Last week we saw earnings pre-announcements and a higher-than-expected producer price index move stocks. Next week, we expect more earnings surprises and the CPI to provide the volatility.

In all you're seeing sort of a mixed reaction out there. The oil data was good because of the distillates, but you're still seeing oil prices higher because of demand. And we're seeing a lot of volatility across the board.

People are starting to wonder if this late-summer decline is for real.

There is a human toll and an economic toll and the Street is currently weighing both of them.

There have been some expectations in the market that the Fed would perhaps do, instead of three hikes, maybe two going forward. That optimism may have faded a little bit.

I think the market bounced off of Oracle's turnaround, which triggered some institutional buying. We had some momentum buying that lifted tech, but the rest of the market kind of faded off.