we had a yellen put, and i am wondering if this time is different. had a chairman powell put? matt: no. katy: yes. >> yes. david: it will have a much higher strike price. jonathan: it has been great to catch up with you all. thank you all for being great sports. that does it for us from new york city. we will see you next friday at 12:30 p.m. new york time. 5:30 p.m. in london. we will bring you those comments and reaction with a full round table we finally hear from chairman powell in his semiannual testimony. this is bloomberg tv. ♪ >> this is bloomberg etf iq. we focus on the risks, assets and rewards offered by the etf. some critics say the structure hasn't been adequately tested, we show you like a recently passed a big test and volatility is the buzzword of 2018. we drill down to the first volatility etf's. warren buffett likes to pick stocks run the business, there is no getting around their influence -- our etf analyst -- he is so psyched to be here.

jonathan: we have had a greenspan perp, the bernanke put, the yellen put and i wonder if this time isnt. will we have a germ -- chairman powell put? matt: not this time. kathy: yes. michael: yes, a fed put is always there. david: it will have a much higher price. jonathan: great to catch up with you. ornback, kathy jones, and david riley. that does it for us from new york city to read will see you next friday at 12:30 p.m. new york time. 5:30 in london. we will bring you those comments and reaction with a full round table we finally hear from chairman powell in his semiannual testimony. this was "bloomberg: real yield." this is bloomberg tv. ♪ >> this is bloomberg etf iq where we focus on the risks, assets and rewards offered by the etf. some critics say the structure hasn't been adequately tested, we should you why it recently passed a big test and volatility is the buzzword of 2018. we drill down to the first volatility etf vxx. warren buffett likes to pick stocks run the business, there is no getting around their

janet yellen put rates artificially low as did central bankers around the world because they were tryingunder the financial crisis. guess what? we're out of it. >> however, interest rates have been going up. not even the fed control rates but bond rates. so if you are trying to get yourself a 30-year mortgage, that didn't move for several years, below 4% if you have good cred knit buying a regular house. now getting up, some people paying close to 5%. >> if you look at overall stock market, stocks are doing very, very well. remember, the tax cut was an extraordinary win for corporate america and whether or not those corporations opened up plants here, hire people or give raises, you've now put a whole lot more money in their pocket and that's a win for their shareholders. so remember, when the shareholders win, that's a huge positive. it doesn't necessarily mean the workers win. you know, assuming workers own shares of the company, that's great win. that's not always the case. >> all of that airline talk, thinking about pilots. >> pilots? >> you know i'm trying to be a pilot. it's been a

then we had a yellen put. meaning if the markets were to go down the fed would prop them up with all easy money. we have printed over $12 trillion. all central banks around the world, party is over. there is no more subsidy in the market. i know corporate earnings do matter. i know the tax cut is huge. guess what, this selloff started monday when new fed chair jay powell is in office and that is no coincidence. melissa: kevin the fed punchbowl is gone, obama punchbowl is gone and that is what reaction we're seeing. what do you think? >> that's a good point. the fed artificially suppressed interest rates and volatility in the markets. we're seeing it come back. this is normal thing. the fed basically blew out everybody's expectations when it came to chasing returns. here we are, we're trying to balance risk, figure out what is going on. it is important to note when you see a selloff like this one of biggest buyers of stocks is not in the market but companies themselves. there is blackout perdue to earnings. mel

that turned into the bernanke put and yellen put. is seen as more hawkish than janet yellen. three seems reasonable. putting people on alert, warning people, don't expect the fed to step in and save things. aboutda: why the concern jerome powell now? why the questioning only now? wes: maybe now is the time he is taking over. of thea: in terms treasury, how are they showing they are vulnerable? enormousave seen an meltdown in the global markets. you would think people would be rushing to treasuries as a safe haven, but they are not. the last time the s&p 500 fell, early 2016, there was a big rush to treasuries, a huge rally. but we are just not seeing that. i think treasuries are showing they are vulnerable. if they can't rise when they should be, it shows of fall is more likely. david: wes, u.n. died were speaking on bloomberg radio this morning about the pricing in the bond markets. 2.8%ok at the 10 year at and i think about the horrible auction we had and the weakest demand in five months. -- it seems distant the likely. wes: 3% is the next level people are looking at. pimc

waiting to see what the new fed chair has to say about the old first greenspan then bernanke and yellen put the fact the fed uses interest rate policy to help the stock market along so far the fed has been doing taking a step back i think it's healthy for the foed take a step back from the historic fed put the absence will drive a little more volatility as well. >> nothing out of the president, nothing out of -- just because that's where we started with this conversation is that a catalyst might have been putting that stick lus into the economy and anything there could -- i mean, i'm not saying he's going to say, never mind, everybody, give those checks back it's not worth the selloff in the dow. >> it's interesting to see what will happen in february because the withholding changes happen for the average worker they'll get more money in their pocket how does inflation shape up with that flush of money into the system >> thank you nicholas from data trek research joining us here. if you just came out of the fetal position after yesterday's trade, we're up today. up more than 400 points. in

paul: it's interesting that yellen is having to put out the idea that markets have the potential to falld is not really worried about that. a lot of the time through the earlier years of the fed exit, there was this idea that there was a fed person that had to back the markets when it started to turn down or went in the other direction. or being completely synthetic to the outlook. i think we are feeding more and more that central makes are stepping away and letting markets turn for themselves. they are not so worried of the heat does come out at some point. mark: great job. thanks for joining us today. paul dobson. wonderful compendium of information. market slides on the bloomberg. vonnie: let's check in now on the first word news with courtney donohoe. courtney: jerome powell has been sworn in as chairman of the federal reserve. he replaces janet yellen, who was not reappointed by president trump for a second term. powell outlined his goals in a video message. >> today unemployment is low, the economy is growing, and inflation is low. through our decisions on monetary policy, we will

if you put your mind back to when yellen took over one fo, the first shot across the bow has always beentinuity, to make sure that people believe in the consistency and ongoing, if you like, reliability of the fed. that does not mean that things will not evolve and change over time, but there is a strong fomc framework already in place. all the regional feds and economists and everything else. they are all of a mindset and are thoroughly trained in their jobs. going to come and say, i think we are completely missing the point and we are behind the curve and we will raise rates five times this year? no. guy: no, but he could up the ante a little bit. even a fraction is enough. just north of 3% would create a little bit of momentum. that is a possibility. charlie: but equally, that would involve moving the dot plot, which is why i am referencing the original feds. they are feeding into the process. things have not evolved that much since the last meeting. it is the narrative around it in the market that has changed, rather than these guys leaving inflation has taken off. if you look at the

one of the things that created uncertainty was did chairwoman yellen pass the fed put to powell?. i think that is creating a little uncertainty. i think powell is right to not necessarily assuage investors here. we do have to get interest rates back to fair value at some point and that is going to be difficult for equity investors. francine: jack, thank you so much. and heading toward two week after opec secretary-general said the markets journey toward equilibrium is gaining traction. meanwhile come opec's compliance with caps off reached a record level while the energy minister says we saw a remarkable 2017 for the market. bloomberg at the international petroleum week in london. over to you. >> thanks, francine. i'm joined by the oil minister. thank you so much for joining bloomberg for this exclusive interview. i want to start by asking you, is it just too much oil in the world? forecast where they overtake saudi arabia and russia. done the optics and the inventories have been declining. removed from last year to today around 266 million barrels, which means that there working

yellen perp and i am wondering if this time is different. will we had a chairman powell put? katy: yes. >> yes. david: it will have a much higher strike price. to death he met mike and us fromhat does it for new york city. we will see you next friday at 12:30 p.m. new york time. we will bring you those comments and reaction with a full round table we finally hear from chairman powell in his semiannual testimony. this is bloomberg tv. ♪ ♪ >> welcome to the best of bloomberg markets middle east. the stories driving headlines from the recently rated growing , the latest broke steps in a drive to attract foreign investment. south africa tex kindle, the new president hikes the first time since the end of apartheid. he tried to stabilize that, \ backlash? be

it is interesting today that we have bernanke and yellen speaking at the same time, so it could be interesting the puttingn what they are saying on the movement of asset prices. our view is this is ceremonial. i think the direction is pretty clear. rates are going up. we have two rate hikes this year , more next year, but i don't think they will be anything really changing after this. the short decisions in u.s. 10 year is at a record high, and that shows you really how some of investors feel about this. where do you see that you would going and what does it mean for your strategy when it comes to some of the u.s. assets? >> we have a target of three from a level of 2.8 now. move in thea huge last three months, maybe that causes now and carries on its direction. we look at where we are in u.s. assets from helicopter view, look at the return profile over the last 15 years, and in sovereigns we can't make anything like the returns in the past, like emerging market sovereign to get a high-yield, but in credit we can. we can make reasonable returns in u.s. investment grade, and in advising u.s.re coins to buy

some employees, we're told, put their collars up in a show of support for janet yellen then i'm told,uys, at the end of his speech fed chairman -- incoming fed chairman jay powell also put his collar up as a show of support for outgoing chair janet yellen and the style she has come to be known by, guys. >> steve, one question i don't know why this popped to my mind. but what's the salary for a fed chair? >> i don't know. >> is it public or not >> i think it's a little bit -- it's somewhere below the fed -- below the president. i think in the 200 range i have to double-check i don't know off the top of my head. >> but with huge prestige as well steve, thank you for that. nice pictures. >> and the ability to go out and write books later. >> well, exactly exactly. steve liesman for us there. >> he didn't pop his collar. 45 minutes to go and the dow is up 46 points we've been down and up today s&p is hanging dwron a two-point gain transports are down 50 small caps at 4. the nasdaq is weaker by 4. >>> a lot more still to come on the "closing bell. >> announcer: coming up, a creative way to

put 2008. stuart: you're killing. >> yellen pushed off the liftoff in response to chinese shocked valuation. fed put us there. that's not a debate. we would do 21,000 before jay would pause on raise hike. stuart: puts on the fed, you'll never eat lunch on this set again. >> we tell it like it is said, stuart. stuart: there's a comeback. all right, jim, thank you very much. there was a vigil, it was held last night in memory of the 17 victims of the florida school shooting, congressman diane black is still was, regardless of politics america is sick and tired of this, will congress do anything about it, will there be any kind of rule, new regulation, new law put in place because of the event here? >> well, first of all, let me start by saying, stuart that my heart, my prayers go out to the family members that have been through this terrible tragedy, but i want to say we go back, we can look at sandy hook, we can look at so many of these and one commonalities and that's mental illness. we have got to address. you know that i'm a nurse by background. i have been saying this for a long time now,

. >> under his predecessor, janet yellen there was the assess men that there was this gellen put do yo believe there is a powell put based on his testimony and q and a? >> i i believe we have to learn that yet i think this is a fed chair who thinks more and more about the markets. he said a couple of times this is a good policy or that's a good policy because the market understands it that's clearly important to him. at the same time, a guy who is more market oriented may be less inclined towards intervention. we are going to see. sort of i guess how republican is this monetary policy for example, compared to the more interventionist policies of bernanke and yellen. the caveat on what i just said is important here because yeert yellen nor bernanke, certainly not yellen had a very strong fiscal impetus coming through the economy right now. >> you can sled a guitar yourself really nice >> thank you >> most people know that ♪ >> there it is listen all right. he said also that, in my opinion, i is he some data that in my view may change my view on inflation. >> exactly. >> that the me was

yellen perp and i am wondering if this time is different. will we have a chairman powell hurt will we had a chairman ? powell put? matt: no.es. >> yes. david: it will have a much higher strike price. jonathan: it has been great to catch up with you. that does it for us from new york city. we will see you next friday at 12:30 p.m. new york time. 5:30 p.m. in london. we will bring you those comments and reaction with a full round table we finally hear from chairman powell in his semiannual testimony. this was a bloomberg "real yield." this is bloomberg tv. ♪ retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. ♪ alix: i am alix steel. this is bloomberg etf iq. we focus on the risks, assets, and rewards offered by the etf. ♪ alix: some critics say the st

yellen perp and i am wondering if this time is different. will we have a chairman powell part will we had a chairman? powell put? matt: no.. >> yes. david: it will have a much higher strike price. jonathan: it has been great to catch up with you. that does it for us from new york city. we will see you next friday at 12:30 p.m. new york time. 5:30 p.m. in london. we will bring you those comments and reaction with a full round table we finally hear from chairman powell in his semiannual testimony. this was a bloomberg "real yield." this is bloomberg tv. ♪ . ♪ david: you now have had to follow bill gates and steve ballmer, two legendary figures. satya: look, the clear message was don't try to be like us. david: did steve say if you do this well, we will be happy? satya: look, if you do well, maybe you will have another job. if not, you won't. david: has the result of having empathy made you a better ceo? satya: my pursuit is -- is there is a growing sense of empathy for people around me. david: do you get a standing ovation for what you have done? satya: no, i get a lot of people asking me, saying, hey, come and fix my compu

iset yellen's final act perhaps an unfortunate one for wells fargo. the stock plunges as the fed puts cap on wells's growth. and the death of clothing. we will take a look at why the world of retailers may get worse. that is all in the next 60 minutes. we are halfway into the trading day in julie hyman is with us. it has been whippy. julie: all three major averages made attempts at changes. intoq was going higher, the green, but we have seen stocks going back down. the 10 year yield is little changed at the moment. it does not look like at least today that stocks are taking their cue from bonds as we saw last week with those higher bond yields causing concern among investors. let's take a look at the groups on the move today. checking on the energy group in particular because it's having its worst two-day cycle akin june of 2016. we have earnings from these companies and other factors that we will get to in a moment. health care as well is lower and financials are taking a hit, led by wells fargo and the story that vonnie was just talking about. we are also looking within health care

yellen's thinking. where he will be different is that he will feed more off of the anecdotal evidence. he is not a trained economist. he will put the right people around him. but i think he is going to hone in on his specialty, market dynamics my anecdotal evidence. he likes seeing companies announce they are going to pay workers more on the back of tax policy. forspect he is waiting basic pay raise on the back of the tax policy. not just one-off bonuses. it does depend on who his vice chair will be. so speculation he is turning more hawkish because maybe he is auditioning for this role. >> he could be, but he is just showing his colors and his current thought. the ebb and flow of his rhetoric follows with the underlying momentum of the economy is. he would be one that expects three rate hikes but could see upside to that. he would make a great vice chair. he is a trained economist. he ran the san francisco fed board before she left the san francisco fed. he is going to bring experience to the table. history, frameworks, that would be a great side kick. vonnie: you are sticking with us. we are going to be speaking to her in a m

i do think that just by shifting from a bernanke/yellen shift will be marked with a normalization. is there a powell put? the only think i gota sense, look, the stock market is not the economy, we're here to management the economy at least that was the infers also back i find the market's react alternates vexing. no fed chief is going to say we're not going to raise rates he can't come out and say we're not going to do x or y look, this economy is in such great shape. we're going to see product activity finally, larry, i think. >> i mentioned productivity a lot. he kind of won my heart on that. he also linked the corporate tax cuts, which i think is terrific. i also agree, i think steve said this, he's very market oriented. i like that very much. he was just assistant secretary of the treasury, and his own decree background. i think we need something like that, very pragmatic minded. and steve, you tweeted earlier today that the policy is good in part that the market understands it >> that's right. in fact you could almost say the opposite might more inskyline to be more interventionist. he also didn't

coming we knew especially proud, that you are able to put in place -- continue towill monitor and review headlines generated by ben bernanke and janet yellen'sonversation at the brookings is tuition in washington. still ahead, waters on powell. topill stick to the democrat on the house financial services committee on the new fed chairman debut. this is bloomberg. ♪ julia: this is bloomberg markets. i'm julia chatterly. scarlet: i'm scarlet fu. powell made his debut on capitol hill today, sound and up the note on the u.s. economy, signaling the central bank may review the rate hike and that inflation concerns. we are joined by maxine waters, the ranking democrat in the house financial services committee. i want to get from you, first of all, the biggest difference you saw, that you took away from the new chair from his predecessor janet yellen. >> let me say, we had chairman powell in committee today and he answered all of the questions that were asked of him, he talked about carrying on in the manner that janet yellen had done. he seemed very comfortable, and i think the members felt that he was cooperative for the most part. a lot of the qu

put a turnaround in oil prices -- this is boomer. ♪ yousef: this is "bloomberg markets: middle east." tracy: let's go to the latest business flash headlines. janet yellenered a blow to one of america's largest banks. wells fargo has been banned from taking any action to boost total assets beyond their level at the end of 2017 without the fed permission. it follows consumer abuses and compliance lapses at the lender. wells fargo said after-tax profit in 2018 will be produced from $400 million to $300 million. yousef: the u.s. justice department has offered to settle its lawsuit with chrysler. chrysler has paid unspecified fines. the offer includes steps the company must take to lower pollution as well as internal changes to prevent future violations. tracy: apple shares plunged on friday after the first earnings report since the thousand dollar in at showed sales coming lower than expected. the company cfo forecasted a decline in the average selling price of iphones in the current quarter, suggesting the current models aren't as popular. this is your bloomberg business flash. yousef: let's talk about the property market. the property market in dubai is

yellen just left her seat last week, and she was the fed chair. we had very positive, easy money economic policy. and you have to put into perspective the fear of missing out we've seen in the markets over the last year. president trump has had probusiness policies. deregulation, the market likes that. we're at full unemployment, but we face serious inflation risks. the tax cuts do cost money. we're going to have to raise money and raise the debt limit. that has the market suddenly waking up because donald trump has been saying stay on the dance floor. keep partying. keep dancing and people kept piling in and doing that. well, somebody realized today and sord of the end of last week, you might need to be sober at the party. the economy is still very, very good, but it got way too frothy. five months of moving up and no corrections? time for a tweak. >> jonathan, it has been his go-to subject. it's been what he has touted. you have to listen to him every day for a living. you've heard him go there. >> my superbowl party was a dud last night. that's right. this has been part of the president's mantra. as soon as he to

gift for janet yellen who was the chairwoman of the federal reserve i can pull up my collar in honor of her you know as she can or something i have no idea but she does seem to prefer putting her little collars up not in town suits she wears pantsuits again with the pantsuits look all this growth is also being reflected in the rising ills of the bond market or falling prices which is an indication of inflation and of course that would put the kobayashi on a thirty eight year old bond the bull market and that brings all kinds of new wrinkles and twists and turns to the stock and bond markets of course the markets have been kind of tumbling relative to what they're used to they're not real tumbles of the one nine hundred eighty seven magnitude that you're you. which would be a six thousand point drop but you know markets or it certainly the media gets quite hysterical when it falls at two hundred dollars two hundred points which is a fraction of a percent so when the markets have responded negatively to make the positive job numbers that also came out last week the g.d.p. forecasts being forecast higher all of these you know bonuses that major corporations are giving their e

chairman of the federal reserve and he was put to the test in front of the house financial services committee today for the first time since taking over from janet yellen. adam shapiro son capitol hill with the latest. adam, give us some of the biggest nuggets. reporter: biggest nuggets. the economy was growing. it was growing at 3% at the end of 2017. the chairman expects that it will continue to grow and be strong for couple more years. he talked about the fact that they expect inflation and wage growth to accelerate later this year. so specifically on the economy don't listen to me, listen to jay powell, the federal reserve chairman. >> it does feel to me that the next couple years look quite strong and you should see strong demand from consumers. you should see businesses investing. i would expect the next two years on the current path to be, you know, to be good years for the economy. reporter: but then there is the issue of interest rate increases. carolyn maloney from new york was trying to pin them down. what would it take for more than three interest rate increases every year, that is what everyone is expecting the if you were a hawk and feder

gift for janet yellen who was the chairwoman of the federal reserve i can pull up my collar in honor of her you know as she can or something i have no idea but she does seem to prefer puttingher little collars up not and concerts she wears pantsuits again with the pantsuits look all this growth is also being reflected in the rising ills of the bond market or falling prices which is an indication of inflation and of course that would put the kobayashi on a thirty eight year old bond the bull market and that brings all kinds of new wrinkles and twists and turns to the stock and bond markets of course the markets have been kind of tumbling relative to what they're used to they're not real tumbles of the one nine hundred eighty seven magnitude that you're. still which would be a six thousand point drop but you know markets or it's certainly the media gets quite hysterical when it falls at two hundred two hundred points which is fraction of a percent so when the markets have responded negatively to like the positive job numbers that also came out last week the g.d.p. forecasts being forecast higher all of these you know bonuses that major corporations are giving their employees

yellen is now on her way out. one of the things she did very well is try to reach consensus with the fed and put themselves on a predictable path where the markets understood where they were heading. that provided some confidence and stability. i think there's a lot of questions now about exactly where the fed will go. again, these fluctuating stock market levels clearly -- i don't know how to interpret them. i'm not sure anybody knows exactly what is going on here. clearly there's concerns about where the economic is headed at this point in time. >> a lot of them are concerned it's doing too well. there's a flip side to that. >> they're worried it's overheating with all the deficit spending. >> shepard: you talked about the budget accord and whether it can get approved. nancy pelosi is a no vote on this. she wanted to do a vote on daca and immigration and all that. speaker ryan has given that assurance. i don't know if that was enough to ameliorate her? what is your sense on that? >> if we can get it out of the senate, the house has a republican majority. there's no ability of the democrats to block this as long as the re

he's looking over his shoulder more at janet yellen than the financial markets don't surprise anybody >> tony, at this point, how much emphasis are you putting on what he says about the pace of rate hikes? >> look, i think that's what everyone is looking for, right are we going to get some clue that the fed is thinking about an additional rate increase in the year to 18 months ahead. and i think it's a difference between new york and washington. this testimony markets in new york will be paying attention to his clues on potential rate hikes and his views on inflation and whether there's some evidence of overheating. the politics in washington, though, are going to be where republicans and democrats on the committee are going to be trying to use jay powell to make their points about either the deficit in tax cuts or, you know, the republicans will be asking what do you have against growth we haven't seen enough growth and wage increases in a long time >> how thin is that ice? >> how thin is that ice? >> yeah, when you're trying to delicately balance - >> it's tough. yeah, it's a thin -- it's thin ice or a thin spit of land for him to occupy.

higher, putting pressure on the yen, at the topixlook index is, almost given up the entire gains it has made this year. unfortunately coincided with warnings from previous chairpersons like janet yellenlan greenspan. out -- that has played a part in this correction. most of the index is an asian is are up 25% to 35%. most are looking at this as a correction and a broader uptrend. people are looking to buy and neutralize these declines. 2 got it. --matt: got it. thank you so much. us, asiantelling stocks tumbling. u.s. stocks futures pointing lower as well, extending the biggest selloff for global stocks in two years. the big question, how far will the pullback go? joining us from singapore is mark. hear on you talk to investors, when you talk to market makers about how far we could see this correction extent? -- correction extend? mark: a similar event what we saw a november, which was about a 5% correction for some of the bigger markets in asia. we are not quite there yet. what most would describe as a helping correction, but in a longer term trend. if we see major indices drop more than 5%, the people start to get worried. the defensiveing situations. for example, dollar-yen hasn't

yellen said. jay powell surprises the market cracking open the door to four rate hikes this year. brexit breakdown, the eu presenting the u.k. with a draft that putseen ireland and the united kingdom. and believe me now? inflation in the eurozone stays under 1%, underpinning normalization. david: welcome to "bloomberg daybreak." i'm david westin. we got through the month. alix: it was a crazy month. here is where the markets stand. about one hour to the cash open. s&p futures modestly higher by .2%. we are looking at the worst month for the dow jones. 1.22 on the dollar. bonds are the story, particularly the 2-year, seeing the biggest move since 2006. crude going nowhere but still the worst month since august. david: this is what is coming up today. the second read on gdp and core pce data. for0, pending home sales the month of january. then at 2:00, neel kashkari participates in a roundtable discussion on wages and monetary policy in washington, d.c. alix: let's get an update on business headlines. the european union has come out with its own draft of a brexit agreement. the reason they british prime minister could accept it. she says it would th

under the reign of janet yellen to reign in and a portion of a certain extend of the future ca fiasco that took place of that bank of many years in terms of fake accounts and puttinghat blame at the feet of the board of director and changing that board and holding them of an asset level that's no higher than they ended last year with as respect of any number of analysts weighing in and talking about the caps and manageable for the company. it is a two-quarter average, the time line for resolution is clear and tight at least, say those that would be bullish on the stock at this point. the signals are that wells fargo kind of remediated pretty quickly but that caps growth >> morgan stanley, while the fed issued -- we are hindering operating leverage and some of the broader dynamics are working in favor >> what was the sudden last straw at the last minute that forced this? >> yeah, you had this period where you were not getting fresh revelation it was mostly out there and yet, it does seem like a little bit of a belated punitive move and the stock. it just made the inverted v. it was really on fire from november and straight up into sort of ahm mid-60s and gave up tw