I think now that that is digested, people are looking at some reasonable values; our view is that crude oil prices are going to remain high.
Earnings growth for the S&P 500 continues to be robust, and could end up beating north of 10 percent for the year.
Profitability in the first-quarter and beyond is going to continue to be strong and the broader economy is clearly in a recovery phase,
People have been concerned that Intel's margins are in contraction mode, so what they say about that will be noteworthy.
I think the stock market is digesting a very strong end of the year.
The biggest concern is how high the Fed will go with rates. That's clearly destabilizing the markets and causing choppiness.
Gas prices are going to keep rising and that's going to have a negative impact on consumer spending and consumer sentiment.
Consumers are going to be in for an ugly winter, heating their homes and fueling their cars, ... As a result, consumer spending in other areas is going to change.
The stock market is hoping that the Katrina effect will cause the Fed to stop its campaign, or at least pause, until it becomes clear just how big the impact of Katrina is on the economy.
I think Greenspan basically said the obvious, that long rates are too low and against his desire for the economy to grow ... His comments indicated that the Fed will remain in a tightening stance and that we should see further raising as the year progresses.
