It's the Wednesday before Thanksgiving, there's no one here, desks are half-staffed. There are going to be even less people around Friday.

Bonds finally showed a little reversal. We put in a high on the long-terms and then dipped off of that. I think the big bond funds came in and started taking profits after the recent run. The real test will be if we can hold these levels.

People are looking for more clarity in terms of Iraq, interest rates, oil prices and the dollar.

If the rate increases do stall out at 5 percent, I think there's still tremendous upside room for this group of stocks. Rates will be a very key metric that's going to determine whether these stocks make new highs or pull-back.

We're flirting with key technical support levels. Markets rally but then can't sustain. There's continued nervousness about accounting and corporate profits, but no catalyst to move us out of it.

It's been a steady, slow grind down, the same thing we've been seeing for weeks, ... You have the financials getting hit hard on the Enron stories and concerns about debt. Citigroup is heavily weighted and it's having an impact on the rest of the sector.