The market is responding to strong economic fundamentals -- there is no inflation and there is the awareness that the Asian contagion won't cripple us.
I think we've had the maximum emotional impact from Asia, ... Fundamentally, we haven't had the maximum impact and this is one thing that can cause the market to take an overdue pullback.
You have to put the declines in perspective. This bull market has been going on for 38 months and it can't continue to rock and roll day in and day out like it used to when it was young and had lots of energy.
Earnings are not a problem. The economy is fine, fundamentals are strong. But overall there is a negative mood that's focusing on domestic political and geopolitical uncertainties.