and also jordan kimmel, national securities. he is their market strategist. so jordan, we're down 15 points on the dow. how can you be bullish on this market, and how can you favor something like small caps? and it seems like we're hitting lower lows every day, we're now down to levels that we haven't seen since the beginning of may. >> lower lows for a couple weeks. you're right. remember, we had a historic bounce already off a generational bear market. that's the second generational bear market of this decade. so you have to remember, this is an auction market. when fey is this hi when fear is this hard, when people are afraid to own stocks you can go in and buy them on the chea you have to be very selective. but when the crowd wants a zero percent return in treasuries you know the crowd is wrong and in a couple years from now they'll be saying what were we so worried about. >> scott, since he brought up treasuries, you've been looking at the volatility of fixed income. we're all focusing on the vix. but what is that telling you? what are you seeing there? >