let's bring in paul hickey, co-founder of the investment group. paul, i think you will say yesp why? >> i think there is a good case to be made for small caps here as far as the overall market is concerned, we just released our pros and cons report last week the pros outweighed the cons it looks like an interesting time for the small caps, expectations have come down. we started to see actual results start to improve relative to expectations secondly, as wyou were saying at the beginning of the show, small caps were in one of their narrowest nine-month ranges in history a. lot can happen in a period of nine months, but the thing is, small caps have done nothing except move sideways during this period what it has helped to do, it's digested the rally we saw in the last quarter of 2020 and 2021. when you see these prior farrow ranges in the russell 2,000 over time, what you found is when you get to this narrow of a range, it usually acts as the pause that refreshes, one year later there have been several other periods where we see comparably narrow r

paul hickey.e always look to you for the historical chart patterns as to what might come next and you are looking at the vix what does that portend >> yeah. so it's really interesting, sara today we didn't see a new high on the vix which is a constructive or positive development or what we saw last friday with the vix surge up over five points and a big move in the vix and up that much with the s&p 500 right near all-time highs. and if you look back historically when you've seen these spikes in the vix, when the s&p was within 1% of an all-time high it hasn't happened very often this was the seventh time since 1990 when you look back at the headlines of each of those periods when you look at them you're not looking at them like i remember that vividly that event. the only notable event is brexit vote in june of 2016 every other event is, okay, sounds like a good reason. looking forward a week later the market rueturns mixed it's a big splash. takes time for the water to settle down a little bit bu