The market held on despite Wall Street. I think investors are becoming increasingly confident and taking positions little by little.

Bonds recovered on technical buying, foreign bond traders were oversold and had to recover their positions.

By the 1890s, the leading Wall Street bankers were becoming increasingly disgruntled with their own creation, the National Banking System... while the banking system was partially centralized under their leadership, it was not centralized enough.

Investors are more confident about Japan. There is a slight wariness about emerging-market equities.

[Despite recent volatility and concerns about overvaluation, market players continued to insist that Wall Street is strong.] It's normal as the market rallies so strongly that we start seeing a correction and start looking for maybe even a 7 to 10 percent correction ultimately, ... But I don't think we're vulnerable to that right now.

I think the group was held back by overly pessimistic Wall Street forecasts until about November of last year. And then the budget information began to leak and it was much more positive than most had been anticipating.