I clearly think this is just another manifestation of a recovery that continues to be underestimated by the Wall Street community. Not only Cisco, but the whole tech sector has blown away estimates. I would be truly surprised if the market doesn't have strong futures and a positive start Thursday.

The recovery is still tepid. The market is reflecting that slowness.

This divergence that's developed over the last 12 months, has clearly been the widest I've ever seen in all the years I've been in the business.

Theoretically, the incumbent wants the economic recovery to coincide with the election, but really it's a coincidence that those years tend to be positive. I think it's more that there's a good feeling overall during that year -- everyone is promised the world and no one says anything bad to upset the markets.

The bottom line is clearly the Fed has dashed the hopes of a hiatus after this January increase.

You buy the market when the fundamentals are the weakest. I think the fundamentals are turning and I don't think people realize it yet.