People have been looking for reasons to buy. There's so much money around and that places the bias in the market on the upside.
I think people are just not going to respond to what the Fed does if it's only 25 basis points (a quarter point). In order to have any kind of impact he has to change people's actions, he has to change what people do.
I think what people will begin to focus on is earnings going forward.
The defense sector has had quite a run over the past 18 months. As people start to anticipate a war scenario, we're seeing a little froth in these stocks.
Cisco reports tomorrow (Tuesday) and Cisco is the 800-pound gorilla of technology nowadays. People are reasonably confident that it ought to be a pretty good number and that has set the tone for the tech group as a whole. More than half of the Dow's gains are in technology stocks.
Cisco is the 800-pound gorilla of technology nowadays. People are reasonably confident that it ought to be a pretty good number and that has set the tone for the tech group as a whole. More than half of the Dow's gains are in technology stocks.