In the morning, many people thought the Clinton report would hurt the stock market - but it happened yesterday and Wednesday.

I'm struck, ... Originally I thought that in a recession we could get below 5 percent, but we're not even close to one (a recession.)

The bond market expects the stock market to fall very hard ... people are trading scared.

There could be a dramatic turn in rates. I'm expecting a half-percentage-point move to the upside [in yields] when the turn comes, and I think that will happen within a month.

And it was just more robotic statements about the Japanese yen.

The refinancing boom and effects from the tax rebates are waning, so spending on big-ticket items such as cars may be slowing down, ... But spending on services, which is where the majority of the job creation occurs, has held on, and we expect it to pick up. Friday's payroll report should be a good indication of that.