This was a waterfall of emotional selling.

It's hard to say when emotional selling exhausts itself.

When monetary policy turns more accommodative, the more cyclical, leveraged and more-volatile asset classes generally outdistance defensive names.

He started to find himself in the uncomfortable position of being chief market strategist, ... It sounded almost like was making judgments in the valuation of stock prices. He just wants to let invest know there is some risk.

When monetary policy turns more accommodative, the more cyclical, leveraged and more-volatile asset classes generally outdistance defensive names,

growth at reasonable prices.