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

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.

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

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.