In spite of yesterday's rally, the Dow Jones Industrial Average fell over 400 points when it opened this morning (it's now around 380 points down). One fund manager told Bloomberg News, "It’s a spiral down until it stops. We’re going through these constant day-to-day battles over Europe’s debt crisis, a downgrade in the U.S. and a weakening economy. There’s no positive sentiment regarding a light at the end of the tunnel."
Lazard's Art Hogan told CNBC, "In the long run, [volatility] is something we’re going to have to get used to until we get two things answered: One is the once-and-for-all solution to the euro zone debt crisis and the other is political consensus in Washington." And one investor said to the NY Times, "The market psychology is such that investors no longer seem to know who or what to root for and all that they do know is, according to the Fed, that rates will remain low until the middle of 2013."