Since the ability to refinance or restructure debt is one of the incremental drivers of a profit trough, the importance of this policy change cannot be overemphasized.

We don't see any indication that the Fed would have caused to start talking more tolerantly about monetary policy. And we don't think the bond market has any particular reason to go down to lower yield levels.

Wall Street has come pretty close to being an around-the-clock enterprise anyway.

There is a predisposition to sell first and ask questions later.

Most of the essential catalysts for a significant rebound in share prices are present.

The election is a minor uncertainty that the market would like to get out of the way. Over the next couple of months I do expect stock prices will be better. I think corporate profits will turn out to be OK and the market will view some of the tensions and anxieties of the third and fourth quarter as a bit of overkill.