A new Fed chairman is an unknown and as such offers nervous investors an excuse to sell.

We've had the same Fed chairman for so many years that we have a standard. He represents an unknown, to an extent.

Investors remain skeptical of the rally that began in April. Therefore, the rally could restart.

The Fed chairman has a lot of latitude to do things the way he wants to. I don't see why he wouldn't carry the day the way he wants to.

It is not as if they named a plumber as chairman of the Fed.

The Fed Chairman would be very happy if the bond market did some of the tightening for him. And I think if we saw the long bond yield back above, say, 6.75 percent, edging towards 7 percent, that would limit some of the restraint the Fed would have to impose on the economy.