Bryan Piskorowski Good Quotations

But it's going to be a quiet week. A lot of people are on vacation, there's little in corporate reporting or econ data, Congress is still in recess. We lack drama right now, which means we're going to be left to our own devices, which could be good or bad.

We ran 8 percent in four sessions, and now we're giving some of it back. It's just good old-fashioned, healthy profit-taking more than anything else.

We're hoping for the 'bad news is good news' syndrome -- that we will continue to see signs of a slowing economy and that will make the Fed more accommodating.

Ultimately what we're trying to come to grips with is the fact that we understand that second-quarter earnings are not going to be good but the timing of a recovery is hanging over our head. We'll get some forecasting, looking out, but it's what those forecasts say that puts proof in the pudding.

For the Fed, the productivity numbers and the very well-restrained unit labor costs are good news, confirming that they didn't have to take action to pace the economy.