I think the momentum of the market remains positive, but it's starting to slow.
The inflationary news today was extraordinary. Even though we are seeing upward pressure on wages, it's not overwhelming. We are seeing some upward pressure on prices, but it remains very benign.
The election is another element of ambiguity, ... and oil remains the crucial variable.
As long as the price of oil remains above $65 a barrel, investors are going to be very guarded and volume low.