I think the worst of the confession season is over.

Once we hit the fourth quarter confession season, we'll see a pullback,

We're coming off such a low base, higher rates will be more of a confirmation of an economic recovery than a dampening on corporate profits, ... We've been long on a lot of sectors tied to economic recovery and growth, and we're not going to change that stance, even after the first rate increase.

In this environment the estimates have come down so fast in such as short time that these companies have no choice but to beat the consensus.

It's really time to start looking forward.

To an extent, the market has built in a rebound. Whether it's too soon remains to be seen.