Investors remain very cautious. They're holding back, waiting for the Fed. We still have buyers in the market, looking very selectively to put money to work on pullbacks.

The first quarter economy rebounded strongly, but it wasn't too strong in this case.

Good news on retailers should be a sigh of relief.

His testimony not only played well to Congress but to Wall Street. So we should continue to get a little honeymoon spillover from that.

Right now, the market is going through rapid rotation and very little stability in the process of trying to find sector leadership.

I think it's going to be the earnings, I see that as probably on everybody's minds this morning. I'm probably more concerned with oil at around $67 a barrel than I am about Japan.