Unless we get a negative surprise on a piece of economic data that's really out of the ordinary, then it's going to be a subdued week with the Fed meeting right around the corner.

The market may not be able to overlook Intel's warning, but the fact that it's able to absorb the negative news without a steep price decline is a positive signal.

The whole tech sector jumped after the IBM announcement and it may spark a rally tomorrow. But it's one piece of good news. Could the impact be erased by a subsequent piece of bad news between now and tomorrow? Sure.

The New Zealand dollar continues to find friends. The less negative tone of the most recent economic data and a growing realization the Reserve Bank will probably not be easing in the near term have lent support.

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

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.