still with me are mark rossano and liz young. i want to start with oil. pect when oil prices are going nowhere and investors do not date capital investment. what happens now? mark: big oil will have to come out with shocking news. shocking in terms of earnings strength, controlling the hydrocarbon supply chain, you want to see chemicals, you want to see that refining margin. at the end of the day, that is where we are seeing value. the problem is i do not see oil prices going higher. countriesonly three that are currently with a pmi above 50. that does not speak well for demand. the imports/exports continued to fall across the globe. i think there'll will be a lot of pressure on the demand side. alix: are we seeing that kind of pessimism reflected in what you see in earnings? , theearnings broadly market is doing the same thing you did in the first quarter and punishing negative more than rewarding positive. we are expecting earnings in the second quarter to come in -2% growth, which would put us in an earnings recession, because we were -.3% in the first