Even if a trading halt were put in, it might be 'something to do about nothing,' ... This is an orderly drop, rather than one filled with panic.

We're still three-to-four weeks away from second-quarter earnings reports and there's nothing really to light a candle under stocks,

Techs have gone from terrific to tepid to terrible,

Apache has outperformed the market. It's up 9.8 percent so far this year, ... Apache is a driller that also benefits from increased business overseas. That means that the lower dollar is a benefit to them. They've got a big find in Egypt. It's an independent oil and gas company that I think has lots of room to run. I wouldn't be afraid to buy it here. It's been a market leader even over the last 12 months.

I think it's a constructive move. He's an experienced hand who is clearly effective in dealing with bright, energized thinkers. I don't expect the Senate to have many problems with this nomination.

My sense is that an earnings recovery is further away than expected and there is no immediate catalyst to turn this market sharply higher. We could have a trading rally, but on balance, people are still nervous about the earnings outlook.