The Stock Market's Rally Overcame the Recession

The rally this year is factoring in pretty good growth for earnings next year. We still think there's going to be some deterioration in earnings to start the year. With most of the flows in the market either being short covering or a little bit of catch-up by institutional investors on the private client side, we're not seeing a ton of flows. Most clients and investors are happy with 5 percent of the cash-end.