 Let's go over to our man Mr. Dave Mazza as we do each and every Monday at the top of the hour folks each and every other Monday at the top of the hour Dave is the managing director and head of product at Direction comm and really easy to get to as you're on our website folks. Just hit that banner and direction spell D. I. R. E. X. I. O. N. Dave Mazza. What's going on? They've got me back Tom. How are you? It's going good. Thank you. I see they they I guess we're all we're all still locked down here a little little more time right. I think we're going to be a little more time here. Markets are certainly a positive note today though. Certainly especially seeing some of the laggers like small caps really rallying. There's no doubt. You know when we take when we take a look at the small caps to whether it's the T. N. A. folks of the T. Z. A. I know folks like to trade both of them and this small cap man with that has been lagging for so long Dave. So it is intriguing you know because fundamentalists for the last year year and a half and say hey this is where you should be going because of the value trap right. Not trap but in general. But it is intriguing because when these things move I mean they really move right. Yeah I'm from a fundamental perspective you're actually right. Small caps have been on a favor not just for the last year maybe five 10 if you go back small caps are supposed to outperform large caps over large periods of time especially in economic booms like we had been. Yes. Now many people are looking for signs of small cap life really to lead the rally a higher as a true sign that maybe the bottom that we saw on March 23rd is going to be in place. What we've seen with T. N. Z. and T. N. A. is many people are just focusing on the S. and P. five hundred. So looking at X. P. X. L. and X. P. S. S. but now T. and T. Z. A. are seeing a lot more activity again not just today but as people are looking to judge whether small caps are going to be able to continue to lay higher from here. Yeah I know. And we've seen it in our trading room too. It's intriguing. Hey can we talk a little bit about you know we had the financials last week and so when we're talking about the F. A. Z. or the F. A. S. I mean there's this is so much different than the last time in 2008 because of course that was the banks that were in trouble the banks. You know basically the condit to get money out to the public now. So a whole different trade. Yeah exactly exactly right. So the last crisis was really a financial crisis. You know this is a health crisis is very different right. So many you know whether you're looking at Wall Street strategists or other folks I think the playbook that historically we've used in crises certainly appears different right. We just talked about small caps financials last week. You know really really weak earnings energy week earnings. You have some big energy names coming up this week with Exxon and Chevron. So in our opinion the bell weather names as they always matter in earnings are going to matter even more from here which is I think one of the reasons why we're starting to see big moves in F. A. S. F. A. Z. in the energy space of course E. R. X. and E. R. Y. to play bull and bear and energy. Those are two names that we've continued to see increased activity and expect to see that going forward. Now this is this is great. Let's talk about this a little because there's been a huge amount of confusion not with any of your ETF structures but the U. S. O. meaning this past week and a half. OK. And what I want you to get folks because I've been talking about Exxon mobile and Chevron quite a bit because it's pretty amazing that these guys are off the bottom and oil was still negative right. And so folks when we're talking about the E. R. X. of the the bull one or the bear one the bottom line is that you want to understand that you really do have the energy select. That's part of the holdings and then you got some cash in there right. Is that that's what's inside those holdings right. Yeah that's exactly right. So it's important to separate a product like U. S. O. which is futures based trap trap tracking the actual commodity. So in that case well there's been some changes but effectively it's West Texas intermediate. Yes. In the case of your X and your Y the focus here is an energy companies. Right. So those are your names like Chevron and Exxon that would be in that particular basket. Yeah which is pretty cool because what what we have had is that when you get these turns in the marketplace it's pretty neat when some of these are coming off lows like what if we can just switch the bonds for a second because I know I actually have the T. B. T. and the we went from one to 10 last week. Right. Yes so that's another space exactly where we've seen massive moves in the trend. Yeah. Treasury bonds treasury note space. We most recently had some share splits actually in that particular and some of those particular funds. And we you know it was amazing about the bonds. Dave is that I mean they went sideways. They haven't done anything yet. But this is the first time I've embarrassed some bonds in like 10 years man. So we'll see what happens. I mean it's it's like it's like a close one man. You know because it's like OK we know we're in trouble. It's going to be intriguing watching this whole thing shake out no doubt. Well I think what's interesting bonds in particular and I even say an asset class like gold if you look at the trailing one year returns they've really front run some of this. So a lot of those gains were baked in which is one of the reasons why again if you look at that playbook it's not behaving exactly as you might expect it to be. Doesn't mean we're not going to see any any changes or retesting of lows from here. But again this is a different type of crisis. We're going to learn a lot as this is the busiest week of earnings right 40 percent of the S&P 500 reporting this week. Yes. So traders are going to have to stay tuned to all really the micro news.