talk to us about the day great day has been the breakthrough at least on sort of that intra day basis the tempting of trying to test those two lows what does this signal to you well you know i think just on a daily like looking back at the day i dont know if i have you know kind of a strong view in terms of not closing at a new low but i do think that we could you know go lower before we get higher so as you know our youre on target is 30 600 were almost there you know queen time targets are fraught with peril but i think what were paying attention to is the setup and right now it still doesnt look like work were at a point where you want to just stack up the truck on equities the reason i say that is i still think that expectations are out of whack with reality and when you look at earnings expectations for next year analysts are forecasting something close to 8 percent earnings growth this is above trend meanwhile economists are forecasting a recession youve got the fed hiking on the short end and tightening on the long end with quantitative tightening i mean its a really its a its a its not a great setup as a cure well what does that mean then savita i mean when we talk about the risk premium thats priced into this market right now particularly in the face of not just rising rates but more importantly elevated inflation and the idea that that inflation is still going to be high for a significant period of time here does that equity risk premium need to go up or is there a case and maybe im just playing devils advocate here but is there a case that given the erosion in fixed income that maybe you dont need as high as that of an equity premium for equities or risk thats a really good point i mean maybe maybe you dont maybe rates have done all the work and and we dont need to worry too much about you know more multiple compression i think thats that thats the risk right now is not the p e and again when i look at earnings expectations i mean for some of the most labor intensive sectors that are hurt by sticky wage inflation these are the sectors that have the most aggressive forecasted earnings growth you know the the consensus analyst is forecasting margin new margin highs next year but meanwhile were seeing companies faced with higher costs yes you know the beginnings of a demand or a weakening demand story and theyre also faced with the idea that theyre no longer going to be able to kind of take advantage of globalization as aggressively so theres not only cyclical headwinds but theres also secular headwinds and all of this i think is so so to your point maybe the multiple has come down enough and rates that all the work but i think at this point its more of an earnings story and its more of a hard landing versus a soft landing recession story and i think todays move suggests that the market is increasingly discounting a harder landing scenario