The market typically leads earnings rebound by about six months. Maybe market participants are expecting a fourth-quarter rebound in corporate earnings.

I think most market participants expect further increase. This is not going to be necessarily the end. I think they were hoping for a neutral stance coming out of it. But I think they having thought about it said, well, the Fed really is on top of this, the Fed is on top of inflation and there's a concern about slowing down the economy. And I think that helped it [the market] come back.

It's going to have to be the third-quarter earnings to save the market.

It was great. It felt like we turned that corner. We had leads going into the fourth quarter and we weren't able to sustain them.

We remain comfortable with our estimated fourth-quarter earnings per share range of 28 cents to 30 cents a share versus 26 cents last year, an increase of 8 percent to 15 percent.

In the first 51 seconds (of the fourth quarter) we had those turnovers and (their lead) went from six to (14). That was the big difference. You can't give a team like Grinnell extra possessions, and we gave them too many tonight.