Multiple rate hikes after May would certainly change the picture.

The markets are still trying to figure out exactly what the Fed said yesterday. It left itself quite a bit of wiggle room to either raise rates or not do anything. My guess is we'll see a 25 basis-point hike in May and after that, we'll have to see what the economic data says.

If you have a couple of (refineries) that get shut down, it would be a cause for concern. But the oil companies are spending quite a bit on maintenance.

We're good for the first six months of the year, looking at what the economy is doing, at earnings and at inflation, which should pretty well stay at the level it's at right now. We should continue to see stock market gains.

I'm surprised the market is not moving higher. I'm starting to wonder if the Fed is actually more bullish than anyone realizes.

There are not a lot of catalysts right now ahead of the earnings season. We've had some solid gains in the market and I think people are in a kind of wait-and-see mood.