IBM is the story of the day. The reality is that we are in a bull market. We had two days of correction. The market was ready to resume the up trend.
I think we've had the maximum emotional impact from Asia, ... Fundamentally, we haven't had the maximum impact and this is one thing that can cause the market to take an overdue pullback.
Earnings have been quite positive, and I think that's the number one reason to buy stocks and the number one reason why this market has held together.
You have to put the declines in perspective. This bull market has been going on for 38 months and it can't continue to rock and roll day in and day out like it used to when it was young and had lots of energy.
The bears are screaming that the market is too selective,
The market is due for a correction, but none of us know when it will pull back,
The market is responding to strong economic fundamentals -- there is no inflation and there is the awareness that the Asian contagion won't cripple us.