mr. ramsey: absolutely. the s&p 500 -- we turned bearish in early-august, and the s&p is really unchanged from when we made that call. the russell 2000, a lot of these equally weighted industries, which are more reflective of the average investor portfolio, those have all underperformed. another group, outside of the stock market that does have leading properties -- junk bonds. junk bonds are well below the lows that the stock market made in late-august. that is another warning sign. it was prescient when you think back to 2007, the warning from junk bonds. scarlet: credit leads everything. high-yield spreads have not recovered, but there can be dislocation for a while. it can stay that way for a while. what is going to cause that gap to close? mr. ramsey: i think that gap will close by stocks coming down to meet the underperformance of junk bonds, but, you know, that is the issue. divergences,se when they look wide, they can get even wider. that is the lesson when i look back at the market history. in 1989