Money Life With Chuck Jaffe Daily Podcast

Jim Welsh, portfolio manager at SmartPortfolios, says that in the standard bear market, there is a 'reflex rally,' which is what he feels the market has been going through for roughly the last week, but that the stock market typically can't hold that rally for long before testing new depths. That's why he believes another significant drop lies ahead --  on that could shave nearly 400 points off the Standard and Poor's 500 -- before the real rally begins. Long-term investors with a five-year or longer horizon should ride the market out, Welsh notes, but short-term monies need to be protected. Also on the show, Robert Michaud from New Frontier Advisors discusses the need to be fully diversified coming through troubling market times, Cheryl Pate of Angel Oak Capital discusses community banking investments in closed-end funds, and Martin Leclerc of Barrack Yard Advisors discusses his disciplined approach to stocks in the Market Call.

Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance, says that the economy and the stock market are poised to improve from current levels -- although he is not yet ready to call the decline a market bottom and won't try to time one -- but he warned that 'better' could be only part way back to 'normal.' He did say the market ultimately will be higher, though he said it's impossible to know if that will happen in a year, two years or further down the road. Also on teh show, Tom Lydon of ETFTrends.com has a choice that could help rebalance risk as his ETF of the Week, Sarah Berger of MagnifyMoney.com discusses the disconnect between retirement savers' hopes and their actions, and Ken Mahoney of Mahoney Asset Management makes his debut in the Market Call.

Ed Shill chief investment officer at QCI Asset Management, says in the Market Call that as the market has moved from overbought in January to dramatically oversold in March, investors should have started looking for opportunities to buy and take small steps to take money off the sidelines and start taking advantage of the bargains. Also on the show, Paula Fleming of the Better Business Bureaus talks about increasingly popular -- and dangerous -- cryptocurrency scams, Bruce Bond of Innovator ETFs discusses defined-outcome investing and how it has held up in the down market, and Mike Brown of LendEDU.com covers Americans' financial condition as they entered the shelter-at-home economy.

Steve Friedman, senior macroeconomist at MacKay Shields, says the global fixed-income picture is such that investors are going to see rates near zero and potentially going negative in the U.S., an unprecedented move that is necessary because 'the economy is coming to a sudden stop,' forcing central bankers to maintain liquidity and income investors to diversify broadly. Before that Big Interview, however, Mark Newton of Newton Advisors says the market's technicals indicate that the market's recent upswing tick is a 'short-term rally within an existing downtrend' meaning another leg down is in the offing, particularly if the market can't rally to and hold 2,792, a key support level on the Standard and Poor's 500. Also on the show, Ted Rossman of CreditCards.com talks about the existing level of credit-card debt faced by Americans entering the coronavirus economy and how that will hold challenges and change behaviors as financial pressures mount, and, in the Market Call, Eric Boughton of Matisse Capital says th

Dan Keady, chief financial planner at TIAA, says that while investors are looking at their retirement savings and thinking they have been devastated, the market ultimately will help them catch up and recover, provided they don't try to get off the market rollercoaster mid-ride hoping to escape market risk right now. Also on the show, Mark Hamrick of Bankrate.com discusses survey results on how many Americans have skipped or done without medical care due to its cost, David Trainer of New Constructs puts high-risk dividend stocks in the Danger Zone, and Brian Bollinger of Simply Safe Dividends tries to help listeners find lower-risk payouts from stocks in the Market Call.

John Blank, chief economist at Zacks Investment Research, says that the market's reaction to the coronavirus public health crisis was foreseeable but overblown, and that strong earnings projections on tap for companies once conditions normalize make a strong rebound look inevitable. He makes the case that the current event-driven recession is not look like the structural recession of 2008, which is why it will be a much shorter event. Also on the show, Thomas Winmill of the Midas Fund discusses how gold has held up, and gives his take on a recent Goldman Sachs' comment urging people to buy gold as the 'currency of last resort,' Buck Klintworth of Chase Investment Counsel talks technicals, Rob Shaker of Shaker Financial covers big discounts in closed-end funds in The NAVigator, and Chuck explains why a fun thing he started with his daughter has the show picking today's theme music from 'The Love Boat.'

Ron Sanchez, chief investment officer at Fiduciary Trust Co. International, says there will be three phases to the virus economy, and that we are still in the first, which is marked as a time with extreme uncertainty and anxiety. In phase 2, which he expects to start in two to four weeks, Schwartz expects to lose the extreme-ness of it all, but for the volatility to remain. Abate says he is waiting for more investment opportunities but that right now it's too late to sell and too early to buy. Also on the show, Tom Lydon of ETFTrends.com announces his ETF of the Week, Paula Fleming of the Better Business Bureaus of New England talks about coronavirus scams, and James Abate of the Centre Funds talks stocks in the Market Call.

Robert Frick, corporate economist at Navy Federal Credit Union, says that while the virus economy is a clear and present danger to the financial well-being of average investors -- and while the media has been stoking the fears of how bad the market and economy could be moving forward -- that the biggest threat most investors face right now is their own temperament and the ability to control their emotions and stay calm. He explains how investors need to use behavioral economics to filter out the noise. Also on the show, Jimmy Hausberg from HighTower Advisors talks about how investors should respond to building internal selling pressures, Gerri Detweiler of NAV.com discusses the new FICO credit-scoring system, and Dan Brady of Trendrating.com talks stocks -- and how few of them are worth buying right now -- in the Market Call.

Mona Mahajan, US investment strategist for Allianz Global Investors, says that the stock market won't stabilize until there is a visible path for a 'global return to normalcy,' but adds that she doesn't think the 'long-term fundamental health of the US economy is derailed' by the worldwide reaction to the coronavirus. As such, she will be looking for values and better risk-reward opportunities for when the worst of the troubles are past. Also on the show, Danielle Shay of SimplerTrading.com talks about the market's technicals, the hard time finding support and the growing number of investors who want to trade, Kathy Kristof of SideHusl.com discusses opportunities till out there for individuals who are looking for work while remaining physically distant, and Nancy Tengler of Laffer Tengler Wealth Management makes her debut in the Market Call talking dividend-oriented stocks.

Meb Faber, head of the Cambria Funds and a noted observer of the investment world, says that while the depth and scope of the current downturn is breathtaking, the best way to deal with it remains being steadfast about your investment plans and changing nothing. Also on the show, Kyle Guske of New Constructs puts two popular brand-name stocks in the Danger Zone, and Dan Wiener, co-editor at The Independent Adviser for Vanguard Investors and chairman at Adviser Investments returns to the Market Call to talk mutual funds and ETFs.

Craig Callahan, president of the ICON Funds, says that the stock market's recent downturn has created the best bargains he has ever seen, better than the darkest days from the 2008 financial crisis or any other downturn he has lived through. He noted that all of the supporting conditions for a true buying opportunity are aligning right now; despite that, Callahan says it's not yet time to buy, though he thinks that time is 'close.' Also on the show, Bryce Rowe of National Securities discusses the double-digit dividends and growing discounts on business-development companies in The NAVigator segment, technical analyst John Kosar from Asbury Research says coronavirus has accelerated a downturn the market was setting up for, making the market oversold, although he was not ready to call for a bottom and will be watching if the market can turn roughly 2,350 on the Standard and Poor's 500 into a real support level; also Erin Kelly, author of 'Overload: How Good Jobs Went Bad and What We Can Do About It.'

Veteran personal finance and financial writer John Waggoner visits Chuck for the Big Interview to discuss the many market melt-downs and rebounds they have seen in decades of covering the industry, and while Waggoner is confident that there will be a rebound for current problems, he noted that what is different about this downturn is the suddenness and steepness, combined with no apparent safe havens for making money. 'What's worrisome about today's market is that I don't see anywhere you can make any money on anything,' he says. 'Gold is down, bonds are down, stocks are down, everything is down.' Also on the show, Tom Lydon of ETFTrends.com makes a trend-following bond fund his 'ETF of the Week,' Eddie Perkin of Eaton Vance discusses the way investors are internalizing fear and greed in the current market, and Nick McCullum of Safe Dividends talks income-producing stocks in the Market Call.

Vince Reinhart, chief economist and macro strategist at Mellon notes that pandemics run their course and that most effects of this kind of market shock tend to be temporary. He notes that investors are best served to 'Keep calm and carry on,' as he believes the current downturn ultimately will be matched with a rebound once the effects of coronavirus are near or at an end. ASlso on the show, Andy Morse of HighTower Advisors discusses how investors should react to circumstances like current conditions that they have never seen or experienced before, Steve Utkus of the Vanguard Group talks investor expectations, and Mike Liss of American Century Value covers value investing and whether the market's decline is creating bargains yet in the Market Call.

Fritz Folts, chief investment strategist at 3Edge Asset Management, says that while the current market environment is extreme and represents a 'very deep hit to the economy,' he sees the potential for a quick and sharp recovery. That said, Folts was defensive before the market turned and remains that way despite the massive drop-off over the last two weeks; he expects beaten down asset classes to start to become attractive soon, and says he will be looking at adding to Asia, emerging markets and possibly gold as he starts to become aggressive closer to the bottom of the cycle. Also on the show, Gene Peroni of Peroni Portfolio Advisors says that the sectors that led the way as the market was peaking last month will likely be the first to recover, though he says he will not be surprised if we get a 'sawtooth recovery' with a lot of ups and downs on the way to bouncing back from current downturns. Nelson Schwartz of the New York times discusses his new book, 'The Velvet Rope Economy' and talks about how the curr

John Cole Scott, executive chairman of the Active Investment Company Alliance, says that investors looking for something to buy as they pick through the rubble of the market's recent freefall will find fertile opportunities in closed-end funds, where discounts have widened but yields are up since the market fell away from all-time highs a month ago. Scott offers a few attractive options for today's tough conditions. Also on the show, David Souccar of Vontobel Quality Growth gives an international take on markets, noting that while the moves feel extreme, the responses to them should not be, Kerry Pechter editor of Retirement Income Journal, discusses changes being made to retirement calculators, and Kyle Guske of New Constructs singles out two stocks that he says have entered the Danger Zone.

Lawrence McMillan of McMillan Analysis says the market is oversold but it is falling so hard and fast that there is no solid level of support, and that it could fall further before it starts creating real buy signals. McMillan notes that people may be expecting buying opportunities, but they haven't arrived yet as just one obscure indicator from the many he looks at has created a buy signal, suggesting it's time to start buying again. Also on the show, Kathy Bostjancic, chief economist at Oxford Economics USA, says that the market is pricing in a recession which makes that unlikely that there is any way for the economy to avoid one amid the slowdown of economic activity created by the coronavirus. Also on the show, Kusara Barto of Squaremouth.com talks about how travel insurance is and isn't working for consumers who are thinking they might cancel planned trips, and Noland Langford of Left Brain Investment Research talks stocks in the Market Call.

Giles Coghlan, chief currency analyst at HYCM, says that while domestic investors see trouble based on the US market, the coronavirus is having a global impact on markets that is still in the early stages of being sorted out. Coghlan notes that investors who maintain a three- to five-year outlook might find themselves buying into troubled industries like oil, but that anyone with a short-term view can't call a bottom yet, which is why investors should lengthen their time horizons and consider bargain hunting. Also on the show, Tom Lydon of ETFTrends.com makes a long-term Treasury fund his ETF of the Week, Dave Du Val of TaxAudit.com discusses how Americans are struggling to know IRS rules changes, and Bruce Kaser of The Turnaround Letter discusses in the Market Call the impact of the current decline on the types of troubled companies he pursues.

Chun Wang, portfolio manager at the Leuthold Group, says that the Treasury market and credit market are sending two different messages, with the Treasuries actions signaling that the Federal Reserve must move and that recession risk is up, even as the credit market is suggesting that the environment remains healthy. Wang says that coronavirus is less of a market catalyst than an accelerator, bringing troublesome trends to the fore faster than anticipated, but he says that ithe virus economy could trigger a broad recessio in the next six to 12 months. Also on the show, Adam Thurgood of HighTower Advisors Las Vegas talks about implementing -- and sticking with -- a defensive strategy in your portfolio, Jill Gonzalez of WalletHub.com discusses the surprising number of Americans who anticipate missing a credit-card payment this year, and Brian Yacktman of the YCG Funds -- whose YCG Enhanced was the top-performing large-cap growth fund of 2019 -- talks 'enduring pricing power' in the Market Call.

David Wright, lead portfolio manager of the Sierra Mutual Funds, says that Monday's market action put the stock market into oversold territory, but he warned against jumping in now because he expects any snap-back rally to be offset by further declines before the market finds a bottom, and investors who race in could 'catch a falling javelin' if they fall for 'false rallies.' Wright, whose indicators have him out of the market now, believes the current decline is the start of a longer-term bear market. Meanwhile, George Milling-Stanley, chief gold strategist at State Street Global Advisors, believes the outlook for precious metals is promising in the face of so much global market turmoil and uncertainty, noting that he expects gold to resume its recent climb once the market steadies and he expects it to stay solid while the broader market struggles. Also on the show, Chuck talks about reacting properly -- rather than over-reacting -- to the market right now, and Adam Winslow of AIG Life Insurance discusses a

Jeff Weniger, director of asset allocation at WisdomTree Asset Management, said that the economy was slowing globally before recent troubles and the likely temporary economic effects of coronavirus, and he expects the market to see through the slowdown being caused by the epidemic to avoid long-term trouble, but only after there is more pain market pain. Meanwhile, gas prices are falling, mortgage rates are falling and there are more conditions that will help the market and economy rebound. Also on the show, Ken Tumin of DepositAccounts.com discusses a survey about consumers' financial mistakes, Kyle Guske of New Constructs puts two stocks into the Danger Zone, and Mark Travis, manager of the Intrepid Funds, talks stocks in the Market Call.