It was a respectable day. But after the (Fed) decision tomorrow, I think we can do better. I think the Street is braced for a no-rate-cut, no-rate-hike move from the Fed.

We are in a bit of a vacuum with the long three-day weekend coming up. Tomorrow will be a vacuum kind of day.

As to any decision it's premature at this point. I'll just take it one day at a time.

Rising long rates threaten the bellwether housing industry as well as consumer spending. The higher [bond] returns begin to compete with stocks for institutional affection.

The bottom line is really the bottom line [on income statements] in the stock market and earnings just don't look good. The jobs data wasn't terrible but the economy has run into a wall. Basically, there's nothing to churn the market to the upside. And another 800-pound gorilla in the room is Iraq.

I think the market has done quite well in what is supposed to be the worst month of the year, but at some point you're going to run into an overbought condition.