Large parts of the market have done well away from Microsoft, although it is driving both the Dow and Nasdaq Composite lower because it is such a large part of both indices.
The primary focus of the markets right now is when and if the Fed will stop raising interest rates, to the point that equities are rallying right now with crude oil almost at $65 a barrel.
It's a continuation of the rally we've had from earlier in the week, which was prompted by the release of the Fed notes. Today's lower-than-expected employment numbers have continued the rally.
The market is still very concerned about interest rates and is going to be extremely sensitive to any information that points to interest rates going higher.
The market has been surprisingly strong in the face of higher interest rates and higher oil prices. If this continues, will the market continue to ignore it? I think not..that's going to bite and that will affect the equity market at some point.
There was a lot of hope that we would see a break in oil.
We've got a fairly nice rally going and I don't see any reason why it would discontinue at this point.
Today we've got interest rates moving significantly lower and that's prompting a rally in equities. The productivity data was the main impetus.
The continued decline in crude -- that's probably the major reason why the market is rallying. It's a very easy way to look at how the market's viewing international tensions right now.
There's a lot of issues and questions in front of the market, but I don't think there's going to be an easy resolution to any of them, or a quick resolution. I think a lot of people are frozen until they get a better idea of what it all means.
