The silver lining on this is that it confirms that the Federal Reserve will not be raising interest rates anytime soon, which is good news for the market.

I don't see that there's any motivation to move higher. The concerns about interest rates, oil prices and Iraq aren't going away. I think we're going to stay in a volatile range. The best we can hope for is the market to move sideways for a while.

I think the markets will overlook the weak economic reports. Everyone knows numbers in February and March were terrible due to the snow storms and oil prices.

The wording of the statement will be important, and then you've also got Cisco and Dell reporting next week.

It's been a really volatile week. I think the bottoms that we made this week will hold, but that's small consolation.

In the next few weeks, if the [earnings] pre-announcement period goes smoothly, which I think it will, and the economic news keeps showing improvement, I think we can make some gains. I don't think we're going to rip-roar higher, but I think we could still make some choppy gains through the end of the year, maybe hit those psychological round numbers by the end of the year -- 2,000 on the Nasdaq, 10,000 on the Dow.