We doubt that the markets are going to take off here. I think we will need more evidence that in fact things are starting to turn.

For instance, I think conglomerates such as Philip Morris (are) a cash cow, ... The stock is doing quite nicely, holding up around near the higher end of the trading level here.

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.