From the AP today:
“Historically, we’re at lows,” said Michael Church, portfolio manager at Church Capital Management, referring to interest rates. “I don’t think 5 percent is some sort of hard and fast number where this market turns. I don’t think 5 percent is going to compel people to take money out of equities.” “Everyone seems to like to focus on this 5 percent level. I think it’s in many ways mythical. Five percent is really not that high of an interest rate.” He contends that after the run-up in stocks that began in the second half of last year and accelerated in recent weeks, Wall Street was due for some retrenchment. “I would be concerned if we didn’t have some profit-taking and some mild pullbacks here and there.”
After you read that, what do you do? The ability to speak noise seems to be one of the best skills on Wall Street.