Durable goods was June data, and what we really care about is July data, ... There is also this bearish impulse to the market, because people are looking ahead to next week.

Summer has no day,' she said. 'We can't possibly have a summer love. So many people have tried that the name's become proverbial. Summer is only the unfulfilled promise of spring, a charlatan in place of the warm balmy nights I dream of in April. It's a sad season of life without growth...it has no day.

The question is -- and this is why the market hasn't reacted too negatively to the durable goods report -- is whether businesses ... will continue to spend given the risks to consumer spending posed by high energy prices.

The fact is orders just hit a wall in June and July.

almost counting our chickens before they were hatched around June, July.

The market is making a concession for ongoing strong data.