With the FOMC meeting less than one week away, and 10-year rates soon to be within 25 basis points of the overnight rate, it is difficult to picture the market remaining at these levels.

This is great. I've scored 360 points in one week.

As for the Fed, we look for 50 (basis points, a half-percentage point) next week.

For the first week, viewing levels were up on a weekly basis from last year and the year before, about 3 percent from comparable weeks. And these are the highest viewing levels for overall television since 1993.

There's some nice symmetry because now we've taken back the 75 basis points Greenspan gave us last year. The Fed has been saying steady as she goes for the last few years if you add it all up, and maybe this is where we will stop.

The big picture is still that 10-year yields are up 100 basis points (1 percentage point) in basically a month, so to see a 5- or 10-basis-point pullback is not a big deal. It's just a wiggle on the charts. You will get wiggles here and there, and whether it's driven by surprises in economic data, or in geopolitics, oil prices or stocks is anyone's guess.