michael purves, back to you. you say it is normal to have a little pullback, selloff, profit-taking. but what is the threshold where the profit taking turns into some kind of prolonged downturn, even a correction? how do you factor in that political risk? michael: developed market political risk is one of the toughest things to conceptualize, sort of the new theme for the markets to contend with. to answer your question, first of all, if you look at things like the nasdaq or xlk etf i nstead of straight shot higher, when you se up -- see upchannels breaking and signals rolling over, that will get the attention of swing traders and people who will play momentum to the downside. i think it is important to recognize that things like tech onat led the market higher, a relative price ratio or relative valuation radio to the broader -- ratio to the broader market since the last 7, 8 years, it has never been higher. the relative valuation of most tech stocks to the spx has never been higher. there should be some normali

i was talking to michael purves, said it makesd he it look like traders are interpreting this as a anphenomenon, hour negotiating ploy by president trump before the chinese trade negotiate -- trade delegation comes to united states. that is the interpretation. hard to know if it is the right interpretation. that looks to be what volatility traders are pricing in at the moment. a short-term rising volatility. short -- not enough for them to cover those record short positions in fixed futures. -- in vix futures. vonnie: equity -- were they call the wrong foot? is there risk they will be? -- today isis clear calling that into considerable question. without seeing those futures explode higher, people do not seem to be aggressively covering the shorts. it helps that it is early in the month before they have to roll into the next month contract. there is some breathing room to wait and let this play out and see if it is just game theory by president trump, some last-minute scare tactics in these negotiations. if seems like it will last a while, these tensions will continue through the week,