Economic figures for September will be difficult to read - whether the government data agencies adjust them for the September 11 attacks or not. There is no doubt the figures will look recessionary. However, it will be important to interpret the data cautiously. We've already seen some preliminary evidence that October figures aren't continuing to decline in the same way as September.

Apart from economic reports, market players will be impacted more forcefully by rumors, given the heightened uncertainty. FBI alerts of potential attacks will only add to the jitters. Additional situations like the anthrax case found in NYC will add to the uncertainty. The U.S. is in unfamiliar waters these days.