Without any major tech stories, the economic numbers are going to take center stage. It started on Friday with the first peek at the GDP (gross domestic product) for the first quarter.

We have to respect what she has to say.

(Microsoft) has been trading like the company (had already) lost the antitrust case against the government. The stock has been extremely weak compared to its sector and especially since the company has already reported earnings.

The cat's out of the bag here with IBM. It's going to affect more than IBM, because Y2K is a concern and it's going to affect many different sectors of the market. And analysts have already switched from just looking at earnings to quality of earnings.

Most of the growth stories are not performing today and that is how we'll go into the Fed meeting. There's still very little conviction in the market.

The idea is that interest rates will affect the old-economy companies more, because they are more interest rate sensitive. You will probably have less of an effect on technology stocks, and there is a lot of bargain-hunting going on. I think investors are a little more comfortable coming into these blue chips down 30 percent.

The 10-year bond looks like it's headed higher, so I think the feeling is starting to pervade Wall Street that economy's fine and interest rates are heading higher. But the market has (also) been choppy and struggling with some key technical levels.

All eyes will be on Microsoft to see where they come out based on the Goldman (Sachs) downgrading.

The ability of Intel to come out and say a 'no worse than expected' story pleased the market. There are many other corporations in technology that are in that position so that if the slowdown is just a slowdown, there's good upside in many of those issues.

All eyes will be turned to the Fed. The market will be driven in and around the Fed meeting ? it could be a sell on the story because 50 basis points (a half-percentage point) is already built into the market.