Generally, earnings are better than expected and I think the stock market is receptive to that.

We've had a lot of earnings that have been in line or better, and the Street's been yawning. If the earnings stay strong, we could hold at these levels, but any nasty downside surprise and we could see some selling.

We've had a lot of earnings that have been in line or better, and the Street's been yawning, ... If the earnings stay strong, we could hold at these levels, but any nasty downside surprise and we could see some selling.

They're doing well because they don't correlate to the stock market.

While the capture is important on a humanistic level for the market, after reacting to it overnight, we're back to the usual focus: earnings and the economy.

We've now changed the valuation of the stock market quite a bit, ... If anything, the earnings estimates have been going up and stocks have been going down. The price-to-earnings ratio on forward earnings is now down to about 15 times, which is very low relative to interest rates and inflation at the present time.