May. My own feeling is that if we see one, it would be the last one this year. I would almost feel that we have a good chance that interest rates will go back down before the end of 1997. I think the safety net under the market is that corporate earnings by and large are good. This will be a year of lower expectation earningswise than we saw in 1996. But on balance, the market is sensitive.
Disappointments are devastating to stocks.
Alan Ackerman at Fahnestock and Company. By the way, some economic numbers out today probably made the Fed a little more secure in its decision to raise rates yesterday. Analysts were expecting a decline. Daniel Snyder reports. But then something called the Handy Phone was introduced.