that includes ptf's the citadels of the world. it also includes banks like jp morgan.he liquidity providers that drive the ability to transact at size, they pulled back a bit in late february when we had that 20 point day. even though depth is lower, the microstructure of the market, the underlying availability of liquidity is pretty good. it is not something we are particularly concerned about. the only thing i would point to is the risk of jobs has increased. over the course of the day, it has been gappy. that is more of a long-term trend. when prices are capp -- gappy, when you get some exhaustion shock, it could be to the bearish side for growth, the bullish side for treasuries, a scare could be hard for the market to digest. joe: do you have a theory for what might have changed? josh: i think it is this growth in height frequency trading activities. it is very hard to be a high-frequency trader really close to the treated level during really volatile times. liquidity is only available far from the currently traded price and that means there is an air gap between t

. ♪ fr bkingo ma tfactnuing, sinebuesre g ang woihoi ter hybr cid,ud ♪ g e oltola ptf frexd isd of ie and instructions for use. consult your healthcare provider before starting on omnipod. simplify diabetes. simplify life. omnipod. hey frank, our worker's comp insurance is expiring, should we just renew it? yeah, sure. hey there, small business owner. pie insurance here with some sweet advice to stop you from overpaying on worker's comp. try pie instead and save up to 30%. thirty percent? really? get a quote in 3 minutes at easyaspie.com. wow, that is easy. so, need another reminder? no, no no, i'm good. uh, yes please. oh. ho ho ho, yeah! need worker's comp insurance? get a quote in 3 minutes at easyaspie.com. maria: have a great thursday. thank you for joining us i will see you tomorrow. "varney & co." begins right now. take it away, stu. stuart: good morning. i love the rally. more record highs on the way and talk about a rebound for technology. at the frenzied stocks are frenzied in interest rates are down. left hand side of the screen the dow jones up close to 1