Gains in corporate profits depend in large part on accelerating global economic growth.
When Greenspan spoke the market rallied, and when he stopped it gave the gains back.
We need to see a confirmation in the next few weeks. We need another session of gains of 1 to 2 percent for all the major indexes before I'll be confident that this is a bottom.
The concern is that if a lot of the gains are in energy, that's good news for energy, but not necessarily good news for the economy.