If we continue to see the trend slowing and we get better (economic) numbers, I think the Fed can take a pass at the end of the month and wait until August.
It's another piece of the ongoing trend of a slowing economy, ... The credit tightening cycle is nearing an end and we have the equity markets celebrating that.
We have to get used to the fact that the emergency level of the fed funds rate is behind us, ... The sooner we become cognizant of the fact that the global economy won't be crushed and corporate earnings won't roll over, the sooner the market will fight its way to trend higher.
We really have priced in a lot of bad news. Even if we continue to see a string of (negative) pre-reports, at some point in time, we're going to start to trend higher.
This is more of a technically-driven rally. If the news is positive for the rest of the week, we should trend higher, but not enough to set any new record highs.
You can't have it both ways -- the economy can't be strong and have us worrying about revenue growth going forward, so it has to be the trend is slowing and how much that affects equity valuations going forward.
The larger trend remains to the upside, but its hard to say whether we'll see gains in the short-term,
I think the Fed's going to lower by 25 basis points and I think the trend is going to show stabilization and a pick-up in growth. The current data is not going to look terrific but there will be signs of stabilization.