The stock market is very resilient. Earnings remain fairly strong, and stocks are still inexpensive when compared with other asset classes.

Earnings remain fairly strong, and stocks are still inexpensive when compared with other asset classes. Many stocks in the tech, financial and telecommunication sectors remain inexpensive when compared with other asset classes.

The big thing is oil is down to $60 a barrel. It's giving a boost to the rest of the market. We had very strong economic news over the last month and then we had very strong retail sales today. That's powering the market up.

Once the Fed gets out of the way, the market will rally.