My feeling is that the market's trend is going to be sideways to higher with the possibility that if things go well in the first few days of the war, we could go substantially higher.

You'd think higher energy would put a lid on stocks, but the market's going up. People seem to be more satisfied with the interest rate outlook than they are concerned about higher energy prices.

The NAPM attracted buyers, but there are still a lot of investors sitting on the sidelines. Benign inflation data is the catalyst that could bring buyers back out. The market will trade up and down -- sideways -- until the [Federal Open Market Committee] meeting.

Every day there are land mines. There are economic numbers, warnings. The market feels very heavy. When that feeling subsides, I don't know.

As fragile as this market is, that could have really hurt. This doesn't seem bad at all.

A lot of people are waiting for Friday's payroll report.