Morning, guys.

Ah, nice update for the Dow.

So essentially new highs on the S and P apples helping the Dow J.

P.

Morgan Some of the other names.

Disney also moving here, and it's another generally risk.

On Day seven.

He's doing great here.

We got new highs and analog devices and in video at a M D ah, home builders have just been to a fantastic recently new hi there The Homebuilding Index Consumer discretionary also knew why not just the home builders?

But of course, you've got Amazon doing really well.

You got Home Depot doing really well.

That's helping Banks have been all over the place, depending on the yields.

But they're up today.

Utilities on fire, New high yesterday, taking a little bit of a breather today in terms of where the markets have been, this is this remarkable pattern with Corona virus.

The response has really been very modest.

I use January 20 this rough of the time when everybody kind of woke up to this issue here.

China, the big M ch I.

That's the broad E t f for China on Lee down 4% since this really became well known.

Shanghai's down three.

Nikkei's down three.

But look, there's the stock 600 in Europe.

That's up 2%.

That's not down.

That's the P 500 up 1% since this all began here.

This is where the remarkable response, given the potential knock on effects of this in the first and second quarters and it's always prompted this huge debate on the street about whether the markets are resilient.

I've heard that word and somebody said the markets are delusional.

I've heard that word, too.

So which is it here?

We've got this very modest drop in global equities, essentially not in the U.

S.

In Europe.

Modesty over in Asia, Safe haven plays have been notably higher as at the same time.

So utilities, bonds, gold, the dollar, that playing it both ways to playing the markets in terms of moving on the upside, the global economy all right, and then they're playing a more defensive way.

They're essentially trying to get it both ways here, and nobody's quite winning right now in terms of what's going on with the SEC.

I want to note here they put out a statement this morning saying they have been in touch with US audit firms about Corona virus.

This is, Ah, little way of saying we're paying attention here.

They discussed the exposure of U.

S companies to the virus, and they reminded everyone they have certain powers out there that they may have the power they do have the power to grant appropriate relief from filing deadlines.

This tells me that there's been enquiries to the SEC about this saying, Well, we don't know what's going on.

Explain to us The rules here in the SEC is reminding everyone that they can.

So I anticipate you are going to see some firms that may ask for and be granted filing deadlines from their reporting requirements because of Corona virus hasn't happened yet, but this is a clear indication the SEC is on top of this.

And watching developments finally got a lot of discussion this morning about an article in the FT about the options business.

It's expanding its booming, and there's a number of reasons why the options business is expanding.

We have ah whole sorts of new options available in the last few years.

We have weekly options monthly options quarterly Obvious.

We never had this 10 years ago.

Business is expanding the type of options you can have her expanding their more affordable.

Would you buy the by testing at this price, or would you rather buy Ah, call option on Tesla?

Doesn't that make a lot more sense, Virgin Galactic or any of the fang names who could afford any of that stuff?

That may be a more affordable way to play the business.

Retail investors are getting a little more comfortable there, more educated than they used to be.

And then you have all these mo mentum followers.

Commodity trading advisers see th s out there.

They use options.

And since trend follow has become very big momentum following, that's all helping the options business overall.

And finally, that doesn't impress you.

Just look at the biggest options player, all the biggest play on options.

That's what we used to call the Cibo Commodity, the board and Chicago Board of Options.

And you could see here last 10 years.

There is where the options businesses going that see Bo and this is the S and P 500.

The options business game is outperforming the equities business game right now, and that's a sign that that options business growth.