We are clearly in a consolidation, whether we are in a correction or not remains to be seen,

I think the Nasdaq is playing catch-up, because we have had a full blown correction in most of the major indexes, but the Nasdaq hung up there I think toward participating fully,

Techs have gone from terrific to tepid to terrible,

Apache has outperformed the market. It's up 9.8 percent so far this year, ... Apache is a driller that also benefits from increased business overseas. That means that the lower dollar is a benefit to them. They've got a big find in Egypt. It's an independent oil and gas company that I think has lots of room to run. I wouldn't be afraid to buy it here. It's been a market leader even over the last 12 months.

I think it's a constructive move. He's an experienced hand who is clearly effective in dealing with bright, energized thinkers. I don't expect the Senate to have many problems with this nomination.

My sense is that an earnings recovery is further away than expected and there is no immediate catalyst to turn this market sharply higher. We could have a trading rally, but on balance, people are still nervous about the earnings outlook.