jack welsh saying there is no alternative trade, meaning investors are trapped in the equity market. they have no other place to go. >> except for today. >> warren myers, you've been constructive on this market. now we're seeing a pretty serious selloff. what do you make of this? >> we're seeing global events trumping the u.s. domestic data that's been coming out. the data that came out today was marchly pretty decent. >> jobless claims were good. retail sales were good. >> exactly. if you get this trend of global events pulling the u.s. equity market down, you're going to get a bigger divergence between the quality and the weakness in other markets. once this settles out, this will be the place to be. >> warren, who's selling today? is it real money? is it the hedge funds, retail? >> i think it's a little bit across the board. i think it's a lot of people taking profits in stocks they've been holding on to for quite a while and locking something in. there's certainly no sense of panic here. the volume is still relatively light. i don't see it as any worry signal. >> if volume is heavy, rick, it's heavy in the treasury markets. it's akin there to a da