we're also joined by tom stephenson, investment director at fidelity international. jason, you keep a laser focus on the positioning and on the ten-year yield is this a blow off top or does this correction worsen i think it's two-fold. i think the story last week is different from the story this week this week is much more about systematic flows, so you're seeing -- i think the right way to look at this is reverse back to last week and what happened last week. last week was a problem because you had negative bond equity correlation. so yields going up on the inflation story, the same time equities did not enjoy that. you have this environment that created vol. what you're seeing since then, since you created some vol, now you have vol targeting guys selling equity markets because they have to that's the structure of their business at the same time when you have both active and retail money at a 95th percentile long so there is no natural cushion to handle these systematic flows. that's what you're seeing today. this does not mean that the bond equity correlation stor