with us tonight carter braxton worth, tony zang and mike khouw. carter, where have we been >> we've been in a momen speculative excess that was going on in fact in january and february, then the plunge and the ricochet. let's look at a few slides to try to prove it, so to speak the precondition of excess you see these bullet points here basically s&p 500 before this selloff this week at an all-time high the price to sales, a fundamental on measuring the valuation, at an all-time high the s&p 500 is up 42% and the nasdaq up 57%. the precondition of excess the next slide, divergence as the market is making oe inine highs only 16% of the s&p constituents were making ofe ii all-time highs the average stock in the s&p is 28% below its all-time high. that's not now that's on monday before we sold off. finally, 46% of all stocks in the s&p 500 have no gains for two years. this is the precondition of die j v divergence and the precondition of excess. we have a very rare circumstance where the nasdaq 100 drops 10% in a two-day period. it's only happened 17

with us tonight carter braxton worth, tony zang and mike khouw. carter, where have w