Bond yields are trading at their highest in seven months, and that's brought back some inflationary concerns.

We need to see a decent number of earnings coming through with good numbers before we see the market able to hold a rally.

The increase in oil prices as trading started this morning took away all the incentive to buy stocks. With oil going up again and a Fed meeting tomorrow, investors are being very cautious. Demand today has dried up.

The outlook for technology companies remains strong and demand for shares in the sector helped lift stock indexes late this afternoon.

This morning, we were able to sustain momentum somewhat off of some good earnings reports. But the pattern still hasn't broken entirely that people are looking to sell into the rallies. The concerns continue to be inflationary.

In a normal week, these numbers would be positive enough to trigger a rally in stocks. But with the two hurricanes, oil data has become very volatile and the same has applied to the stock market reaction to the data.

Boy, we've been waiting for this. The feeling is that the market does not need further rate hikes and that the Fed will react accordingly.

This morning, the market tends to be looking past that a little bit.

Consumers are beginning to feel the impact of higher oil prices in their pockets. Less confidence means less spending and no wonder we have been seeing shares of retailers and banks faltering.