Until there is a positive indication in economic data that the economy is slowing down, the Fed has to stay ahead of the curve.

All in all, I think we're looking at a mixed reading in economic data but pointing to growth ahead. I think it'll continue to support a bullish atmosphere. Right now we're just looking at cautious trading ahead of the numbers and due to Europe being a little soft.

Markets are basically in a holding pattern. We had some good economic numbers, but it's Friday ahead of a long Christmas weekend so people aren't going to make much a commitment.

There was some light profit-taking ahead of the (Easter and Passover) holidays. Volume is not that heavy and people are just waiting on the sidelines.

There's a little volatility on the downside ahead of the long weekend, so we're seeing money flowing out of the Dow and selectively going into the tech arena. Industrial stocks are not doing so well.

Obviously, the market was disappointed in Apple and AMD; and you also have to realize that Mr. Greenspan has been reiterating his stance on inflation and the need to stay ahead of the inflation curve,

It's quite obvious that the market has been rallying for the past four days, hoping for a 50-basis point rate hike by the Fed -- and they (the Fed) did (raise rates that much). This indicates they are ahead of the curve, but now reality sets in and we're in a trading range.

UAL is certainly a negative for the market, but the news wasn't entirely unexpected. You're also seeing a combination of other negative corporate news and jitters ahead of tomorrow's November jobs number, despite the positive weekly numbers this morning.

If the CPI core rate shows not much of a rise then the market will be able to just focus on good earnings. It will show that the Fed is staying ahead of the inflation curve, which is a positive for the market.