This morning, the market tends to be looking past that a little bit.

All indicators are pointing to strong economic growth. That's got people excited, especially in an environment of high commodity prices.

Boy, we've been waiting for this. The feeling is that the market does not need further rate hikes and that the Fed will react accordingly.

The outlook for technology companies remains strong and demand for shares in the sector helped lift stock indexes late this afternoon.

The increase in oil prices as trading started this morning took away all the incentive to buy stocks. With oil going up again and a Fed meeting tomorrow, investors are being very cautious. Demand today has dried up.

Consumers are beginning to feel the impact of higher oil prices in their pockets. Less confidence means less spending and no wonder we have been seeing shares of retailers and banks faltering.