get over the election hump that the market's going to look a lot better and then -- >> this is jim moffitt speaking, right? >> yes. >> so you're optimistic long return. jim bianco, any thoughts on that? >> the earnings numbers right now this quarter, they're not good. about 60% of the companies are beating estimates. that's the lowest number of companies beating estimates since the great recession ended. only about 30% of companies are beating revenue. that's a 15-year low. it's worse than it was in the collapse of 2008. guidance hasn't been good. we have more companies guiding downward than upward for the first time since the great recession ended. all that is probably the culmination of gdp. the economy is going down. now it's catching up with earnings and guidance. >> and, in fact, ryan, you think this market is facing the fundamentals that jim was just talking about versus the fed. fundamentals versus fed, which is trying to prop this market up right now. which way do you vote? >> well, i think longer term you have to be bullish on the market, although there's a lot of short-term uncer