ s tough to know ░░░░░░░░ to look and we ░░░░░░░░ looking more defensive right ░░░░░░░░ for clients more value ░░░░░░░░ plays strong companies It ░░░░░░░░ tough too because we ░░░░░░░░ companies having struggles and ░░░░░░░░ look a lot of ░░░░░░░░ at lagging indicators of ░░░░░░░░ the markets and the ░░░░░░░░ are going but you ░░░░░░░░ have to look at ░░░░░░░░ indicators and to see ░░░░░░░░ the consumer confidence things ░░░░░░░░ that help a little ░░░░░░░░ more in terms of ░░░░░░░░ are we going in ░░░░░░░░ economy So for us ░░░░░░░░ stocks we re using ░░░░░░░░ lot of short cash ░░░░░░░░ now for clients and ░░░░░░░░ still municipal bonds Jackie ░░░░░░░░ always a safe bet ░░░░░░░░ American Airlines reporting moments ░░░░░░░░ beating on the top ░░░░░░░░ but missing on revenue ░░░░░░░░ s also putting its ░░░░░░░░ profit forecast out there ░░░░░░░░ s pulling it It ░░░░░░░░ going to provide a ░░░░░░░░ year update as the ░░░░░░░░ outlook gets clear 128 ░░░░░░░░ have reported first quarter ░░░░░░░░ so far out this ░░░░░░░░ we ve got proctor ░░░░░░░░ comcast southwest airlines valero ░░░░░░░░ the bell intel reports ░░░░░░░░ Mobile all of them ░░░░░░░░ report I want to ░░░░░░░░ what your expectations are ░░░░░░░░ also on American Airlines ░░░░░░░░ could have revised down ░░░░░░░░ didn t They pulled ░░░░░░░░ and they said we ░░░░░░░░ waiting and seeing 128 ░░░░░░░░ companies have repo so ░░░░░░░░ and they ve given ░░░░░░░░ nothing The guidance right ░░░░░░░░ is virtually nonexistent The ░░░░░░░░ season will likely go ░░░░░░░░ as a complete nonevent ░░░░░░░░ united airlines last week ░░░░░░░░ b gave us two ░░░░░░░░ and got away with ░░░░░░░░ If things are bad ░░░░░░░░ ll make seven bucks ░░░░░░░░ things are good we ░░░░░░░░ make 13 50 and ░░░░░░░░ outperformed the stock market ░░░░░░░░ 3 that day when ░░░░░░░░ gave us two different ░░░░░░░░ That is not normal ░░░░░░░░ s completely atypical The ░░░░░░░░ that American Airlines said ░░░░░░░░ m not going to ░░░░░░░░ you one at all ░░░░░░░░ guess that s to ░░░░░░░░ expected at this point ░░░░░░░░ s the precedent that ░░░░░░░░ been set so far ░░░░░░░░ it s interesting that ░░░░░░░░ now earnings matterer obviously ░░░░░░░░ we re not getting ░░░░░░░░ lot of guidance so ░░░░░░░░ are forced to really ░░░░░░░░ based on the latest ░░░░░░░░ headlines and obviously things ░░░░░░░░ been very volatile Uncertainty ░░░░░░░░ an issue but the ░░░░░░░░ rollout of the tariffs ░░░░░░░░ been very disorderly and ░░░░░░░░ creates even more indigestion ░░░░░░░░ investors because now they ░░░░░░░░ t know what s ░░░░░░░░ on at all and ░░░░░░░░ your strategy about being ░░░░░░░░ defensive I love that ░░░░░░░░ actually came into this ░░░░░░░░ positioned more defensively We ░░░░░░░░ actually doing the exact ░░░░░░░░ right now What we ░░░░░░░░ doing is as the ░░░░░░░░ s down we ve ░░░░░░░░ been lightening up on ░░░░░░░░ of our defensive positions ░░░░░░░░ might only be down ░░░░░░░░ in the drawdown and ░░░░░░░░ into some of those ░░░░░░░░ of the world that ░░░░░░░░ be down 30 35 ░░░░░░░░ so we re repositioning ░░░░░░░░ now into names that ░░░░░░░░ think are going to ░░░░░░░░ on the back end ░░░░░░░░ heck of a lot ░░░░░░░░ Jackie final to you ░░░░░░░░ If we get a ░░░░░░░░ beautiful bill by Memorial ░░░░░░░░ July 4th in that ░░░░░░░░ range will that restore ░░░░░░░░ in the market that ░░░░░░░░ of the economic plan ░░░░░░░░ coming to fruition as ░░░░░░░░ wait for the trade ░░░░░░░░ to happen Possibly I ░░░░░░░░ the trade stuff is ░░░░░░░░ big that that s ░░░░░░░░ we need to see ░░░░░░░░ and I like mark ░░░░░░░░ ideas of finding opportunities ░░░░░░░░ valuations look much more ░░░░░░░░ Jackie all right Kathy ░░░░░░░░ you re with us ░░░░░░░░ morning Great to see ░░░░░░░░ and thank you for ░░░░░░░░ here.