[The rise in energy costs caused by Katrina is] going to start taking money out of people's pockets that they would have spent on something else, ... Look for the (impact) in the earnings of discount retailers, restaurants, and travel sectors - start to look for GDP to be impacted.

Hans Olsen

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It's mostly just celebrating that Rita didn't turn out to be as devastating to the Gulf as feared, and energy prices are down, ... Almost all sectors benefit because people have more money to spend.

We are starting to see the bite from some of the risks that have been lurking in the background, like oil. I think it's going to continue to be tougher for this market to do anything positive.

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If the number is 50,000 above or below, that's a variation where you'll see a reaction. If it's below, then people will right away start talking about what the revision will be next month.

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The big guys, they won't touch that with somebody's else 10-foot pole, let alone their own.

This really is an impressively durable market, but there's so much more to come later in the week. Ask me later in the week, and we'll see where we stand then.

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