We celebrated the fact that (the Fed) was much less stern on their rhetoric yesterday (Wednesday), but today the party is over and a slower economy may have an adverse effect on earnings,
We'll probably get some rhetoric over the weekend suggesting we've found the bottom, ... I think weeks or months from now we'll look back and say (last) Thursday afternoon was the low point.
The rhetoric from the meeting will be the most important catalyst,
I'm thinking the Fed will leave the rates unchanged, ... We've ramped up pretty higher into this meeting and my concern is the psychological letdown if the rhetoric remains strong.
They were less forceful in their rhetoric and that shows a little light at the end of the tunnel, ... Clearly they're at a point where what they say is more important than what they do and that's playing itself out in the equity markets.
There was clearly a disappointment in the rhetoric from the Fed. It's just a buyers strike.