Many stocks have already built in good earnings. A stock like Goldman Sachs had a tremendous run over the last two or three months, so my sense would be you'll have a 'sell on good news' for a lot of these financial stocks that have rallied.

The election is exaggerating the short term, but it's not the issue. The issue is the deceleration of earnings and the contraction of multiples because prices got way out of whack with what future earnings were going to be.

What's going to drive stock gains going forward is the earnings, and the current crop of earnings may have already been accounted for. I'm looking for the earnings in the second quarter and particularly the second half of the year to drive stocks higher.

Earnings have grown much more than stock prices. I would be a broad buyer of stocks for the next year.

Do not overdo what has already been overdone

When the market prices of stocks goes down, don't get discouraged. Instead, it is an opportunity to buy more stocks because it's cheaper. The more you buy stocks, the greater increase in values when the market prices of stocks increases again. It is noted that investing in stocks are long term investments.