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age, remembers they were very higher. we were used to much lower rates and it's putting a chill on housing and we saw that in the housing data this week. are you worried? >> well, housing prices aren't going to come down soon if mortgage rates don't come down, neil. there's a shortage in the housing market of supply and that's really keeping prices higher, so, it's pushing out the capacity for new entrants to the market to buy a house and i'll disagree with erin. you have to have been defensive already. you don't want to start getting defensive when the market is spooked. you do that when the market is greedy. so, i think the put options i've been recommending on the s&p 500 and the triple q's, which is the technology sector have done remarkably well. gold is soaring and that's one of the defensive positions that i've been recommending. i like at this moment short duration treasuries, they're 5% yield on the two-year space. i think that's an attractive buy. i think the fed ultimately does cut.