 So, for those who have fretted that market participants have become too sanguine, well, you got your wish today. It was a good old fashioned panic and it washed out all that overconfidence in most investors and, you know, something interesting because I've been pointing out for weeks the breath in the market, right, that it was worrisome. Even on updates, there were more declineers than advanced many sessions. And then, of course, there's my favorite and fastest way of taking the pulse in the market. New highs and new lows. The New York Stock Exchange saw nine stocks make new highs, just nine, five hundred and twenty-six close and new fifty-two be closed. And NASDAQ, thirteen new highs against four hundred and one new lows. Now, you could look at this carnage as an opportunity, but after an initial tide lifts most ships, I think the subsequent part of this rally probably could be even more selective than we had for the most of the year coming into this week. All right, back with us now to discuss Melissa Armo and Jeffrey Cleveland. So, Melissa, you know, under the surface, even before all of this carnage, coming into the week, two hundred of the S&P 500 stocks were down, sixty of them were down more than twenty percent, more than that were down more than ten percent, so it's been a very selective market anyway to begin with. Yeah, and tech has led the market, but Facebook hasn't looked in that sector, hasn't looked that great since July, since their earnings failed since they made new highs. So, really, Amazon was leading the way, Apple was leading the way, and those stocks can only do it for so long. Overall, again, we're getting into earnings season, I am optimistic, but I will say one thing, remember when we sold off very quickly earlier in the year, then we rallied, then we retested, and then we went nowhere's filled for months and months and months. I do not want to see that happen this time. In other words, what I want to see, whatever the buying does come back in, I want to see it continue. I want to see us go back up and over the highs. Well, what would make that happen? The market has to, we want to talk specifically, the Dow really needs to get over twenty six thousand and then go back up and get to twenty seven thousand. Because remember, we never got over it. We never really, we got it right there, right there, right there, right there. Jeffrey. Yes, sir. What do you what do you make of this? Even as the rally, when we hit the all time high, it wasn't brought participation and that was one of the great fears is that, OK, whatever happens to this rally, if the big tech names, it's a handful of a half dozen names, if they started to falter, we got our answer. And, you know, again, it's worrisome because I think even if we resume this rally, it's still going to be selective. I don't think investors can just throw darts. I think as an economist, I have no idea why stocks are down. I mean, I look at the market, it doesn't make sense to me that one of the big culprits that we've heard the last seven to ten days, interest rates, interest rates backed up. They've been backing up really since early to mid August. You could blame the Fed for that, perhaps. But in my mind, that's not a good reason for equities to be down. So if investors are at home seeing higher treasury yields and saying that's the time to sell stocks, I think that's where you might be wrong. The economy is strong enough to withstand higher treasury yields. Certainly treasury yields moving from 280 on a 10 year. Are you confident in this Fed? Are you confident in the Jerome Powell led Fed not to force the issue not to overdo it because the Fed has a very long history of overdoing it. I appreciate his humility, his practical approach. He's very open about they don't know where they will end up in the cycle. The bond market going into the last couple of weeks was very certain, Charles, about where they would end up. Bond participants would say they're going to stop at 3 percent. He just said, hey, no, we don't know exactly where we're going to go slowly, which I think they are going slowly, one hike per quarter is slow. And they're going to wait, see if they break anything and then continue along. And I think a 6 percent pullback across broad indices is not breaking things. Sure. We're not in a downtrend. People are saying, well, we're close to a downtrend. We're nowhere near a downtrend. I'll tell you that right now. Not even in any of the stocks that have dropped are we nowhere near downtrends because they have rallied so much in the last 24 months since Trump got elected where we're almost two years. The Dow would have to break 23,000 and I'm being very technical here, but that's the number for us to be technically in a downtrend. It's not the 200 per moving average. And to his point too, as far as why, sometimes there isn't a reason why. Sometimes sometimes it's more sellers and buyers. That's right. And when you have selling, guess what people get scared and they panic and there isn't a reason. Sure. Sure. And of course, you add in the machines and the algorithms and all the other stuff. And here you have a cauldron and that's where we are. Thank you both very much. Want to turn to the other big story in the last 24 hours and that's.