 one thing that pops up into my mind is the overbought conditions of the equity market, that extreme optimism that maybe still exists before the Fed says anything or we start to see data go back up like inflation, for example, CPI data. And like you said, soft landing. There's a belief that the US economy can still achieve that. So these are all positive catalysts that we've seen help drive US equity markets up. S&P, NASDAQ, Dow Jones had a great run. Yeah, they got a hit because of the yields and the concerns that investors saw in that space. But all these put together, I think, if you look at what you just mentioned, the valuations well above historical averages. The full year earnings per share projections of stocks are yet to turn materially higher. We talked about the yields rising. We think that's still going to be the case, et cetera, et cetera. So the rebound that we saw yesterday on the fact of the soft PMIs or the weaker PMIs, do you think that's that upside could be capped for now and there isn't much more to go higher? Or what do you think, especially going to this, I think the next topic of the pre-season or pre-election seasonality. Yeah, so I think there's going to be a difference between the short-term reaction, right? Sort of that initial reaction to a low PMI or to invidia beating, hurtings, those types of things, right? These create these initial reactions, which is a short-term positive reaction we've seen from equities with those sorts of news events. But I think what happens after that is investors, after that initial reaction, you then sort of take a step back and think about the broader conditions. And the reality is those broader themes that we've mentioned, right? The idea of higher rates and the fact that rates most likely remain elevated for quite some time. The reality that sort of the ultra low interest rate environment is probably behind us for the foreseeable future. I think that is still the overarching theme that the markets have to sort of grapple with. And the ripple effects of, again, what the Fed has been doing with an aggressive rate hike cycles, how I would describe it. I think those are still, I think the impacts of those still sort of play out over time. So you saw a lot of signs, as you mentioned, of sort of an overvalued, what I call an overextended market, certainly May into June and then into the July high. And this is when all the growth names, kind of the magnificent seven names as we call them now continue to make higher highs and just felt like they could not go down. And then all of a sudden you saw the rotation down. You see charts like Apple and Microsoft gap lower. You see a lot of those fang stocks actually starting to gap down. And I think that was the initial move out of a multi step move that kind of goes down. So this sort of bounce that you have on a week like this certainly feels to me has that feel of a contrarian move, sort of a counter trend move, which is pretty common, right? You have that initial impulse move. You have a bit of a reaction where initial buyers come in. But I think overall, the themes that we talked about are not one day or one week themes. These are months and years long themes that I think the market will be grasping with for quite some time. So I think things like rotation, I would say the great rotation away from growth and into value, that's something that takes some time. And I think we're just seeing the beginning of that here.