We are in an environment again where people are waiting to see what the earnings are.

Some of it is housing. But ... earnings and a couple of companies saying things are going to be a little better than expected are what's got this market trading higher.

We're probably in for another quarter or two of disappointments. I think there's a lot of caution out there.

I think we are very close to being washed out at this point.

It is difficult to pick the bottom of these markets.

I don't think with all the uncertainty investors are going to come in full force, but they are starting to nibble again.