wells fargo securities head of equity strategy chris arby with us, s&p target 4625, joins us this morningt 900. g post nine. >> good to be back. >> you think the action colors you view that last year was a short covering of shorts. >> towards the end of. we exacerbated in trends. ton of short covering. our short interest portfolio was up 15% between the fed meeting and the year, that tells you that people were running for the hills. that's over. we're reprising risk a little bit. you have expectations that the fed will go early and often. i think we need to have earnings come out. we need to bring in expectations for earnings that will cause a little bit of volatility. sentiment, as you know, is really positive at this point in time. we could get a change in sentiment in the short-term. >> is your view that calls for inflation to come down is exated. >> the inflation is coming down. the fed doesn't need to move as fast as people expect. we had jobs on friday and wage pressure and we have a strong job market. there's no reason for the fed to go sooner than later. they don't get much out of