We have an aggressive Fed and an aggressive Justice Department thinking perhaps that all things technological, that have a dominant share of the market, could be considered anti-competitive.

This number is very startling. It is the preliminary, so it is subject to fairly substantive revision. These numbers may translate into earnings risk, but may also dissuade an aggressive Federal Reserve. The chain deflator was higher than expected, which may take the steam out of our rally. This may dampen enthusiasm, but not kill it.

This number is very startling. It is preliminary, so it is subject to fairly substantive revision. These numbers may translate into earnings risk, but may also dissuade an aggressive Federal Reserve.

There's no (economic) stabilization yet, but it now brings the possibility of continued aggressive Fed moves. We're four cuts deep into an interest rate cycle and we're going to get a fifth. That's going to help the economy down the road -- it's not a question of 'Will it?' but it's a question of when.

On the earnings front, it's kind of mundane news, ... but the restructuring seems more aggressive than had been thought, and that's good for the stock.

If the Fed believes there are inflationary concerns about the strength of the economy, they will act. They will continue to do what they need to do to slow the economy down. It's going to be a transition market and there's no need to be aggressive here. Use a little caution and let prices come to you.