we have chris gersch joining us from the pits of cme. chris, want to start with you today, what you're look at in the markets, how you feel about, we had a crazy week especially for s&p? >> we had a crazy week. when you thought it was all over, we had an afternoon like this. big news, lebron. second biggest thing on floor is oil trade. the fact we're down to 101 which was a huge move as we close the session. the traders bought gold and shorted crude. a traders 107. everyone was calling for 110 handle. we're at 100 handle as we talked about two weeks ago. adam: let me ask you, pete, are you concerned? people talk about a need for correction. a guest we had on the network said there is major correction coming. you say the schiller pe is approaching level that makes you nervous. why is that? >> if you look at what kind of gains we have in the market, the dow is only up 2% on the year and s&p is up about 6%. we're basically in a stock-pickers market. but what overshadows all of this is the risk of really the fed's policy. they have overheated