We've had a little bit of a relief rally because the ISM was softer than expected, but the prices paid were higher so it's hard to get too excited about it one way or another.

ISM prices paid came a bit higher than expected and that stoked some inflationary concerns. I am bearish on the market right now for two reasons -- the Fed has indicated it's going to keep raising rates and there's been recent evidence that gas prices are beginning to weigh on consumer spending.

The rally is clearly influenced by the ISM number,

We had a bit of a relief rally. And perhaps there's the sense that the Fed is finished for now.

We'd get some sort of relief rally, ... And then we'd have a sobering up.

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