We've had so many weeks now of down that it's kind of hard to believe we could have an up day or an up week for the market, but the technician in me is saying this is nothing more than a technical rally.

They (the Fed) did indicate that there could be further cuts and that was something Wall Street was starting to believe wasn't going to be the expected outcome. This is part of the recovery process. It's not going to happen immediately but this is the Fed understanding the weakness in the economy.

A lot of the gains are due to the earnings story. I think the market can deal with one or two more interest rate hikes and believe that the Fed is not going beyond neutral.

I believe the Fed will engineer this slowdown and it won't result in a hard landing,

It's going to be another confidence building story the closer we get to the Fed meeting. I believe that the unemployment rate and the NAPM numbers will be the key numbers.

I'm neutral on the market here, as I believe stocks will be caught in a range as investors try to figure out the story of inflation and economic growth going forward.

Cisco's story was that inventory concerns and demand driven problems are not fixable as early as Wall Street expected, ... People are understanding the impact of what Cisco said. Wall Street wants to believe things are rosy in that sector and they're just not.

I do believe it's the weakening economy, where cyclical stocks can only gain strength on the anticipation of an economy solidifying, and any evidence of an economy slowing more than expected is not good news.

I do believe an investor shouldn't change their philosophy just because it's post-Fed, ... I think the aggressive, more short term oriented philosophy that has worked the first seven months of the year will still be the philosophy until that strategy is proven to be wrong.