The minutes didn't change the outlook for the interest rate moves priced into the market. The Fed is expected to raise the funds rate at least two more times unless economic data is released that will change this assumption.

We are starting to see a change in consumer behavior. Consumers are cutting back because of high prices, rising interest rates and signs that the housing bubble is ending. Prices have probably begun the long steady process of grinding lower.

Today's number is a sign of slowing ahead. But that's not a negative thing. With the dramatic price appreciation we've seen, we don't want to see a runaway market out of control.

The bottom line is that it's best to look at what the companies are actually doing rather than pay too much attention to what they're saying.

You just can't have 30 percent growth every quarter.

Everything changed after 9-11. There is a panic premium in prices today, driven by perceptions that supply and production are centered in countries that could fall into political turmoil.