for "nightly business report" i'm steve esman. >>> we're going to talk with chief investment officer with guggenheim. scott, always good to see you. so far in 2016, stocks have been sliding, but there has not been a washout. does the fact that there hasn't been that left of panic or washout concern you and suggest that we may have farther to fall before a bottom is put in? >> tyler, you're hitting the nail on the head in my mind. you know, we have not seen a spike in volatility, in the volt tiff index of the s&p, volatility typically, that index gets into the 30s before we see a bottom. we haven't crashed 30 at all in this process. the other thing is bottoms are marked by huge increases in volume. this has been a light-volume move in terms of just relative to average volume days, most days are just average. so until i sigh some left of fear and panic in the market, i can't believe we're ner near a bottom. >> longer term i know ear optimistic. by your measurements and your analysis, how much further do you they this mars han to do. >> obviously 1850 is a key level to 408d, about you i