Rob I still think this is the last blow off phase of equities. We won't get to 4000 on this business cycle. We have the fed put. Stocks are rallying on the good data that is still coming out and will continue to do so when we are in expansion numbers. The leading indicators show us 4 to 6 months into the future so why would we expect a pullback of 10% if the data is still showing us future growth?? The Crude oil rally is going to have delayed negative effects as well. Once the leading indicators turn negative it will be the start of the contraction phase and then we should be very bearish? I did your course last year and the whole premise was that liquidity drives equities and we now have the last fumes as you say of liquidity. I don't understand why you are still calling for a pullback when all the indicators are bullish and we now know interest rates won't be higher. When the data turns sour wouldn't we be calling for a crash??