john stoltzfus: i am afraid so.lot to do with it and europe has materials companies and older economies. as a result of that, it's indexes are going to feel it. in addition to that, i think the fact is the banks in europe have much longer to come clean about their problems. just in the last year or so, in the last few weeks, we have seen improvement in italy. the toes got to take state aid, doesn't it? alix: i don't know. anyway, let's move on. from goldman sachs, a note. we are reading his calls that financials and tech are going to outperform and we will see a buyback with killer sales growth. has that rotation been played out? david: there is a strength in tech that is sort of the two johns point, there is strength in tech a lot of people are banking on which is double beat on the earnings side. also to come back to the point of the europe case versus the u.s. case, the question is if you are counting on banks doing well in europe, you have this story of existential risk whereas the risk that you take on because