We are at a major crossroads here. If we are unable to break out of this trading range to the upside soon, then there is a danger that we could quickly slide back down again to the lows.

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.

We were at a crossroads, whether we were going to have to doze it in or do some major repairs.

The market has been in this trading range for a while. The market is now digesting all of this economic news. I believe we're poised for another good run in the market.

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.