The S&P closed at 1906, right at a major technical point. The market is now trading at 15 times 2015 earnings. Granite Group believes this level would be a good entry point for long term investors. If the S&P were to close below 1900 that would spark concern from a technical perspective only. We want to be clear that we are not calling a bottom, but we believe that valuations are now more favorable. Earning season has begun, and with decent earning reports coming in, this could be the catalyst to move markets away from headlines and start moving higher into the year end.