tony pasquariello, goldman sachs, head of hedge fund client coverage, he joins us back here on the deskod to see you. welcome back. >> thanks. >> you put out a note, usually saturday mornings, which a lot of us gets and everybody reads >> that's right. >> last week, the headline on your note was the path of least resistance was likely higher you have come here on friday, and i'm like uh-oh, what is he going to right now >> sometimes the bear gets you, sometimes you get the bear i think a few things in terms of trying to understand what is coming through the market. one is i think investors are holding holding their breath around a very fragile geopolitical backdrop and bond market, i think stock traders are holding their breath with interest rates and then the third piece, i think we were surprised about the setup, tech earnings clearly an impact. >> has the game changed as a result of that >> i don't think so. we sift through earnings quality itself the quarter was fine the companies in question this week, i think it is more broadly through the index so the percentage of companies grea