Bullard Says Financial Stress Has Been Contained

The S&P is still holding that 200-day moving average, but it ticked below it today as well. If you look at the long-term trend line, it's about a year old from the high to the low and we've seen in the S&P. The market is riding that downward down Melissa. So for me, as I look at this market, sort of fading, I think it still has to hold that200-day before I get overtly negative on the overall market.