Today's activity is pretty gloomy. The Nasdaq and S&P weakness does not look good for the marketplace.

What you're seeing is that some retailers are getting back to normal, but the weakness seems pretty widespread among department stores. So it's still an extremely fragile environment.

There's not a lot of activity around.

Sam is always upbeat. I don't think I've ever seen him not upbeat.

My cow is not pretty, but it is pretty to me.

My sense is that the market is not particularly surprised by the weakness in Morgan Stanley's preannouncement. It's been pretty well forecast.