There's a disconnect between these surveys and the industrial output figures themselves. It may be that things were down for so long in manufacturing that any improvement looks strong in the eyes of the manufacturers, but the level of output remains rather low.

Today's manufacturing output figures were mediocre and disappointing overall,

Artists themselves are not confined, but their output is.

There are things to watch later this week. Monthly CPI data is due on Friday and industrial output data on Wednesday.

With Greenspan next week, if there is any sniff that maybe they are coming close to the end of their tightening, then maybe these flattening trades are not going to pay off as much as they have already, and that is why people are being a little more cautious about the flattening trades.

Consumer spending was really slowing down a lot in August and September. We're entering the fourth quarter on a weak note.