There's lots of earnings growth, and the stock prices don't reflect that.

What the Fed is doing will limit the downside rather than propel the upside. We're getting to that part of the cycle where we are really becoming worried about earnings.

In periods of uncertainty or crisis, markets do tend to perform together. Over a time frame of five to 10 years, that volatility would ease and diversification between markets would become more visible.

While a robust new issues market has provided a boost to commission levels, the largest part of this growth can be attributed to the trading volumes generated by these hedge funds.

That sliced off about a half a percentage point in growth.

In general, a rising rate environment slows down growth, so most companies are not going to go as good as when rates are low.