Individual investors have to separate the statistical noise of week to week numbers and focus on the big picture.

The market has done well in the year following a recession. We think the recession has ended.

Take IBM out and the market looks pretty much unchanged on the day.

The market is nervous. We're in a transition period as we get through all the accounting issues.

I'm hopeful that we're nearing the end of this series of tightening. I don't think we have a serious inflation problem. With strong productivity, unit labor costs are under control.

The Fed often overshoots and I think you have to prepare for that outcome.