joining us to explain that call from new york is michael purves. good morning, michael. what we're seeing is some relief after some rocky days. how do we know whether it's the early signs of a more pronounced period of stability for markets. >> well, i think you can look at a few different factors there. the relief we're seeing across risk assets is nothing than oversold conditions. you see these type of relief rallies all the time. let's not forget, we're entering day three of a historic event here which is very complicated and very opaque pathways, but the signals i would be looking for, you know, in terms of when we can really start thinking about playing offense would be one, you know, are uk bank stocks, are they really starting to put a bottom in. i don't think that's going to happen any time in the immediate future. obviously the pound and finally here in the united states, looking at the shape of the vix curve. it's gone inverted. if it starts to reinvert into a more upwardly sloping formation, that's all a very good symbol. not something lyme loi'm lookinn the i