Technically, today looks bad as far as market action goes. It reminds me a lot of late 1999 to early 2000 when people thought the good times would never end. Now they think the bad times are never going to end.
Right now, anything that points to a slowdown in the economy and is less inflationary is good news, ... The market wants data that's modestly positive.
The attention focuses on higher profile misses, and we had a couple early in the season. Since then we've had some good numbers.
This is really what we needed to keep this rally going. The Fed seems to be recognizing that there may come a time to stop raising rates, and that's very good for stocks.