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"A 3 to 7 percent correction in an ongoing upward phase is normal, and we just had it," said Kotok, chairman and chief investment officer of Cumberland Advisors. He said he is considering raising his forecast for the S&P, which is now a range of 1200 to 1250 by early next year"
"Regarding the third quarter, it's going to be hot and heavy soon. My guess is we will get, like the second quarter, a fair number of positive surprises, but what we are going to need to see is not just cost cutting but also some revenue growth. My guess is we'll get some. It won't be great, but it'll be enough to say we're heading in the right direction," he said."