What little earnings reports we have had have been a little bit more disappointing than outperforming.

There is no message out there that rates are biting enough to shut anything down.

Commodity prices are rising, quite dramatically for copper, tin and steel scrap. That would not happen if there was an expectation of a slowdown.

This was not a year for macro-sector bets -- whoever bet on sectors, or indexes other than energy, got extremely frustrated. This was the year of individual stocks.

Business has tons and tons of capability to spend. The longer the recovery keeps going and stock prices go up, the more and more confident business is going to become, and the more it will spend on its operations.

If they don?t raise rates, I will be worried. It tells me that they are very concerned and know something about the economy, I don?t. And that could push all the cyclicals and retailers down.