I think by any measure we are at a major bottom, but bottoms don't happen overnight. Stocks can hit a bottom and then trade sideways, go up and down as they adjust. But I'd be stunned if we traded more than 10 percent lower.

The terrorist issue is everybody's worst nightmare, ... It's a major negative. Israel is a major nightmare, as is the Middle East, because it's a time bomb. But they always seem to be able to figure it out when it gets serious. The real problem to me is if the U.S. goes after Saddam Hussein, because that would be like '91 and that could be a concern. But barring those negatives, the economy has clearly bottomed. The Fed cut rates to a 40-year low. Now they're even debating whether there was a recession.

The market took in some unbelievably significant bad news this week and is comparatively holding in, which is certainly encouraging,

Now, everything is just flipped upside down 100 percent. He was wrong then, and I think he's wrong now. He should never have raised rates.

The market is very ripe for correction by any standard,

I hope he's right cause that's what I own.