 locked in a really good next 12 months, kind of in the 20 to 30 percent range. So could this market consolidate into the conventions? I think absolutely. But what I think is more important, the spread between small and large. Only four or five times in history we've seen it at this degree, this magnitude. The Russell 2000 is up about 7 percent for July following a multi-year slumber. Its last record high occurred in November of 2021. Thank you. CNBC's Peter Schach now. It's 25 after.