The FOMC keeps a low profile, and QE2 becomes business as usual.

Not a buy, not a sell. The best bull case has weakened, but other upside factors are in play.

We didn't abort the recovery from the Great Recession -- now, some modest expansion.

After the 4th-best December in 110 years, stocks haven't gotten ahead of themselves.

ADP's crystal ball turned out to be cloudy. Jobs growth will have to wait for 2011.

The Fed won't go broke (at least not on paper), and rising rates won't squelch growth.

Misses at three big banks haven't changed the overall earnings outlook.

Why has gold dropped $100 when everyone's suddenly worried about inflation?

A slight growth upgrade, a hat-tip to inflation, and no dissents -- overall dovish.

Stocks are not vulnerable on value or sentiment, and Egypt is likely not a systemic risk.