The rally is too strong to evaporate.

You've got to break out of this downward trend to get higher. Sometimes, in order to do that, you've got to sell off a lot more first. We're just dribbling right now, but there's the potential to go a lot lower.

I still think there might be damage in some of these tech stocks, so I'd be a little careful there.

In the short term, there is really very little that I can see going wrong. Certainly, the market is extended. It's had a very big run and could come down for a week or two. We could have a correction, but you would almost have to put that in the category of a normal correction.

Everyone is waiting for the war on the belief that once it starts, stocks are going to shoot up, but there's a danger in betting with everyone else.

On the other hand, the market responded positively to the cut on Thursday.