>> susie: stocks are up so far this year, but adam parker expects the markets will close flat for 2013. he's chief u.s. equity strategist at morgan stanley. so adam why so gloomy so, many strategists are much more positive than you are. what is your thinking? >> well, look, we have a more cautious earnings outlook than i think some of our peers. the macroeconomy is not that strong right now. and corporate earnings aren't growing that much. i think that is the root of our near-term caution. >> susie: on earnings also you're not so upbeat. are you looking for them to be flat-to-down 1%, again conscientious. up 11 percent. the distect-- disconnect? >> look, i'm pretty certain the conscientious estimates are too high this he have been too shy for a year now. we saw the worst quarter in the third quarter this cycle on the revenue side. and i think that will continue. i think the question isn't are the consensus earnings too high t is will the stock market care. because the last year...