I think what is really happening, this is a market that fell into a bit of complacency about the fact that this coronavirus was largely contained in China and China was doing a lot about it.

Art Hogan

That adds to the concern the euro zone is facing an economic slowdown and some of the weaker members have more debt than they can handle.

To the extent that you got dueling positive monetary policy statements in two places that we were concerned about a slowdown in economic growth, that's very good, China's is more substantive because they are actually doing something.

China's is more substantive because they are actually doing something, Draghi is talking about the potential, which is still good but not the same.

The global demand for energy product is stronger right now than global supply, and that's without fear that we have of disruption of that supply. If we have a major disruption that's going to be a negative for economic activity.

There was so much information over the course of the weekend, it's almost impossible to understand exactly what this means for the earnings power of Art Hogan companies. ... As things have gotten more complicated, tensions have increased, it's hard to know exactly how you land as an investor.

We’re going from what had been a very catalyst-heavy period over the last few weeks to a catalyst light period... expect to see the market grind sideways, perhaps slightly higher as we look ahead to what the Federal Reserve might deliver at Jackson Hole.

I don’t think that that’s a deal breaker. I just think it (consumer sentiment) has moderated enthusiasm today after having a pretty darn good week of moderate gains.

This is how corrections start, i think what is really happening, this is a market that fell into a bit of complacency about the fact that this coronavirus was largely contained in China and China was doing a lot about it.

We make this mistake every four years by saying this is definitely what is happening -- and then it doesn't, let Goldman Sachs not get ahead of ourselves. It's too early. The players are just warming up.