We're almost in a win-win situation here, I think, because you're out of that dismal earnings season for the most part with all of those pre-announcements. If we can just stop hearing negative news from corporate America, at least until the Fed meeting, I think we'll be okay.
In the face of really bad news, the markets are holding up pretty well and I absolutely believe this bad news is in there. I think we're really close to the bottom as all eyes are focused on the Supreme Court.
There just doesn't seem to be a lot of direction. A lot of us expected more of a sell-off this morning, especially with the news about WorldCom. I think the general consensus is more bullish than bearish.
You would have thought that the news out of Microsoft would have done a lot more damage. The bulls keep trying.
In the case of the tech sector, I think they've been so beaten up that I don't think there's much more negative news that can hurt it.