The market is very ripe for correction by any standard.

The work that we keep tells me that we are within a day or two of a short-term bottom. We are at very, very oversold levels, so the last thing anybody should do is sell tomorrow in a panic. The market should bottom over the next couple a days.

The market took in some unbelievably significant bad news this week and is comparatively holding in, which is certainly encouraging.

You have this every couple years. You have a 10 or 11 percent decline. We've had it. It will probably go a little bit lower but this is not the beginning of the end.

Now, everything is just flipped upside down 100 percent. He was wrong then, and I think he's wrong now. He should never have raised rates.

I hope he's right cause that's what I own.

There are companies that in my mind are obvious takeover candidates.

I think by any measure we are at a major bottom, but bottoms don't happen overnight. Stocks can hit a bottom and then trade sideways, go up and down as they adjust. But I'd be stunned if we traded more than 10 percent lower.