I think this is another correction within an ongoing bull market, rather than something more substantial.

We ultimately expect the overall market to be down...and end up with a correction that totals 10 to 15 percent from the peak.

It seems the stock market is more tuned to the bond market now than it has been in the past several months. As soon as we got oriented towards the bond market, all this economic data increased in significance.

I can find only one bull market, in 1935, that didn't have some material indigestion within its first 12 months.

[But stock strategists remained fairly optimistic, that the volatility that sent blue chips within grasp of a three-month low last week created buying opportunities.] The particular bullish case for the blue chips here is that they've really had a correction over the last month or so, ... I look for the blue chips to catch up with the rest of the market and make new highs later this month.

One of the frustrating things for people who miss the first rally in a bull market is that they wait for the big correction, and it never comes. The market just keeps climbing and climbing.