and gillead's pharmaceutical is not going well. earnings did beat the street, however, morgan stanley is putting a short on the stock. marie a bill, back over to you. >> yakkjackie, thank you so muc. cliff davis joins us now with the details on what he's seeing. cliff, what are you looking at? >> we've actually seen quite a bit of activity of clients coming in this week. possibly to take advantage of some lower volatility and buying short dated, options on global indices. we've also had a fair number of fires of way out of the money upside calls on vix. what's telling me is in the short or very near future you'll see possibly 100-point sell-off in equities. >> what do you want to do in that environment, in terms of equities right here? >> what we're really seeing is a number of clients we're in touch with are expecting there to be a decent sell-off in the near future. the options market, which is a great indicator, is telling us there might be a short-term decline. what we're seeing is either investors taking profits from a good ra