Bush's defeat in the Senate on tax-cuts is a victory -- the question is: what kind of victory?

Markets have been a lot more resilient than embedded Wall Street pundits appreciate.

The war comes first. Nevertheless, the market underestimates the chances for pro-growth tax-cuts.

Warning: data in the rear-view mirror is smaller than it appears.

With war-fear trades unwound and the Fed still committed to fighting deflation, gold has more upside than downside.

The market doesn't want to wait for Bush's tax-cuts -- but a rush to cut a lousy deal is even worse.

It's back to business for the economy and for President Bush.

The shape of possible tax-cut compromise is beginning to emerge from the fog of legislative war.

The market's awakening isn't about last quarter's earnings -- it's about the gradual return of the preconditions for growth.

If the administration is going to sell its tax-cuts, it had better change its pitch.