There's this almost universal sense that we're in this big cap-ex spending cycle and the big stocks should be moving on that, but they haven't been.

I'm left with the sense that this is a trading-range market, not a larger decline. The major averages are now coming down to their late August lows, which are presumably the low end of this trading range. There wasn't any real sign of a reversal yesterday, but support is nearby and downside leadership is poor.

It really isn't a beauty contest between big-cap and small-cap stocks that the small caps eventually win,

A new Fed chairman is an unknown and as such offers nervous investors an excuse to sell.

Neither bulls nor bears seem to be making any headway, unless you look at the Dow.

Longer term I'm bearish, but I'm pretty optimistic for next week.