michael o'rourke: that is it.f you look at standard and poor, what they put up, earnings 6.5% are down year-over-year. if you analyze that, pay is coming at $96. expectations are $115. the next three quarters will have to average record quarterly earnings to hit that number. i am seeing a market that is 20 times earnings. that is a risk. that is a risk the fed sees. they talk a lot about financial stability this week. they highlighted how despite the weakness in the equity markets, they rallied primarily based on a re-risking due to said dovishness -- fed dovishness. mark: are we heading down or will he consolidate? michael o'rourke: i think the fundamental backdrop race the bear market more likely. the market does hold in. it has been very resilient for the past 18 months. we have been in consolidation. will we get back up to that 2135 level or will we correct lower? the earnings data and the fed tightening, those are major tailwinds that drove the bull market for six or seven years. they are reversing. the fed t