so while the tax is up 600% in ivax, it is not the games it would appear on the surface. >> in terms of positioning, ahead of a very big week of earnings, what is are you seeing out there? >> with the greek elections, we saw them reverse themselves. there is still a little bit of fear out there. earnings have to hit on all cylinders. basically, valuations are above historical numbers. it may bleed into the stock market here. that's why i think the vix getting about he low 16 tells me, hey, let's look for some hedges. stimulus packages can suppress that. put the put in the market like mike mentioned. we need some solid earnings in the next couple of weeks. we'll see how that goes. brian, thank you so much. last word, dan? >> i would say this, really importantly. when you think about what's going on here in the u.s., at least its earnings and we had it with ups. we just talked about. i think investors are shooting first and asking questions later. the one name that was up massively is an outlier. we have seen very strong bounces after earnings. it may make sense not to buy protection.