You can't anticipate [oil prices] but clearly there's excess supply. We're at an interesting transitional point where supply excess could trump the risk premium.

Investors are looking past those challenges and seeing an economy that's still got a good growth rate and are preferring to take a risk with their portfolio than not.

If the Fed's concern has been about the overall level of stock prices, and it has also been about the multiplier effect of wealth creation, then clearly having a correction like this may well lend itself to their deliberations of what they will do next. At the end of the day, they may well bring in that quarter of a point, but even that's in jeopardy now.

Rotation is indeed a reality but, if the economy is doing better, tech stocks will lead it because they are the new industrials.

When the U.S. Treasury steps forward and the IMF steps forward to replace the flight of capital, there will be no need for the Brazilians to raise interest rates.

This demonstrates that the market does have risk. It demonstrates that it's not totally euphoric and there are things to worry about.