he's scott wren, senior equity strategist at wells fargo advisors. so scott, let's talk about that pull back. when, how long, and why are you >> well, susie, i think over the next couple of months, we are very susceptible to headlines out of europe. i think the ecb will certainly be in at some point buying spanish and italian debt. but i don't think it's going to be as soon as the market wants. much of this rally was baseed on what the fed might do, and what the ecb might do. so i think it's very possible the fed does do some easing. it's very possible and likely that the ecb does go in and buy some bonds, i just don't think it's going to be soon, and i think the market is ahead of itself. i think you could see a 5% pullback and upwards of a 10% pullback, but really on a pullback like that, we're looking at that as an opportunity. we want our clients in there taking advantage of a pullback like that and adding to positions. >> susie: let me pick up on the points you made. first of all, about policy action. investors do seem to be banking olt federal r