tom: within the options market, can we go mathy here this morning with dan suzuki and jeff degraaf? e variants, skew. does the mathematics work in the new world like it worked in the world that you and i studied? jeff: it is behavioral. i would argue that the one consistency over time is behavior. things change, but the way we act is very similar. tom: we will bring the single best chart back here. bring up the vix chart. dan suzuki, this chart mentions a lot to do. there are spikes in fear, in sweat, they be not skew. where is the catharsis, dan? dan: volatility is being understated by metrics like the vix. if you look at the number of days with huge swings in the market, it has been quite high this year. volatility has been pretty high. you get a lot more spikes and you have historically, so you are getting an understated measure when you look at something -- tom: that is not the sweat you and i are trying to gauge. the ultimate catharsis of blood in the streets has not happened. why not? jeff: for two reasons. this is a slow-moving train wreck. similar.2007-2008 was it was a slow-