This is indiscriminate selling. It has nothing to do with fundamentals. Everybody has forgotten about the long term; nobody is even looking past next week.

I still think we're heading higher. The long-term types like me should sit tight. I don't really see any major problems. The only thing I don't like, of course, is still the narrowness of the advance. But, on the other hand, the Russell hit another high.

Nothing is as new as something which as been long forgotten.

[Despite the selling, traders appeared fairly optimistic, many attributing the day's decline to investors pulling out profits after recent record session.] I see the flow of funds still exceptionally favorable for the stock market, ... 8,000 is my number. We should be there in the next week or two.

The market is selling off because the fundamentals are weak and the stocks are overvalued.

They have learned nothing and forgotten nothing.