joining me is jeff degraaf. good to see you. welcome back. >> thanks, scott. >> what are we talking about here? your previous guest talked about expectations and one of the things that we look at is option pricing along with momentum and when we see excessive momentum and more momentum players, so we actually like momentum, but when we see the option pricing betting that the momentum is going to continue or actually exceed history that becomes a problem for us. we're seeing that in semiconductors and names like qualcomm and names like nvidia and it says to us, there's probably a better opportunity of a pullback here. they might consolidate over the summer, but this isn't the place to be putting fresh money. the expectations are pretty f filled up here and we're advising our clients on that particularly given the overall sentiment and the post-momentum peak that we hit in april and it's been rolling here and we saw it in industrials yesterday and we're seeing it in software today and we think we'll start seeing it in semis at som