The little bear-market rally we saw earlier and yesterday just ran out of buyers.

The long-term trend of the market is upward, but it's not surprising that we had a pullback for a few sessions.

Obviously very leveraged to the financial markets, ... When stocks are going up, this stock should do better than the market. When stocks go down, it should do worse than the market. So, there is risk here. But, it's the most diversified of the major broker dealers.

I think what we saw yesterday (Tuesday) was a bounce in the bear market. It could continue. There's no question there are going to be sharp rallies all the way along in here. But I think the trend has been as long as the Fed has been active, we've basically seen a down market with some rallies in it.

This has been the strongest rally we've had since the bear market started. There continues to be good demand for stocks. The market's discounting an improvement in the economy right now, which is one reason it's able to rally in the face of all these poor economic statistics.

The U.S. dollar counter-trend rally is over and a resumption of the secular bear market is under way. This and geopolitical news out of the Middle East are the fuel for a run to $600.