This almost assures the fact that we'll see an interest rate hike in November,

The market has quickly forgotten yesterday's good commentary from Mr. Greenspan and has focused on a quality-of-earnings issue. It's almost like investors are looking for a reason to sell.

In the face of geopolitical tension and oil up almost 4% for the day, the market held up extremely well. Today could've been a nasty day, but everything still performed well. This was a decent end to a lackluster week.

People look for the summer rally, and people have always complained - well, what happened to the summer rally - not understanding that the summer rally started the day after Memorial Day. So we really have had a very good summer rally. In the Nasdaq, it went up almost 40 percent off of the bottom. The Dow went up around 12 percent off the bottom. The S&P similarly. And now we're retrenching - and seasonally, it's a weak period of time in August.

These last few days have been consolidation, off of a good employment report and almost six weeks of gains.