I don't think the market can make a lot of headway until we get an idea of the depth and breadth of the profit recession.

But throw in a very visible company lowering its guidance going forward and the focus shifts back to the same problems of an uncertain economy, uncertain earnings and the Middle East problem, which has not changed,

The basic factors that caused the market to go down remain in place, and I think those worries are going to be with us for the next couple of months, ... certainly until we get third-quarter earnings reports, and maybe through the election.

You clearly have to keep watching this inflation issue. You do have to have some concern that, based on history, the current amount of economic growth should lead to inflation. But if you talk to companies, it's not happening.

You have to have a powerful earnings turn around this year to justify gains from current levels,

Anybody investing on the assumption of who's going to win the election is skating on thin ice.