I think we're still in a tough period for corporate earnings. And the downward revisions [for second quarter profits] have been accelerating.

The estimates are for earnings to be down 50 percent in the second quarter, 37 percent in the third quarter, and 12 percent in the fourth.

We have to see how far downward revisions go. You better fasten your seat belt as we go through that...What's been going on, is there was a sort of misplaced euphoria.

I think it's going to show up in some comments. I think you will get some comments that (earnings) would have been better if it hadn't been for the euro.

The only shoe that still has to drop is the earnings picture, and I think second-quarter earnings are going to be bad. We're going to get a slew of that and I think that's got the market...a little bit more defensive.

I think things got a little tough in the second period when it got a little physical. Some of our guys went in a little shell and didn't want to get hit or didn't get hit. They just plain outplayed us today.