This may catapult the market higher, especially given the cheap valuations.

Oil, oil, oil, the price of oil fell back below $US60 a barrel after some bearish inventory numbers. That was the catalyst that spurred some buying in the stocks.

The real concern here is 'stagflation' possibilities as slowing economic growth combines with higher inflation.

It's a nice win for Merck, ... It will provide a nice floor for the stock going forward, and for all drug stocks, which will provide a nice lift to the overall market.

Everyone's question now is how much more upside there is in Apple's products. There's some pretty hard profit-taking. A lot of longs have gotten nervous.

Today's sell-off is simply profit taking and valuation realignment.