Accounting and other issues are still overriding the market. There have been some reasonably good economic numbers but the earnings situation hasn't gotten as good as it could. You could make a case for the bull and the bear.

The market opened higher, after some good economic numbers. However, we're seeing a pullback due partly to volume being lighter than usual.

Markets are basically in a holding pattern. We had some good economic numbers, but it's Friday ahead of a long Christmas weekend so people aren't going to make much a commitment.

The market is now focusing back on earnings. We're almost through the earnings season, but it's disappointing, so the markets are going to muddle around here. We still might make a moderate recovery high in the rally then we're going to go back into the trading range and get through the next couple of months.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

Anyone who thinks there's safety in numbers hasn't looked at the stock market pages.