There is a high degree of low confidence in the marketplace and nobody is looking beyond the end of their noses. They're responding minute by minute to things.
It's been horribly grim this week. There's a high level of gloom and doom in the market and a low level of optimism.
It is understandable why confidence is so low with what's gone on in Wall Street, but at the end of the day earnings per share will win the day.