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.

We got some good earnings news from Cisco and from Pepsi. Oil has also been pretty tame today.

Most analysts expect it to be a bumpy earnings season. A few negative surprises could cause a little indigestion for stocks.

It's not that tech earnings are specifically weak, but some investors just got a little ahead of themselves as far as where earnings estimates were going to go.

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.