The market is really waiting for a little relief in terms of interest rates moving higher. Once we get that relief of the Fed being done, you'll see the market start to concentrate on fundamentals and the fact that we're still going to see pretty good earnings growth this year.
Growth going forward is becoming the big issue for stock investors. Things are still OK on the earnings front, but some companies are beginning to be more conservative with their guidance.
Economic growth has been modest but positive, but what does it mean in terms of Fed action? Too strong of data is almost going to be viewed as a negative, especially if it's showing an overheated economy.