We've got deteriorating economic fundamentals still. We're probably in a mild recession, but the question is will the consumer keep buying and will the investor keep buying stocks.

Valuations for stocks are still high.

When you get a move like that in the last few days, it tends to continue. A [single] Fed rate hike isn't going to stop this market - it's not enough. The question is will the Fed keep raising rates until the market corrects itself.

It's going to be a rocky road going forward. You're going to have to work for your money.

What we have is a very small marginal edge of a positive view on this. Wall Street is cynical.

This rally could easily be a strong rally in a bear market. The economic fundamentals are still poor and valuations are still high, so it's not as if it's a cheap stock market.

That's the question of the day: is it sustainable.

Something like this news is the sort of catalyst that ought to spark a terrific rally now, but the question is will it sustain itself? And that's not at all clear. Certainly in '98 when the Fed did this you had a rally that lasted a year or two. I think we're going into a rally right now.

It just keeps pumping out the earnings, an excellently managed company.