Sign of a recovery in the manufacturing sector? Could be, but it seems wise to wait for further signs, especially from consumers, before getting irrationally exuberant. (Speaking of which, Alan Greenspan's comments in Jackson Hole, Wyo., included nothing that would move the market in either direction.) In any case, the quick gains faded almost as fast, as the move looked like nothing more than short-covering. No surprise, and not seeing much in the way of "real" buying. And I've got a hunch that I might be as lonely as the Maytag repairman.

I had thought that the University of Michigan's consumer confidence poll would have the greatest impact on trading, as I hadn't anticipated a significant upside move in the Chicago PM report. I'm a bit surprised at the overall consumer confidence reading of 91.5, less than expected and down from July's final reading of 92.4. Most disconcerting of all was the significant decline in the expectations component, which declined to 85.2 from 88.4 in July, even as the present situation reading rose to 101.2 from July's 98.6 level. Can one realistically expect a recovery in manufacturing if consumers rein in spending? Didn't think so, which perhaps explains one reason why Friday morning's surge lacked any staying power.

The Philadelphia Stock Exchange Semiconductor Index was lower until after Friday morning's data, as Novellus (NVLS:Nasdaq - news - commentary) had warned after Thursday's close. The SOX then moved slightly into the green, but the equipment stocks were still lower. With the fundamentals and technicals still bleak, traders might use the bounce as an opportunity to initiate or add to short positions. Same with the retailers: Home Depot (HD:NYSE - news - commentary), Lowe's (LOW:NYSE - news - commentary), TJX (TJX:NYSE - news - commentary), Walgreen (WAG:NYSE - news - commentary) and Wal-Mart (WMT:NYSE - news - commentary) look weakest in the short term.

As we head into the noon hour, it looked as if many traders were heading out for the beach. It's going to be painfully slow Friday afternoon, and looking for bounces to sell appears to be the only worthwhile reason for traders to hang around.

The major market measures were all in the green but retraced about half of their spurts. The Chicago Board Options Exchange put/call ratio was a surprisingly high 0.97 at 11:30 a.m. ET, a good sign for the bulls, and if the market does weaken Friday afternoon, we could see readings above 1. If that's the case, I think it would be wise for traders who stick around to cover some shorts. I expect to see a decent rally Tuesday, which would present a more attractive and liquid opportunity to sell 'em again.