The markets obviously liked it. For a day.

The market was down so far so fast recently that I don't think it takes much to get a bounce here. Investors were just determined today to be optimistic.

The undertone to the market is still somewhat positive. The economic data shows that we have bottomed. It's what allowed markets to recover in early January. But the accounting issues are here to stay.

The majority of earnings have been good, but there have been some misses and the market has reacted violently to them. This is a week that has put me on alert.

However, expectations for this quarter in general are so low that it will be fairly easy for companies to beat and that can give us a short-term boost. But will it mean anything? Expectations for the subsequent quarters are still too aggressive and unrealistic.

I don't see anything fundamental that's going to reverse the market's direction. We're going to get a lot of red flashing on our screens.

I don't think there's any fraud there, but they're the king of creative and aggressive accounting.

I don't think there's going to be enough bad news in December to send us lower. My guess is we go up through the end of December and we meet our day of reckoning sometime in the new year.

I can't stand the dollar. There's nothing that's going to save it and it's going to get worse .

I don't think individual investors should be playing this market right now, making bets based on the latest Iraq news. Once the war ends, we've got underlying fundamental issues that will return to focus. The war is not the reason the economy is having trouble. Fundamentals have gotten worse since the beginning of the year and yet the market has gone higher because of the focus on Iraq.