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

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

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.