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That's likely to remain the case until we start to resolve a few of the issues overhanging the markets include interest rates, energy prices and the strength of the economy over the next several months.

Looks like the stock market has gotten off on positive footing after yesterday's broad-based decline. We're seeing gains in eight of 10 S&P sectors. The data that came out so far was pretty much in line with expectations. Looking ahead, investors will be keeping an eye on auto sales.

Earnings for the fourth quarter have generally met or exceeded expectations. We've seen solid reports from a number of different industries, with strength not just in energy, as in previous quarters in 2005.

You can't blame it all on energy because the trade deficit excluding petroleum rose faster than the overall deficit. The main culprit once again continues to be that imports are growing faster than exports.

All three major tech stocks that reported after the bell yesterday beat estimates and raised guidance, and were certainly a positive shot in the arm for tech investors.

The tone in the market is a little better. We saw strong gains in Japan as they move toward an end to quantitative easing.

Texas Instruments' numbers were broadly in line with estimates, but there may have been some disappointment that they didn't raise the high end of the range.

With the Dow and Nasdaq having moved up the way they have, it's only normal to see a bit of a pullback from time to time. But you still have a lot of seasonal factors to come into play. November through January has historically been great for stocks, and I think it will be almost a self-fulfilling prophecy as investors start trickling back into the market.

The markets so far have been unable to build on yesterday's gains, and right now are being held hostage by the bond market. But we are seeing some strength in semiconductors, energy stocks and some of the metals companies.