More and more strategists are of the opinion that the Fed may be completely through.

I think we are in a correction that was way overdue. There has been tremendous complacency by strategists about the Asia problem and even up until last week everyone was raising their targets. The Asia problem is real.

If you are a competitive investor, you've got to assume the Fed will succeed in re-igniting the economy.

With scandal-ridden capital markets, a mediocre recovery and still high valuations, a lengthy bottoming and healing period is needed before we get a substantial upturn in equities.

We are finally starting to come to those stocks that haven't given up ground yet. This is the first time that these stocks that are priced for perfection have shown some imperfections.

We are in a healing process which will take a couple of months.