The market's at the top of a range here. The earnings reporting period basically ended with Dell and now the market is waiting for a new catalyst.

Next week is the big one for earnings. You've got Microsoft, Intel, all the banks.

Markets are going to drift in this range ... until corporate profits and GDP (gross domestic product) start to improve.

Earnings have been much better than we expected, so I'm guessing the Nasdaq situation is purely a result of Dell cutting its outlook going forward.

Dell is a company that I think may have some value here but as its earnings growth comes down I think investors are looking at a multiple closer to where earnings growth rate is starting to show signs of bottoming out.

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