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Julian Emanuel with us right now with BTIG, of course expert in equities and derivatives.

Julian, what does the derivative markets say to you right now?

What are the indicators in derivatives

that gives you direction in regular common stock? Sure, so yesterday was critical in our view because as you made a lower low in the

S&P 500 and all the major indexes, you didn't make a higher high in the VIX.

And when you put that in the context of the fact that between limit down Sunday night, then massive rally on the back of the Fed, and then a collapse,

a total movement of almost 24% of the value of the S&P 500 from low to high to low, it basically tells you that for the most

part, sellers are exhausted.

They may not be finished, but they are exhausted at the the moment and so that's the start of a

bottoming process in our view.

Judy I'm really hard to make the argument that things are bottoming in equity

...