The market is recognizing that the economy has bottomed, it didn't cave. But it's hard to make progress from here. The Fed is mostly through with easing. We now need solid evidence of real economic recovery, principally from the consumers.

Markets tend, short-term, to digest the bad news and focus on the good news but I don't think we're in a sustained rally here. The fundamental underpinning of the market isn't there yet.

Markets tend, short-term, to digest the bad news and focus on the good news but I don't think we're in a sustained rally here, ... The fundamental underpinning of the market isn't there yet.

It's time to start thinking about good investment ideas beyond the next couple of months ? don't be too defensive and stretch out your time horizon. It's time to look into early next year and the market starts discounting out six-to-nine months when it has reason not to fear too much and we're moving into that mode right now.

We've been rallying most of this last quarter on the basis of a little more hope that we have bottomed and that the consumer economy would not suffer the weakness of the manufacturing economy. Today's job report gives us some hope that that is happening.

Going to work for a large company is like getting on a train. Are you going sixty miles an hour or is the train going sixty miles an hour and you're just sitting still?