“The market continues to be uncertain about the underlying leadership after many years of being used to the big-cap stocks leading. We're also somewhat nervous about the earnings.”
“Now reality is beginning to sink in -- that Asia is basically a long-term workout. I really don't see much relief from Asia for quite a while. I think we'll get tired of hearing about Asia before the year is over, but it's really earnings that's key. It's growth that's really the issue.”
“It feels uncomfortable. It is uneasy. We're not used to this situation in the market. But, after all, this is the much-awaited correction that many people have been looking for in recent years.”
“You are seeing a broadening out of the market that we had not seen going from the 9,000 to 10,000 mark. This is a much more egalitarian market and that's a healthy development. It suggests a more sustainable market over time.”
“I'm not sure that we're going to see the market run straight up as it seemed to be doing in the first quarter. There are going to be episodes when we feel better, as we do today, and there are going to be episodes like this whole week ago, when we feel uneasy.”