Scaramucci's discussion with Tepper touched upon a variety of topics. He asked him about the stock market. Tepper doesn't sound bullish anymore.
"I think we're OK. But, listen, there's times to make money and there's times not to lose money. This is probably you're supposed to think about preserving some of your money...I think you can still be long, but I think you're supposed to have some cash now."
"It's funny people think we're always bullish."
He said he's positioned low enough in exposure where he can bring it back up or down.
"I am nervous. I think it's nervous time."
He said the market is probably OK. "But it's getting dangerous."
Scaramucci asked for any opportunities that are glaring.
"I'm not saying go short. Just don't go too friggin long."