It looks like a lack of bad news has brought out a little short-covering. It's a respectable open after the last couple of days we've had, but I'm hard-pressed to call it any trend.

Looks like the dead cats aren't getting as much of a kick as we were looking for. We're seeing a month of consolidation in a historically challenged month of September.

We've been arguing that rallies are suspect until proven otherwise,

Rallies have been suspect until proven otherwise. You have to see a few more days to see a trend building.

Earnings have been good, but we're priced for perfection. The bulls want a stronger wine to keep the party going.

We don't need a cause and effect here. We have bear psychology gripping the market so there's general apathy toward taking positions -- rallies are viewed as short-lived and trader-oriented.