People will always be a little bit concerned that higher interest rates will go too far and threaten company earnings, which will then mean mergers and acquisitions don't make a great deal of sense.

It's a step in the right direction. It will give some ammunition to the bulls that they can replace that revenue decline. It's still the $64,000 question and I'm unconvinced.

There is a lot of good news built into equities ... they have had a good run.

Now he needs to follow things through and look at the rest of the portfolio. If not, the pressure will come back on.