Oracle stock got slaughtered Friday after the company announced net income and operating margin growth big enough to choke a whale. Analysts, looking for bad news, found it in sales of one product line, in the form of lower-than-expected sales growth. This market is downright treacherous, as it fears more third-quarter profit warnings and watches oil prices surge. The Nasdaq is back in the basement, and the only stocks that looked good were those in interest-sensitive sectors.

Everywhere you look, economic indicators are pointing to a slower economy with minimal inflation. Thanks to fluctuations in energy prices, the Producer Price Index and the Consumer Price Index actually dropped last month. Ignoring volatile food and energy prices, the PPI only rose 0.1%, the CPI, 0.2%. Just about every other number said "slowing", so now some pundits are calling for the Fed to cut interest rates. Up or down, nothing will happen before the election.