Earnings have been much better than we expected, so I'm guessing the Nasdaq situation is purely a result of Dell cutting its outlook going forward.
There seems to be a lot of uncertainty about what the Fed is going to say. It seems a little early, given the meeting is next week, but I do think people are just waiting around for better news.
The economic news has been very good, but the Fed remains somewhat of a mystery. It's the same problem that's really held us back all month and it'll continue to be a problem until we get some more clarity from the Fed.
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.
They'll raise a quarter-point today and in December, but it would not surprise us if there was some sort of language change that they're near the end of rate hikes, ... It will be a headwind for the market until we get some sort of indication about being at a neutral rate.
It just hammers home to the Fed that the economy is slowing and they need to stop raising rates.
