bring in crescent cio founding partner jack ablin. jack you urged folks to hold equities. you made a specific note, particularly those investors subject to capital-gains tax. your work shows the s&p is up maybe 16% overvalued right now. is it time to see the taxman? >> no. i wouldn't, i wouldn't say that yet. in fact you brought it up earlier in your comments about momentum. the fact is that the s&p is trading above its 50-day moving average. its 50-day moving average is above the 200-day moving average. so we have a lot of momentum. the fact is that valuation as i have learned the hard way is not a timing tool. valuation is fantastic for figuring out the what the market's potential is for the next 10 years but over the next 10 months it's pretty disconnected and random when it comes to that connection. charles: right. jack i put a chart from your report here, just show the audience. this is where we are. according to your data how much overvalued we are. you said forget about it, trying to play the game is followly. you played it many times in the past few years you would