If your period of turbulence is less than two or three months, ... then we can probably avoid a downturn.

The report is probably a shade on the weak side and it increases the chance that the Fed is more likely to stop raising rates at 4.75 percent at the middle of the year, rather than going higher.

It's a dismal report. Unnerving. Is this the beginning of a one-two-three punch?

a period of aerodynamic turbulence.

Clearly Greenspan's luster has dimmed, and there's this worry that he's fired a lot of bullets and the bullets he has left won't do any good.

[Yet while sentiments are that small-caps will rise as long as large-caps remain strong, some on Wall Street believe the bull market has a limited outlook for the near term.] Let me put it this way, the market is more likely to be down 10 percent (in a few months) than up 10 percent, ... But I don't look for any big correction.