Second quarter was forgettable,

We're going to have awful earnings reports for the second and third-quarter so we have to brace ourselves for that. To make a sustained rally, we need to see economic news and earnings news start to turn positive and we don't see that happening until the fourth quarter.

History does not remember the forgettable. It honors the unique minority the majority cannot forget.

The second quarter seemed like a blur.

Most mistakes which seem huge in the heat of the moment are quickly forgotten.

What the underwriters do is discount them off the current market [valuation], which entices institutional investors to come in and sop up all the stock.