It is very difficult to put together a bullish case for stock prices.
I think the best thing to do is to quietly go to
the sidelines and allow the circumstances in Europe and ... China wend
their way through and clarify themselves. We're probably not closer to a bottom. I think we're closer to the top.
Two.... three weeks ago I was quite bullish on stocks. [But] now I see a lot of reasons to be at best neutral on stocks here
in the United States and even slightly bearish of them.
The overriding fundamental is China. I tell you to
pay a great good deal of attention to what's going on in China. The government [there] is doing everything it can
to try to pop up stock prices, and thus far has been utterly
unsuccessful. Usually government intervention ends
badly, and this does not look pretty.