We have been and we remain in a very powerful bull market, ... in near term basis, the market has come long way in short period of time? and odds favor a bit of a time-out in the next week.

The best stimulant you can have for a market is an 'up' market, and it feeds on itself. The market is 90 percent emotions, and the mood shifted.

(Intel) is down but not out. We have a very nervous market and it's the dog days of summer. We are short-term overbought so we're giving some of it back with the excuse being Intel.

I think what we are experiencing here is a classic stampede of bulls in a long-term bull market,

The market has done a good job of ignoring signs we have bottomed. That's more a ghost of the bear market than any disbelief in the numbers. A dog that's mistreated doesn't trust a hand extended in kindness. This will change.

The market was subject to a very normal pause to refresh. Why not ? Bonds have been up big. The market had been up big. We were vulnerable to good news, bad news, no news. The underlying bull market remains very positive.