People will always be a little bit concerned that higher interest rates will go too far and threaten company earnings, which will then mean mergers and acquisitions don't make a great deal of sense.
There is a lot of good news built into equities ... they have had a good run.
After a good run for equities, investor sentiment has been knocked around due to high oil prices and concern over how that will affect spending power.
Now he needs to follow things through and look at the rest of the portfolio. If not, the pressure will come back on.
It's a step in the right direction. It will give some ammunition to the bulls that they can replace that revenue decline. It's still the $64,000 question and I'm unconvinced.