I'm encouraged. You get a strong rally for a few days, a couple of days of selling so people can take some profits, then new buyers come in at the lower level. That's the classic definition of an uptrend.

The statement wasn't that negative, but it was a bit clumsily worded. They reminded people of the dangers.

The fact that we are grinding higher shows that people are getting more confident.

People are frustrated. The pattern has been a couple of days of rallies on a little good news and then it fizzles out. There's no reason to make big commitments with all of this unresolved. The hope now is that we can dig in our heels at key support levels and find some balance.

There's a lot of skepticism among professionals that too many people are trying to jump in -- so it could be a sign of the top.

I think we'll consolidate around these levels, maybe pull back a bit next week, but nothing much.