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David time for our daybreak first take. We discussed the top three stories of the morning. First up, equities on the rebound. Second, the outflows from the bond funds. Rd, dreamers did not third, dreamers. They did not get to an agreement in the senate. Michael mckee, we want to start with u. S. Stocks. We are back where we started the year, despite the turmoil. U. S. Stocks are where they started the year. Much. An stocks, not so they have lagged behind. Are we in the midst of a rate hike tantrum. We had seen a thin reaction. There are two points here. Performance in five years, that is silly. We went down, we went up. If you are looking at this, you the to see, not so much absolute level, but what kinds of things are being bought and what is being sold. Other assets are highly risky. Did come in and clean out the safelyso you can more move up. Make the case that equities can still rise. What happened the last couple of weeks, was it a tantrum or did weeks the constructive moves . Has ....