I think between now and the end of the year, the market is going to have a mild upward bias. There is nothing that will come out on the economic front next week that will redirect the market.

All of these things are going to converge, forcing strategists to raise estimates for this year and next year. That will make valuations look more reasonable.

with a slight upward bias.

Nobody is going to invest facing these impediments.

The market seemed to think [the Fed's bias] was a note of panic, but I didn't see that at all. It's a note of caution. If the Fed saw a boom coming, it would shift to a neutral bias. I don't think it should scare [companies] completely, but I certainly wouldn't go spend like a drunken sailor.

The market seemed to think [the Fed's bias] was a note of panic, but I didn't see that at all, ... It's a note of caution. If the Fed saw a boom coming, it would shift to a neutral bias. I don't think it should scare [companies] completely, but I certainly wouldn't go spend like a drunken sailor.