As far as the Merrill Lynch note is concerned, it's like reading an obituary that someone had died without knowing that they were still alive. Merrill cut its stock exposure to 45 percent, but why was it at 50 percent to begin with? That should raise some concerns.
The re-emergence of Kerry as a viable candidate has also put some pressure on health care stocks.
We are really not sure if the economy is continuing to expand or continuing to contract,