Even if the Fed skips raising rates at the next meeting, it has to be seen as a symbolic act and not as a change in monetary policy. Stocks would only get a temporary boost.

Some people are beginning to get concerned with the housing market. That is enough to put some pressure on home builders and home-improvement stocks.

Certainly seeing more merger and acquisition activity going on encourages people too because it's a signal to them that things are undervalued.

The oil data is giving some support to the stock market, especially given the mixed company earnings that have been released in the past couple of days. Declines in oil prices are always positive for equities.

You are seeing a relief rally. After all the days of selling we've been having, we can finally buy now.

Results are coming in strong, but the market is concerned that this will not be sustained in the near future. There's still a lot of uncertainty, and demand for stocks is suffering because of that,