I usually have CNBC muted in the background, but I was very amused by the interview given by the CEO of Countrywide (CFC). If you read between the lines of what he said he was pleading for the Fed to lower rates. He tried to say it subliminally in every way possible.

Another thought that comes to mind, over the last year or so investors forgot what losses in their portfolios looked like, as most of the buy decisions over last year led to gains. Investor risk tolerance doesn’t really change with market gyrations but the perception of tolerance does. This perception is being re-calibrated.