We may see some of the capital expenditures spent this year were more or less pulled through from early 2005. All these tech purchases would have been done anyway but they've just been moved forward.

It's been a rough week, and at the end of the month, a painful round trip,

Regardless of whether this upcoming release shows inflation today, given the supply shock to oil, we're expected to see inflation move higher in the next few months. It would certainly put a fork in the concept that the Fed has the opportunity to pause.

Markets don't make a top and then slide, topping is a process. Typically markets make an initial top, back off, try to surpass it, and can't do it.

We were in this post-election trading range from November to April, and that broke down. The bull market has at least one more major run in it, but I think it's probably going to be sometime over the summer, when stocks get appreciably cheaper.

The concern is that if a lot of the gains are in energy, that's good news for energy, but not necessarily good news for the economy.