We got the worst possible scenario today: no rate cut, but confirmation that there is weakness. However, I don't think anyone should be surprised by this.
I think what we've done is started a good, healthy pullback for a while. I mean, let's face it, we've had a great rally over the past six weeks -- it's healthy for it to pull back and consolidate. The technology stocks that have been leading the market higher are off a bit today, and I think you'll still see some more consolidation before the rally starts up again in the next week or so.
The market next week has got to prove itself. The market's got to digest this and turn higher over the short term, otherwise we're going to go back to test the 8,400 level on the Dow, and about 890 on the S&P 500.
I think people are waiting for the dust to settle. We've had so many issues to deal with over the past year that this one day and a great start to the quarter -- it gets us off on a good note. But I wouldn't necessarily put a tremendous amount of stock into it as changing people's psyche on the markets.