 While we are talking on the S&P and the moves that were seen in markets, we're going to bring up another chart and it's around why central banks are still relevant I guess around the Federal Reserve and their balance sheet and where the S&P is sitting at the moment. It certainly does look like at the moment there is a bit of a divergence there. This is as geek as it should sound, my favourite chart and I've had it in my pack for two or three years now and you know correlation doesn't prove causation but it's a pretty good chart anyway. The black line shows the Fed's balance sheet and that has increased during the QE phases, QE 1, 2 and 3. It has been stable as those maturities have been rolling off and they have been reinvesting back in the bond market but it also tracks the S&P 500 which shows that when the Fed is outspending in terms of QE, although it's not at the moment buying into the equity market like the Bank of Japan is, there is a pretty strong correlation and again if you think that's going to come back towards that central bank's line on that chart, it's a good argument there to say that maybe the S&P 500 and equities more broadly are overvalued at current valuations and we are due a bit of a correction in that situation and an important point is to note as well although the Fed has stopped its QE and is just continuing to reinvest other central banks like the Bank of Japan, the ECB and potentially later this week on Thursday Bank of England will have additional QE programs as well so the overall global central bank stimulus is continuing to increase in terms of absolute levels as well so it's you can potentially argue if you want to be a bull on equities that they're still seeing the stimulus being coming into the market and the money is still finding its way into into financial markets but you know I think on that level again you know it's another factor that I used to highlight to investors maybe things on the equity side are looking a bit overvalued maybe they should be looking to a more defensive and more even split between fixed income and equities all right fantastic thanks so much for taking us to those charts so interesting there we're just going to move back to