I still think there might be damage in some of these tech stocks, so I'd be a little careful there.

The rally is too strong to evaporate.

You've got to break out of this downward trend to get higher. Sometimes, in order to do that, you've got to sell off a lot more first. We're just dribbling right now, but there's the potential to go a lot lower.

In the short term, there is really very little that I can see going wrong. Certainly, the market is extended. It's had a very big run and could come down for a week or two. We could have a correction, but you would almost have to put that in the category of a normal correction.

Everyone is waiting for the war on the belief that once it starts, stocks are going to shoot up, but there's a danger in betting with everyone else.

On the other hand, the market responded positively to the cut on Thursday.