Ford didn't give much substance on the call in terms of what the market was looking for. Everybody knows the auto industry in North America is in bad shape, and Ford didn't disappoint in that regard. The earnings stunk.

Ford knows it has a problem with the Fusion and is working to go and fix it and we expect to retest it later this year.

There's anecdotal evidence that individual investors are looking more toward the equity market than real estate. It's a good sign initially that there's new demand, but it could suggest we're at the final stages of the advance.

There might be a misunderstanding in the market regarding Alfa's deal with Ford, which is in fact a pooling of assets and which in our view is going to be accretive to Alfa shareholders.

Bonds are looking at equities. The equity market has stabilized after yesterday's tumble and the auction lends a negative backdrop because the market has to absorb more supply.

The market had high hopes for a bolder plan in terms of both restructuring and product strategy. Investors were looking for more specific measures, and disappointment seems to have set in.