paul hickey, do you agree? we get this big warning sign that the bull market is over and it's time to sell. it hasn't come to fruition. you have to give the bull market some credit and presume innocence until it's guilty. every new high we have seen in the last year we have seen lowits spreads hit a new and the percentage of stocks making new highs increase. that tells you there is broad participation. idea.ting -- refuting the there's broad participation here. until you see a divergence it's just trying to throw darts. the argument is being made that the market should go down now could have been made a year ago as well. jonathan: let's get to the argument coming from the merrill lynch survey. institutional clients, the largest of any week. private clients net sellers for the first time in seven weeks. significant weakness in that survey. does that resonate with you? >> the trend of institutional money has been for the last nine years. you are seeing outflows. does that tell you there is unbridled optimism in t

joining sus caus is kathy wood paul hickey, and our guest host for the hour, guy adame.athy, you are in the camp that the market gains have been made in the back of fundamentals, improving economy, better picture for earnings. any dip because of political whatever you want to call it in d.c. should be bought in your view? >> yes. we've been watching the vix like everyone else. and i think the complacency out there, it's known as a fear index because since the tech and telecom bust it has always heralded when it's at this level a correction. prethe te the tech and telecom the vix was going up in an up market. the politics now creates another brick in the wall of worry that we're climbing. yes, we think the fundamentals are terrific. >> evenmentals are the drivers, politics could present a headwind? it has to have some or the of impact or not at all? >> it's been part of this wall of worry. the la every step of the way there's been a crisis. >> we need to keep contemporaneous memos. i get confused, what was it back then that we were worried about. are we done with the leak