If you have read me for any length of time, you know I am less than enthralled with much of what passes for financial news.
You want less of the annoying nonsense that interferes with your portfolios and more of the significant data that allow you to become a less distracted, more purposeful investor.
When you see a 250-point spurt like that in less than two months, that's not sustainable. What this pullback is doing, and I think will continue to do, is bring us back to a more sustainable level.
We may see some of the capital expenditures spent this year were more or less pulled through from early 2005. All these tech purchases would have been done anyway but they've just been moved forward.
Every buck that they are forced to spend elsewhere is that much less money (spent) on other issues. With technology it may not fall dollar-for-dollar, but you have to think that it's going to pinch a little bit.
The bond market is far less sanguine about the economy than the Fed is. They are essentially saying we don't see that much strength.