The Fed's rate decision is often a turning point for the stock market, at least for the short-term, and this time the focus should be on its balance sheet policy where the Fed's actions continue to contrast with its statements.

Jesse Livermore taught us that disasters take time to impact stocks in a bull market and you don't want to sell too soon.

More money came into the market last week than any other time this year and, while there were buyers across all groups, most of the money went into the Earnings Momentum stocks.

The strong guidance given during the month is more consistent with the start of a bull market than the end, and early employment data suggests this Friday's jobs report will give confirmation.

The bottom-line is there are a lot of topping indications, but no confirmation yet even though a very strong earnings season failed to live up to lofty expectations.

Just a reminder - leading indicators still say we should be sellers of volatility.

Unusually cool temperatures for most of the U.S. in August brings much needed relief to the retailers just as they begin reporting earnings this week; but it may also be a sign that Greenspan's bubble is about to unwind.

The trend remains our friend but post earnings moves have been reminiscent of the summer of 2007 and now early employment data is showing weakness for the first time this year.

Upside revenue surprises are their highest in nearly six years, yet investors don't appear to be buying into the rally.

The overall market remains trending higher, but evidence favors the Staples this earnings season.