The market is reacting to disappointment in some of the earnings reports and also to the stronger-than-expected economic data that came out.

The market has been stuck in a very tight trading range for a month. Yesterday's NYSE volume of just over a billion shares makes me nervous. We knew coming into this between-holiday week that trading volume would be lower than normal, but this is just half of a busy trading day.

The market may not be able to overlook Intel's warning, but the fact that it's able to absorb the negative news without a steep price decline is a positive signal.

The market strength is good right now, but when I look ahead, I'm feeling rather torn right now. My forecast this year is for a bear market, but for now, I'm willing to give the bulls the benefit of the doubt.

The market was ripe for some good news to provide an excuse for the rally. If it wasn't (Greenspan), it would have been something else.

The four stocks you are adding have done much better than the four you are taking out, and they have much better prospects.

You want to look at stocks that are making multiyear highs or all-time highs. Those companies have a lot of support out there in the investment community. People think these companies are doing well, but if you want to buy a stock that's up from $1 to $3, maybe they survive and maybe they don't, that's just a riskier approach.

The chart looks awful on Intel, ... It may be a great buy but it's too early to see.

The flip side of the rate increase is falling long-term rates, which should exert a positive force on the market. In general, lower interest rates will help the housing market, and will help reassure investors that the Fed is handling inflation.

These hearings have an impact on investor psychology, they make people nervous, and that's why we're having a rally at the close.