Investors remain skeptical of the rally that began in April. Therefore, the rally could restart.

The whole tech sector jumped after the IBM announcement and it may spark a rally tomorrow. But it's one piece of good news. Could the impact be erased by a subsequent piece of bad news between now and tomorrow? Sure.

A new Fed chairman is an unknown and as such offers nervous investors an excuse to sell.

There's this almost universal sense that we're in this big cap-ex spending cycle and the big stocks should be moving on that, but they haven't been.

Neither bulls nor bears seem to be making any headway, unless you look at the Dow.

Longer term I'm bearish, but I'm pretty optimistic for next week.