Byron Wien: Time for a Pause

In his June market commentary for The Blackstone Group, Byon Wien offers his evaluation of the market's headwinds and tailwinds. He notes that the three principal factors of U.S. economic growth -- exports, capital spending and the consumer-- are all "still in place, although perhaps not as robust as they were a few months earlier." Bank loans and commercial paper issuance have been rising over the past four months, and commercial and industrial loans have been increasing for six months.

In sum, Wien does not believe that the U.S. is at the start of a prolonged market decline or the beginning of a recession.  "We have learned that the best time to buy stocks is wehn most investors are pessimistic," he writes. Click here for his commentary.