Certainly energy continues to do well, but technology has also attracted increasing amounts of funds, and we're seeing growth stocks start to perform better than they have for some time.

It will be all the disappointments that attract everyone's attention. They will get the headlines, but the underlying strength of the market will continue through this quarter easily.

There have not been any big blips in inflation (so far this year).

There have not been any big blips in inflation (so far this year),

What the Fed is telling us here is that they are not of the mind to put so much tightness on the economy as to jeopardize modest growth in the year ahead, and the market is taking great delight in that.

The fear that the Fed will continue well into 2006 has been dramatically reduced, and that's why equities look so good.