Right now the perception is we are not going to get the earnings recovery we thought we were going to get.

This little bounce, I don't think it's going to hold. Until you get some settlement in Iraq, there's no change in the outlook. With all the big pools of money sitting on the sidelines, I don't see a sustainable rally.

After being up 260 points over past two days, the market is entitled to a pullback.

We're just in a holding pattern. I don't see any catalyst on the scene at this point to get stocks going.

People are still very very nervous and looking over their shoulder on the domestic recovery. I think the market could come back again, though -- stocks have had a lot of resilience the last few days.

There's definitely been a shift in psychology toward buying equities instead of selling them. People have decided that even though it's going to be a slow recovery, it's better to be in stocks than in bonds.