Our intermediate-term 'strong buy' rating for Intel stands -- first-quarter PC inventory rebuild should temper seasonal weakness.

The headline (number) was clearly disappointing, but it remains to be seen whether weakness in the Philly Fed will be reflected in the national ISM index and whether this is a temporary phenomenon or a more permanent decline in the business outlook,

Any reading at or above 61 percent generates 'sell' signals, whereas any reading at or below 50 percent generates 'buy' signals. The model remains well into 'sell' territory.

Though financial stocks rebounded Friday following a punishing several days, we think investors should remain exceedingly cautious and should not yet aggressively build positions unless they are geared for the long term.

Financially, there might be reason behind the madness.

We believe this configuration has lasted so long it may be having a beguiling effect on the market. And with no obvious catalyst for a reappearance of volatility, the obvious risk is that investors take this stability for granted.