let's talk about this with sven henrich. en, this is interesting because we have been talking about the notion that the market was due for a pullback is this as bad as it gets or could it get worse >> hi, dominic good to be with you. let's be clear, last year the fed was under pressure with the sy stimulus they kept on transitory. we had the blow off. the technicals were deteriorating although the s&p made the new all-time high in january. what we are seeing is a technical break on everything. we see massive damage underneath you cited the equity down moves. it is worse. some of the most under sold technical readings we have seen in years this is a dramatic pullback on the technicals this is a gaming operation in the months ahead >> do you believe that a lot of talk that has been out there over the last several days with the fed put is still in place? this notion if the markets fall that precipitously that the fed will step in with ancommodating policy does the fed put still chexist? >> the fed put is on every market drawdown