Obviously it's very bone-chilling when you hear his words. Announcements like this tend to stall us momentarily, but they don't derail the rally or recovery.
The stock market rally today is because we drove the market down to levels that were on the cheap side and when you get news like the leading indicators saying things are going to be good for the economy and profits, that attracts buyers.
This market is trying to rally. If the Fed reduces interest rates by 50 basis points, it will touch off a rally, but if we get a rally it will be guarded.
It's a year-end rally in anticipation that there will be some new money coming into the market as we start the new year.