It's one way of unlocking value on a lot of disparate businesses that somehow got glued together over the last 10 or 15 years. I think it'll be pretty good for shareholders.
The futures might take the market back up. But I don't think this level will hold, and I see a choppy period until more earnings are out...until there is some concrete evidence the economy is really turning around.
The market is pretty expensive as it is now, when we still don't know where the earnings are going to come from.
The big risk is on the downside, but the market is ignoring a multitude of things they should be concerned about, such as the deficits and the weak labor market. We are getting to a point now where so many stocks are so overvalued that it is ridiculous and somebody at some point is going to say 'Mummy, the Emperor doesn't have any clothes on'.
It's been very quiet this morning. We have a lot of economic numbers out this week that people will be focusing on, and there is the Fed tomorrow.
There are some disappointments in earnings and obviously Hewlett-Packard is a big one.
It's what the company said in the conference call that was particularly worrying -- that there is no demand there and no signs of a pick-up any time soon. What looked like being a turnaround in the industry is not a turnaround.
It will be a very subdued day for obvious reasons. People will be reflecting on what happened in the past year as well as what happened this time two years ago. A lot of people will probably just stay away from the market today.
People are putting a lot of emphasis on these figures...it is a reflection of what possibly could happen in the future.