One cannot deny that Katrina ironically may have had a positive effect on this index because of the big surge in orders.

Clearly Greenspan's luster has dimmed, and there's this worry that he's fired a lot of bullets and the bullets he has left won't do any good.

[Yet while sentiments are that small-caps will rise as long as large-caps remain strong, some on Wall Street believe the bull market has a limited outlook for the near term.] Let me put it this way, the market is more likely to be down 10 percent (in a few months) than up 10 percent, ... But I don't look for any big correction.

That, combined with no job growth, makes it harder and harder for the Fed to pull the trigger in an election year.

I wouldn't make a lot out of those figures.

Yet another survey of the economy is suggesting sustainable strength. Rates backed up a little because of this report, but you're treading water a bit because of payrolls data lurking on Friday.