I guess after all this selling you could see an oversold bounce next week, and some up days here and there in early February. What's concerning is that there doesn't seem to be anything to lift us on a more consistent basis.

I'm maybe more optimistic for the end of the year, but for the next few weeks, I think we are still in these treacherous waters. We're just going to have to grin and bear it, and then maybe we'll see a run up in November and December.

I'm encouraged. You get a strong rally for a few days, a couple of days of selling so people can take some profits, then new buyers come in at the lower level. That's the classic definition of an uptrend.

I'm not so sure that the rally was commensurate with the news out of the Fed. They seemed to say that they're going to keep rates low for a long time, which wasn't a surprise, but maybe people felt better seeing it spelled out more clearly.

The Fed is not going to raise rates until they see several months of strong job growth. And even if they do raise rates slightly, the rates will still be right near these historic lows. GDP this morning was not as strong as expected, but you had the other two economic reports that were good.

There's tremendous relief after all the selling, and statistically, we have some verification that this could be a bottom. But that doesn't mean we're going to see another day like this. There's still tremendous negativity.

The big hurdles next week are the Fed meeting Tuesday and the jobs report Friday. The market reaction to those events may set the tone for the month and determine whether we'll see a November rally.

Earnings have come in not as bad as the expectations.

It's such a knee-jerk reaction. I don't think that what the Fed said justifies the kind of reaction we saw. I would like to think that we could rally back after the certification is completed tomorrow, but I don't know. I am just stunned by the extent of this decline. Hopefully, it was a one-time reaction.

The number today struck me as neutral. More stocks are up than down, and that's the ultimate test.