Clearly, the people who are buying growth stocks are saying the good news from a series of interest rates in the U.S. and Canada will mean inflation remains under control. The overall sentiment today was basically optimistic.

Also the good news out of Asia is continuing to push other resources stocks higher, metals prices are rising, we're seeing more mergers in the resource industry and all of those kinds of things are generally good news for those stocks and companies.

People are selling everything, and that is different because it suggests a lack of attention to which companies are going to be fine. This could be a good sign for the market to start moving higher, not necessarily tomorrow, but as we get toward the end of this.

There is buying this morning on relief after the interest rate news but people are hesitant to go all out because the focus is shifting to what Taiwan's new president will say in his inauguration speech at the weekend.

This would be the wrong stage to be suddenly raising rates a lot because the reaction to the earlier rate increases just hasn't occurred yet.

I think we're going to see a lot of volatility as the market tries to sort out where the new leadership will come from.