The market is going to sort of tread water until we hear the results of the (Fed) meeting and what the Fed has to say about their decision. That's the 500-pound gorilla of events next week.

I think they'll (the Fed) move at the meeting but I think the market is grasping at any straws you can twist into an optimistic story.

I think the market tends to rally in front of a Fed meeting, ... I think what is going to happen is no action (to raise rates), hawkish comments and the rally fades, because what you then have to turn your attention to is what will earnings be. If growth goes from 5.5 percent to 3.5 percent, earnings are going to slow.

I think the Fed knows that a pause at the upcoming meeting would upset the market by sending the message that the Katrina impact is really bad.

The wording underlines that the Fed is obviously worried about a sharper economic slowdown than the market had anticipated, ... I think we're on track for three one-quarter-point cuts from the Fed in the first half of next year.

The markets will obviously tread water, but we could see some buying on weakness.