They're still very decent, solid numbers and show no threat to the expansion. They're just not as strong as they were.

The market was too sanguine about the Fed moving to the sidelines at the end of the year or under a new chairman. They're going to keep tightening until they get a break in the inflation rate.

There's going to be massive reconstruction in the Gulf region in a couple of months,

You have to borrow $2 billion a day to fund that. It's an imbalance that's unsustainable.

We will likely see quite a reversal of the January surge in housing starts during February as a mid-month blizzard blanketed the East Coast under heavy banks of snow.

We've had two days of gains to start the year. I think this day is going to be the day for consolidation, and we are in front of tomorrow's payroll numbers.