Oil continues to dominate trade, with crude at or near the highs. Worries remain about how high prices over the long term will impact consumer spending, the economy and interest rates.

I think there's a sense that with oil prices as high as they are, that's carrying over to the consumer, which you're seeing in the retail sales.

I think the record-high oil prices are still weighing on the market, ... Also, the Merck news is now spilling over to Pfizer, J&J and the blue chips.

The market is at or near the top of its trading range, ... So it would need to be a really strong (payrolls) number to get the market continued on its bullish ways. Right now, I just don't think that pattern is going to happen.

The seasonality factor continues to play a big part in this market,

You're seeing a modest extension of the gains of this week, with areas that saw some selling recently, like energy, sort of bouncing back.