We're seeing some cautious trading right now, but the volume is decent, the momentum is on the upside and traditionally, this is a good week for the markets.
We're seeing a cautious market because of the Fed meeting. There are a lot of events the markets need to sort through, and the most important one is Mr. Greenspan.
We have here a cautious market, and it will continue to be cautious until we get through some major data and Greenspan's testimony on Capitol Hill. Also, investors were taking profits from last week's rally.
It's a cautious day at the end of an up quarter, ... I think we'll continue to see caution next week as we await the start of the third-quarter earnings reporting season, and look at some of the key economic numbers, particularly the unemployment number Friday.
The two reports don't constitute a change of direction for the economy, but they are negative enough to make investors feel more cautious about the recovery.
All in all, I think we're looking at a mixed reading in economic data but pointing to growth ahead. I think it'll continue to support a bullish atmosphere. Right now we're just looking at cautious trading ahead of the numbers and due to Europe being a little soft.