be not a traumatic correction, but certainly something noticeable for a lot of fund managers to the stune s&p correction o 1380 is a very realistic scenario. but as we head into elections and of course the fiscal cliff looming a little larger, all that is a very plausible scenario. but we're not talking about a vix rushing up to 35 and staying there for several months. >> now that we have stimulus from the fed, as well, before we got it, there was always the view bad news would be okay because the fed would step in. how that we they what we're doing, if we get worse news on the economy, i presume that trade no longer exists. so does worse news equal a worse performing market? >> right. well, yeah, i think there's still some latitude of course with how much qe-3, how much bond buying we'll actually be getting. but you're right, bad news is now bad news whereas prior to september 13th, bad news was often good news for market price action. what will really settle is what kind of gdp growth are we looking at. some of the chinese stimulus off the table. so i think range bound conditions are li