Rotation is indeed a reality but, if the economy is doing better, tech stocks will lead it because they are the new industrials.

If China's economy does simmer down, it will have an adverse impact on the materials sector, and on commodities, including oil,

Investors are looking past those challenges and seeing an economy that's still got a good growth rate and are preferring to take a risk with their portfolio than not.

When the U.S. Treasury steps forward and the IMF steps forward to replace the flight of capital, there will be no need for the Brazilians to raise interest rates.

If oil stays where it is, then the economy will slow, and the market will take up some of the Fed tightening that is priced into it.

You can't anticipate [oil prices] but clearly there's excess supply. We're at an interesting transitional point where supply excess could trump the risk premium.