 Now the Federal Reserve wants to hike rates, that's the focus many have right now that the Federal Reserve will act and hike interest rates in December. At the same time we've got the International Monetary Fund, which is lowering US growth forecasts. They think that the growth in the first three quarters of this year, so in the running third quarter since the start of the year, has been disappointing. But nevertheless the Fed is somehow planning or at least some members of the Fed are eager to hike rates. Then there were the ECB tapering rumors and at the same time that has been published by Bloomberg, the Eurozone Purchasing Manager Index falls to a 21 month low. So there is some discrepancy there as well when we look at Japan. We've got no growth, the inflation targets are far away from what is the inflation right now or what the inflation is right now. But in Japan we've got no normalization plans of monetary policy. Japan and the Bank of Japan is signalling more easing. So we've got discrepancies all over the place, uncertainties all over the place. And if you look at the American Association of Individual Investors, we find out that if a private investor, if a retail investor in the United States is given $50,000 today, he would invest 50% of that in stocks. So that's quite interesting. At the same time we see that fixed income investments in the US have fallen to the lowest level in over a year. So private investors, retail investors in the United States feel somehow the pain from low interest rates and they are somehow thinking that there is no real alternative to stocks. And some even feel that they are being pressured to invest in stocks which they do not really expect some big gains coming. So the interesting thing is that if you compare the retail investor sentiment which is very bearish actually, the percentage of private investors or retail investors in the United States is at 25% if you look at the AAII sentiment which is very low. And if you look at the same time at Consensus Inc. they make in sentiment service within analysts that publish their recommendations and within advisory services, this sentiment is at 65% bullish rates which is very high. So this discrepancy between retail investors who are bearish to mainstream analysts which are very bullish is something that hasn't been here, hasn't happened for a long time. Some even say that this hasn't happened any time in the market, this discrepancy. So what we have is that private investors somehow ignore the bullish mainstream analysts. They do not follow or they invest because they have to but their optimism toward future gains is very low. So at least that's what the retail investors think mainstream analysts are very bullish actually. So what does this discrepancy lead us to? It's very interesting to see that the S&P 500 chest reached its all-time high in the past month and it's just within roughly 2% from that all-time high. So this time it could be that the plow of top in the S&P 500 in the equity markets is happening without the public participation and that is the first interpretation, the second interpretation is that this phase of a plow of top, this very strong bull market with the public participation is yet to come. What do you think?