The consensus is looking for 13 percent earnings growth in Q4, which is a pretty high hurdle. Earnings have been coming in better than expected for a long time. This time, if earnings don't come in better than expected, the market may take a hit.

Practically in every quarter lately, we've had this feeling that we're at the peak, this is it, no more growth. That's why you see a lot of volatility but, ultimately, the Dow or the other indexes end up not having moved much. But one day we may see earnings growth decelerate, and it could be this year.

There are a lot of bargains out there in large-cap growth stocks.

There are a lot of good things going on for equities ... corporations are full of cash right now.

It looks like yet again we're going to get a quarter with higher-than-expected earnings. Earnings guidance has been positive, and that always helps.

It just so happened that we had a number of big-name, negative reports come in to start things off, and it just went from there. Turns out that wasn't indicative of where things are. Earnings are very strong.