loreen: yeah.l, i would say right now we are being more defensive as we continue to see data and see the economy slowing down. when we look at the consumer confidence number, they came out this week. that came in quite a bit lower than we expected. with that, below the 80 mark conference board states is a critical area. so, we have seen that decline further depth -- the time. further than that we think and the conference board believes within 12 months most likely there will be recession. given that having more of a defensive play looking at financials, energy, health care, as areas of potential opportunity, as those areas have been hit substantially year to date. annabelle: what seems are you focusing on as we get into earnings? loreen: we have been in an earnings recession. as we expected, q2 we had negative around 5.4 percent year-over-year. we expect that to turn in the third quarter with more of may be a flat to a slight positive in year-over-year earnings. we are coming out of an earnings rec