“I don't want to rain on anyone's parade, but I'm a little doubtful. Most of the time when the Fed lowers rates it's good for the market. This time, the problem is related to the global economy.”
“In the short term, there is really very little that I can see going wrong. Certainly, the market is extended. It's had a very big run and could come down for a week or two. We could have a correction, but you would almost have to put that in the category of a normal correction.”
“You've got to break out of this downward trend to get higher. Sometimes, in order to do that, you've got to sell off a lot more first. We're just dribbling right now, but there's the potential to go a lot lower.”