The market is in denial about earnings. The story about small caps is that the Russell has consistently outpaced the growth rate for big caps since the second quarter '97, and the margin is widening.
I think that Q4 results will be terrible.
If we are going to see a turnaround in earnings soon, the number of warnings are going to need to scale back.
Right now is not the acid test. The [banking/research] conflict isn't there. But it will come back.
I think it's going to show up in some comments. I think you will get some comments that (earnings) would have been better if it hadn't been for the euro.
FD was implemented at the worst possible time to determine its effect.
It puts you in a precarious spot where you have to worry about further losses pushing you into situation where you wouldn't meet the debt covenants.
I think it's pretty clear now we are in a Fed-induced slowdown for the third quarter, so I'm sure those [positive] numbers are going to come down.
No matter how you slice it, it's a big increase and a positive.