TD Ameritrade's chief executive says he's feeling optimistic about the economy, but he believes the recovery will be slow.

Ameritrade's Fred Tomczyk said Tuesday he doesn't expect the economy to rocket back after all the problems in financial businesses and the housing market.

Tomczyk says he thinks the stock market is at a point where any significant bad news could send it down.

Ameritrade continues to hold onto a substantial amount of cash and other liquid assets to help it weather the recession. The company had about $1.1 billion on hand at the end of September.

Over the past year, Tomczyk says, Ameritrade focused on the things it could control. The Omaha-based online brokerage has reduced its costs and boosted advertising.