He said at some point Asians will bring funds home, which wasn't very helpful ... One response may be the Fed having to raise interest rates to keep the dollar from collapsing as a result.

It's not really clear there's any strong fundamental reason for the rally. The only conclusion is that there was a comment by the Exxon head that oil prices may be near a peak.

There wasn't a lot of room for disappointment. It's going to have people reconsidering their perspectives on the outlook for the market going forward.

You normally don't find new leadership until you get washouts and corrections.

The old 'buy the rumor, sell the fact' trade is in play now, and that will apply to the expected results set to come out,

Crude oil was a little weaker, so that provides a stimulus to stock prices. And there's good cheer on the corporate news and recommendations front. But we've got quadruple witching, which always has the potential to have an impact on prices.

Bond investors are discounting a slowing economy in the months ahead. Equity investors see a rebound ahead, and that instead of acting as a brake on the economy, the Fed's continuing hawkish stance is likely to serve as a sign that all is well, ... If you ask me, it sounds like at least one group of investors has been smoking something.

To see a pullback now would not be all that surprising. When people are exuberant and expect the best, if results aren't good enough, it tends to be a disappointment.

Those other signs of deterioration in the market, like advance-decline ratios and market breadth, all add up for the long-forecast pullback.

We've got quadruple witching, which always has the potential to have an impact on prices.