The market is just reeling from all the impediments ahead of it. There doesn't seem to be any meaningful reaction to any news on the earnings front or meetings that company's are offering to tell you that things are not as bad.

The reaction [to the Fed minutes] was very emotional, and it is still undecided whether 5% is the end. We look at gold and commodities. These are inflation indicators.

It's going to have to be the third-quarter earnings to save the market.

A lot hinges on the numbers. If they're good, the market rallies. If we get any suspicious numbers, or more accounting-related stories coming into the fray, we're looking at lower prices again. It's a time of caution and some confusion.

The market is waiting to see the earnings because that is your first catalyst in the market that can possibly dispel the slower-than-expected growth that the market is anticipating. The market is very split today. People are just looking for reasons to own some things and reasons to sell others.

Your first set of pre-announcements are usually your most dramatic and affect the market the most. The last set of pre-announcements have less of an effect upon the market because it is more built-in than at the beginning of the month.