for michael purves, it is cratered spelled correctly, not crated. jonathan: michael purves joins us now, tallbacken capital advisors ceo. how would you characterize the moves you have seen in the nasdaq 100 and some of the individual components of it? michael: as a backdrop comment, we have all been watching this breathless rally over the last 12 months, so on one hand, these kinds of consolidation tight moves are needed. what is a little bit interesting about the nasdaq move is it was not especially technically overextended just now, certainly not relative to the broader market, the s&p 500. also, if you think about earnings, those were really quite constructive. the equity risk premiums for the nasdaq was actually coming into this week, actually in a pretty healthy space. it wasn't extraordinarily tight. what is also interesting, if you remember last year, you can do those overlay charts of the 10 year real interest rate with the nasdaq outperformance, and it was sort of tick for tick all the way to late summer with a real decline in 10 year real