but i think you can make a bet to the down side usinghe q's and i was looking at the december 12, 106 put spread. so you are spending 1% of the index to make a bearish bet that could pay you two to one if the mark pulls back. and we've been long to make up the indices. so if you see a pull back, this is an in expensive way to make that bet. >> and i think mike prefaced it well. with the momentum we've seen well, do you want to make short bets all over the place. think about a trade like this in the qqq, if you are not ready and think there is potential for them to continue to go. but you want to use hedged tactically at inflection points and you may want to wait until apple reports and you may get a better entry. i'm just saying. >> and let's say apple is bad. then that puts the top in. >> well that is one of the reasons why you would put on a hedge like this. because for most people -- look, it is one of the largely held stocks. and a huge component in the index. if there is a risk, that is what the risk is. it is not macro economic. because we are getting as much support from the ma