 Let's get over to our man Mr. Dave Mazda. Dave is the head of product and managing director at Direction And of course we normally have him on every other week, but because we had so many holidays man We haven't seen him in a few weeks Dave Mazda. Good to see you. Yeah, it's really good to be back Thanks for having me totally and needless to say this market I mean, you know when you look at your lineup at Direction, it's it's really cool, man I mean because I Could we could get into whether it's oil whether it's the banks whether it's the bonds and you know as you come over to TF&N folks, okay, you hit that direction banner you're gonna see all of those including the market is moving really well and We do have both positions and bad positions in those sectors. So this has been quite a market our Dave Yeah, no, you're absolutely right. I think the volatility that we spoke about At the beginning of this year and really we haven't spoken in some time here too as you noted has this only increased In fact last week we saw some nice upside volatility Yes, and now again you coming in coming in here on Monday with a pretty decent sell-off But as you noted kind of on decelerating volume What I'll note across our lineup is we have seen volumes Come down a bit across the suite, but they've actually been supported by volume on the bear funds So while some of the activity has come out of bull funds because it's been difficult to find a bull market anywhere here Sure, we have seen traders coming to bear bear funds I'm really in a way that we hadn't seen throughout much of the pullbacks and part of it I think just simply because you know now we actually have that the correction that a lot folks were calling on in the S&P 500 let alone the Nasdaq. No, there's no doubt and you know folks When we start talking, you know the financials The FAZ the FAS we start talking the small caps the TNA and the TZA As you're looking at this market Then they have really both it seems like both sides of those Dave are getting some action You know you might have something different. I mean, you know, but I can see both sides I mean just friends with day it is right You know you're absolutely right So I think what we what we really are seeing I'll take those separately. So the FA ask That's your your bull fund. Yes, they see is your bear fund, right? And they there's an opportunity for for financial stocks from from what the ETF covers We are heading into I think again every talk about unprecedented a really important earning season particularly for the banks Because they a lot of money more long-term money started moving into financials as interest rates started to rise Now we have an inverted choose 10 yield curve again There's gonna be questions about what is the trading environment look like for these banks? Investment banking revenue may be coming down. So Thursday Friday. That's what we're seeing activity in both sides because it's unclear You know, what is this gonna look like? So I think you got bulls it's still people Saying that this is the time to be bullish others are getting bearish quickly small caps are really interesting your TNA and your TZA Small caps man, they've been smoked Exactly, I know every you know like I like you talked about before When this comes around that the they've they're extremely attractive from a valuation standpoint I don't think you should be trading leveraging inverse products on valuation, but you know for people saying man, they've been beaten up It's certainly been the case. However, they're pricing in that recession risk And if we actually end up getting that recession, which many people are now assuming is a foregone conclusion Small caps gonna take on the chin. So heart again I what I like is that we have the bulls and the bears here on so that traders can take advantage of both So that's what I would recommend. You know depending upon your your analysis or your viewpoints Yeah, but you get you both sides of the trade for really your important financials and then the small cap space And you know, it's so amazing Dave is that So if picture folks the last big downdraft we had of course is 2008, okay bottom line I don't see this is 2008, but that's last downdraft. The thing that's intriguing to me Dave is that When we start talking inflation, you know, you have those tips funds, okay? Which are really cool because the tips that really and the tips are inside the it's all about the bonds and the tips folks, okay? But there's so many people around that never seen inflation That is correct. Yeah now for 40 years and that is gonna be the wild card for all of us, you know pretty amazing Well, listen, it was great seeing you again. We look forward having you back two weeks from today Dave We'll talk soon. Thank you. Have a great one. Have a safe one