henry mcveigh is with us. he's head of global macro and asset allocation at morgan stanley investment management. henry-g to see you, welcome back, my friend. you say constructive. what does that mean? >> i think by year end we're probably going to be at 1,100 and before the market peaks next year we'll probably be at 1200. with you one thing we've within focus on is corporate profitability. what you're seeing on the s&p and across the globe is corporate margins are troughing at 67 higher levels. some of that's because tech and health care are a bigger part earnings mix, but also just overall the corporates weren't the ones that were the big offenders this time, it was really the consumer. so we think earnings this year will be a little better than expected, i think next year $70 is not out of reach for the s&p. the other big thing you see in profitability, we're getting rid of all the bad companies. if you take out the gms, the merrills, the aigs, you're adding about seven bucks to the s&p this year and nobod