richard cripps

There is an underlying bullish tone. We continue to see the action on the downside, in terms of force, to be not as great as what it's been on the upside. (The reports) didn't really change anything.

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Probably in the short term we're a little ahead of ourselves. We don't have any earnings visibility and we won't until the fourth quarter.

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It's the analogy of the straw and the camel's back. We keep loading the camel's back with straw and higher energy prices and interest rates. It's probably going to be what's good for oil is going to be bad for the rest of the market.

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Putting it in context, it wasn't a great display of bullishness one would assume.

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And while you are waiting, you get a 3 percent yield and one of the strongest balance sheets in corporate America.

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I would let this play out as opposed to trying to be brave and buying here.

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We've seen a noticeable pickup in concern over the last two months.

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We're looking at a 12 percent decline in earnings this year for the SP 500, and that's the sharpest decline we've had since the last recession. The confidence level that one has in looking at those earnings is very low.

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The key area to watch is what financial stocks will do. They've been performing well and it's clearly a pattern of higher highs. If they take this (interest rate hike) well, my confidence that we're getting to the end of these Fed hikes will increase.

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GE has laid out a fairly consistent earnings picture and the key will be to see if its timeline remains intact. Any change from that will be news.

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There are no signs here that give you the impression that the selling pressure has bottomed. There's just not a lot of conviction out there.

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There is a lack of buyer conviction. The whole dynamic of the Nasdaq rise and correction is, in a broader sense, an inflection point. But investors just view it as weakness.

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But I think that the global picture in 1995 was a little bit more murky than it is today. Economy was slower than today. As we look at the world scene it is actually quite good. A lot of foreign economies are expected to grow a little bit faster than the U.S. economy this year. So that is a major difference. And again it probably keeps the Fed from decreasing or cutting interest rates anytime soon.

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We're facing the realization that rising (interest) rates and rising stock prices are incompatible. The higher rates are really starting to make themselves felt.

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I think (the market) needs the ECI price deflator numbers coming in at acceptable levels, meaning that they don't raise the fear of inflation, it needs the Fed not raising interest rates in August and as we move toward the fall, continuing signs that the economy is moderating and that inflation is low.

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Keep in mind most people are now working into the next quarter. The window dressing that has been powering the market may be gone.

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The markets are getting oversold and typically you're at levels where markets that are this oversold can have pretty good rallies. I think investors are cognizant of the fact that things are weak, but they also don't want to miss an incredible rally if one occurs.

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This is the nature of bear markets. There are usually two steps forward, one step back.

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We have good optimism out there and that's always the time to think about what dark clouds are out there.

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You're getting money flowing back into some of these big stocks and the tone is good. What's powering it is optimism that at some point and time, we're going to get this final turn in earnings -- it's buying with the thought that you don't fight the Fed.

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Tradition drives these international markets very, very hard. The concept is interesting, but inevitably, they will find it as difficult, if not more difficult than Europe.

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The question today is more opportunistic. The question is exactly where can I be a buyer of America Online ( AOL ) or some of these other stocks that have been weakened

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Between October and March, the Nasdaq has almost doubled in price. Even these companies that have been cut in half are still three or four times more than they were a year ago.

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Good earning growth. Next year, their earnings will be about 1.90 (per share). That's just 10 times this year's current stock price.

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I think if you are bullish here, you go back and look to the last time the Fed eased up on interest rates which was 1995, which, of course, was a good year for investors. The SP shot up almost 35 percent. So using that as a guide, some investor think that is what we're going to see.

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