But stocks are down. Worse day for equities in the bull market started back in 2009. The nasdaq in particular selling off quite heavily, down about 3. 5 . Blackrocks chief investment strategist is with us. What are investors thinking . There are a couple of things going on. Veryof these sectors got aggressive valuations. You look at biotech for example. Nearly eight times book value as recently as the end of march, so clearly, you know, stretch valuations have played a part. I think what is exacerbating this anchor to reading and contributed to the seat is were seeing a lot of liquidation by hedge funds. They have done really well with a, but at that moment them has broken down, we are seeing some aggressive liquidation by many of those players. What are those players doing now and what are they buying into . Been a lotthere have of movement into cash, but you are also seeing something below the surface. Take a look at technology. We have all spun this as Technology Selling off. If you