jonathan: let's pick things up with chris verrone. something you are focused on. you put together what has happened with commodities, you looked equities, staples versus discretionary, can you run through that research? what have you learned? chris: number one, the action is in the currency market. when you look at fx volatility and bond volatility, it does not seem to jive with equity vix in the mid-20's. there is something off there that will be resolved with greater equity volatility in our future. as far as the leadership backdrop of this market, i think discretionary versus staples and high beta versus low beta gives us helpful crews as to the market perception of risk. we have taken commodities down sharply, we've taken oil down $25 or $30, discretionary has given us nothing. the idea that weakness in crude would suddenly re-catalyze the consumer, i think the market -- tom: you have a beautiful slide on short interest. where is the bloom on amazon, on apple? give us a clinic on short interest or the lack thereof. chris: this is -- this has really surprised us

jonathan: chris verrone of strategas. crude again lower by 6.1%.n on wti, yields lower by seven basis points. euro-dollar positive just about a 10th of 1%. basically hitting parity this morning. tom: getting the best voices we can on this time of shock on the data screen and some potential crisis as well. he is absolutely definitive and what are called cross rates, the nuances away from euro-dollar, dollar-yen, dollar dynamics. the study of all the major currencies. stephen englander, iconic at citigroup. which is the cross rate that gives you the most information? steven: i think looking at the euro, it is so difficult for everything and the market is so short. the other crosses i'm looking at, you look at what asia is doing, particularly em asia through this episode of dollar strength, and it is really outperformed. em asia -- it doesn't mean that it is a buy right now because it is risk off and we are moving into a recession but it does seem to be on a relative basis and has been far more stable. tom: do you assume the yen catches up with euro w