do these moves get exaggerated, or do you think it doesn't matter, charlie smith? >> i really don't think it matters a whole lot about volume. you know, these foreign events are going to be driving the market up and down. minor changes in volume day to day in this volume-shortened week aren't a big deal, i don't think. >> steve parker, the only thing we haven't mentioned right now is the fed, ironically. what's moving the market? just the fact it's a thinly traded market, do you think? >> yes, i think -- i think people are worried about the noise internationally. as we said, it's a holiday-shortened week. volumes will be light. the jobs report on friday. there's a lot of volatility potentially around that. i think people are taking profits after the bounce we've seen in the last couple of we s weeks. but we think this is short-term noise. we like the market longer term. >> what do you think the jpmorgan private bank client is doing right now? in other words, are you seeing 30% of your clients right now in cash? are they still risk averse, or are they invested? >> y