Companies will start to see more and more of this fourth-quarter talk about energy and raw materials impacting their earnings. Earnings and the economy may slow down in the third and fourth quarters.

There's been concern about how much higher oil prices will be felt by consumers, but people are now more optimistic that the year end will play out just fine,

In an industry that's having difficulty, even just a three- or six-month travel slowdown can exacerbate problems, ... But in general, there has not been much effect on earnings or profits of specific stocks or sectors. The key issues this year -- interest rates and oil -- remain the same.

It looks like a perfect jobs report: not too much strength this month, reassuring strength from last month, smoothing it out over a few months' moving average. It looks very comfortable. It's hard not to feel good about stock investments here.

In general, oil has been around $60 or below, and I think the market definitely takes heart from that fact, when it doesn't seem to climb past $60.

Acquisition news is quite positive because it indicates a looking-ahead and willing-to-spend mentality. This expansion is 2-1/2 years old and the consumer has more than done his or her part. Now is the time you need corporations to be willing to spend their very good earnings and their tremendous cash balances.