It was the first time they lowered expectations since going public in 2002. It created an uncertainty.

Half their demand is from guys 40 to 50 years old.

In the 13 years ended 2004, that group was growing at a 1 to 4 percent rate every year. Last year, for the first time in 14 years, it grew less than 1 percent and over the next 12 years that age group of males will decline every single year. They?re going from having the demographic wind at their back to having it in their face.

Last time, the market could handle uncertainty as there was a lot of slack but now because prices are so high, the market is not equipped to handle unplanned events.

They have marked time by working off the (buyout price) premium and some of the uncertainty.

It's a very long time since we've had so much uncertainty about a Fed meeting. That's what's making the situation so volatile.